T3 - Business objectives

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6 Terms

1
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Profit maximisation

profits are maximised at an output when marginal revenue = marginal cost

2
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Revenue maximisation

revenues are maximised at an output where marginal revenue = zero

3
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Sales maximisation

producing the largest amount possible while earning normal profits

4
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Satisficing behaviour

setting minimum levels of achievement in terms of revenue and profitability

5
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Social enterprise

businesses with profits reinvested for social aims - profit, people, planet

6
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Reasons why businesses change their objectives over time

changing market conditions

changing contestability

integration of ESG goals