Business objectives!!

What are business objectives?

• Profit maximisation

• Provide a quality and free service

• Social responsibility

• Growth

• Satisficing

• Managerial objectives

• Working within a budget

What is profit maximisation?and how can a business achieve it?

• where an organisation strives to make the highest level of profit possible

• Charging high prices, Keeping costs low

What is provision of a service ?and how can a business achieve it?

• By providing the best possible service they are more likely to provide good service to attract customers

• Providing the highest quality product possible, making sure staff are well trained, having a customer complaints procedure, having an after sales service

What is corporate social responsibility?and how can a business achieve it?

• an organisation aiming to act in an ethical way that benefits society or the environment

• Ethical and environmental responsibilities, donating to charity, using fair and competitive marketing, abiding by laws set

What is satisficing ?

• When a business will aim for a satisfactory or adequate result that is not the best possible outcome

What is managerial objectives?And how can a business achieve this?

• Managers in large organisations may have their own objectives

• maximise personal salary/bonus, maximise their departmental budget’s, improve their status and recognition, maximise the number of employees in their charge, maximise fringe benefits such as company cars