business objectives and stakeholder objectives

Question 1

what is the meaning of business objectives

Answer 1

aims or targets that a business works towards

Question 2

why do we need business objectives

Answer 2

gives workers clear target which motivates ppl
decisions will be focused on objectives
unite business towards same goal
able to compare business

Question 3

what are the 5 types of business goals

Answer 3

survival, profit, returns to shareholder, growth and market share

Question 4

what is the obj of survival and who wld aims for it

Answer 4

focus on cost management and sale revenue

either for new start ups or business in new market

Question 5

what is the profit

Answer 5

total income of a business (revenue) less total cost

Question 6

what is the use of aiming for profit

Answer 6

to pay a return to owners of business for capital and risk taken
to provide finance for further investment

Question 7

why do business aim to returns to shareholders

Answer 7

to discourage shareholders from selling their shares

Question 8

what are the 2 ways in which a business can increase their returns to shareholders

Answer 8

increase profit and share of profit

increase share price- make more profit or plan of business to grow

Question 9

how is growth measure

Answer 9

value of sales or output

Question 10

why do stakeholders want to measure growth

Answer 10

make jobs more secure if business is larger
increase salaries and status of managers
open up new possibilities and help spread risk of business by moving into new products and markets
obtain higher market share from growth in sales
obtain cost advantage

Question 11

what is market share

Answer 11

percentage of total market sales held by one brand or business

Question 12

how to calculate market share

Answer 12

company sales/ total marker sales x 100

Question 13

how can increase in market share help a business

Answer 13

good publicity
increased influence over suppliers
increased influence over customers

Question 14

what is a social enterprise

Answer 14

they hv social objectives as well as an aim to make a profit to reinvest back into the business

Question 15

what are the 3 main objectives a social enterprise have

Answer 15

social: provide jobs and support the disadvantaged grps in society
environmental: to protect the environment
financial: to make profit to reinvest lack into social enterprise to expand the social work that is performs

Question 16

what are the objectives of public sector

Answer 16

financial: meet profits set by government, profit is either reinvested back or handed to gov
service: provide service to public and meet quality targets
social: protect or create employment in certain areas

Question 17

what is a stakeholder

Answer 17

stakeholders are people or a grp with a direct interest in the performance and activities of a business

Question 18

what are the internal stakeholders

Answer 18

owners, workers and managers

Question 19

what is the objectives of the owners

Answer 19

growth of business so value of investment increases

share of profits’ they gain a rate of return on the money put into the business

Question 20

what is the objectives of workers

Answer 20

regular payment, contract of employment, job security and satisfaction

Question 21

what is the objectives of managers

Answer 21

high salaries , job security, growth to get more status and power

Question 22

what are the external stakeholders

Answer 22

customers, government, whole community and banks

Question 23

what are the objectives of customers

Answer 23

safe and reliable products , value for money, well designed products of good quality, reliability of service and management

Question 24

what are the likely obj of gov

Answer 24

expect business to follow law

wants bus to be successful more jobs, pay taxes and increase country output

Question 25

what are the objectives of whole community

Answer 25

jobs, don’t damage environment, safe products

Question 26

what are the banks obj

Answer 26

expect business to pay back with interest