Topic 1 Business objectives

Financial Objectives

Goals aimed at increasing profitability and overall financial growth of a business.

Survival

The objective of keeping a business operational and alive.

Profit Maximization

The goal of generating the highest possible profit from business operations.

Sales Goals

Objectives focused on increasing the quantity and value of sales and market share.

Market Share

The proportion of sales a company holds within a specific market.

Financial Security

The goal of earning enough income to support oneself and provide a backup for emergencies.

Non-Financial Objectives

Goals that focus on non-monetary aspects such as satisfaction and social responsibility.

Social Objectives

Goals aimed at contributing to society, such as charitable work or environmental awareness.

Personal Satisfaction

A non-financial objective focused on enjoyment and fulfillment in business pursuits.

Challenge (as an objective)

The enjoyment derived from the hard work and development associated with business efforts.

Independence and Control

The ability for owners to make their own business decisions and directions.

Objective Change

The concept that business goals may evolve over time due to various internal and external factors.

Internal Factors

Influences within the business that can impact its objectives, such as leadership changes.

External Factors

Outside influences that affect business objectives, such as market conditions and technology.

Stakeholder

Anyone impacted by or having an interest in a business, such as owners, customers, and employees.

Sole Trader

A business owned by a single individual who gets all the profits and makes all the decisions.

Partnership

A business owned by two or more individuals who share responsibilities, profits, and decision-making.

Private Limited Company

A business owned by shareholders whose liability is limited to their investment.

Public Limited Company

A large business that sells shares publicly on the stock exchange.

Public Corporations

Organizations owned and managed by the government for public benefit.

Franchise

A business model where an individual operates under the brand of a larger company.

Social Enterprise

A business that primarily aims to create social or environmental benefits in addition to profit.

Multinational Company

A business that operates in multiple countries, with headquarters in one.

Globalization

The integration of businesses and economies across different countries.

Primary Sector

The economic sector focused on the extraction of raw materials.

Secondary Sector

The economic sector that involves manufacturing raw materials into finished products.

Tertiary Sector

The economic sector that provides a wide range of services.

E-Commerce

The buying and selling of goods and services online.

Trade Bloc

A group of countries that work together to reduce trade barriers.

Interest Rate

The cost of borrowing money or the reward for saving.

Government Economic Objectives

A set of goals sought by the government to promote economic health, such as low unemployment.

Tax Revenue Sources

Various forms of taxation that generate income for government expenditure.

External Factors in Business

Elements outside a company that influence its operations and decision-making.

Technological Factors

Technological advancements that affect business practices and strategies.