objectives

Question 1

what are the factors affecting the objectives

Answer 1

SCS
-Sector of industry
-changing of Circumstances
-Size of organisation

Question 2

what is profit maximisation

Answer 2

This means to bring in more money through the core activities of the business (such as selling goods/services) than what the business spends on purchasing materials and other running costs of the organisation.

Question 3

what is managerial objectives

Answer 3

Managers within large PLCs or public sector organisations might choose to set their own objectives. They might try to achieve objectives that will improve their status within the company e.g. developing new technologies or expanding into new markets.

Question 4

what is sales maximisation

Answer 4

Maximising sales may mean dropping the selling price of a product. This would benefit employees who are on commission for the number of sales made.

Question 5

describe ‘provide a quality service’

Answer 5

In terms of Private Sector organisations, providing a quality service will encourage repeat customers, gain a good reputation and attract new customers.

Question 6

what is survival

Answer 6

means avoiding going out of business and having to cease trading.

Question 7

describe ‘provide a quality service’

Answer 7

In terms of Private Sector organisations, providing a quality service will encourage repeat customers, gain a good reputation and attract new customers.

Question 7

what is satisficing

Answer 7

means aiming for satisfactory or adequate result, rather than the best possible outcome. most private sector businesses would ideally aim to maximise profits; however through satisficing a business could aim only to make a level of profit which is good enough to satisfy the main stakeholders (even just the dividends)

Question 8

what is corporate social responsibility

Answer 8

CSR refers to organisations aiming to act in an ethical way or in any way that benefits either society or the environment