Objectives- UB Flashcards
What is an objective/aim?
A goal in which a business is trying to achieve.
Name 5 main types of objectives a business may have.
Increase profit, survival, growth, increasing market share and provide a quality service.
Why are objectives important to a business?
Helps staff focus more on shared aims as they have an end goal always in mind.
Name 3 aims a business in the private sector may have.
Maximise profit, growth and maximise sales
Name 3 aims a business in the public sector may have.
Provide a service, work within a budget and serve the local community.
Name 3 aims a business in the third sector may have.
support a cause, provide a service and maximise donations.
What is corporate social responsibility?
When a company aims to work in an ethical way and the public see them in a positive light.
Give 3 examples of corporate social responsibility.
Reducing carbon footprint (eco-friendly), recycling and improving working conditions.
If a company were to reduce its carbon footprint how would this affect the company?
Can improve their reputation as it is seen to be eco friendly.
if a company were to start recycling how would this affect the company.
Can reduce the company’s costs and improve its reputation.
if a company were to improve its working conditions for staff how would this affect the company?
It would motivate staff and could attract new staff.
Why might managers have their own managerial objectives?
To support the main objectives of their business.
Name 2 objectives a manager may have.
Working within a budget and increase salary or position within the company.
What is satisficing?
They do enough to get to their main aim and no more than that.
Why do businesses aim to grow?
More opportunities for profit and economies of scale.
