Types of objectives Flashcards
What is maximising profits?
It means as a business grows it will aim to maximise profits which means making as much profit as possible.
What is survival?
Survival means avoiding going out of business and having to cease trading.
What is providing a quality service?
All organisations aim to provide a quality service to their customers or members.
What is satisficing?
Satisficing means aiming for a satisfactory or adequate result, rather than the best possible outcome.
What is increasing market share?
Increasing market share means when a business is aiming to increase the percentage of total sales in a market (market share).
What is managerial objectives?
This is when managers within large PLCs or public sector organisations may pursue their own objectives. They may try to achieve objectives which they believe will improve their statues.
What is sales maximisation?
The objective of sale maximisation can arise due to management aiming to achieve personal goals rather than aims of the business.
