UB T3 Objectives

Question 1

Maximising Profits

Answer 1

Making as much profit as possible

Question 2

Survival

Answer 2

Avoiding going out of business

Question 3

Satisficing

Answer 3

Aiming for a satisfactory result rather than the best.

Question 4

Provide a quality service

Answer 4

Aims to provide a quality service:

to get customers back (Private Sector)

to satisfy needs and improve the standard of living (Public Sector)

to provide a quality service (Third Sector)

Question 5

Increasing Market Share

Answer 5

Aims to improve their product/service to ensure customers return.

Market share is the percentage of total sales in a market that a business has. Business with most sales is the market leader.

Question 6

Managerial objectives

Working within a budget

Answer 6

For the private sector this will maximise profits, but for public and third sector it is vital as they only have very little.

Question 7

Sales Maximisation

Answer 7

Aims to sell as many products as possible, even if that means lowering the price.

Question 8

Corporate social responsibility

CSR

Answer 8

Aiming to act in an ethical way or in any way that benefits either society or the environment

Question 9

Growth

Answer 9

Aiming to make the business bigger.