chapter 5

Question 1

why do businesses set objectives

Answer 1

1.clear target->motivation and sense of unity
2.evaluate performance
3.more focused decisions->less waste and mistakes

Question 2

what are the objectives businesses set

Answer 2

1.survival during startup and recession
2.profit->reward of risk, source of finance. indicator of success
3.return to shareholders
4.growth
5.market share
6.providing a service, eg social, environmental, financial

Question 3

what is a stakeholder?

Answer 3

person or group with direct interest in business performance

Question 4

objectives of owner/shareholder

Answer 4

1.profits
2.growth

Question 5

objectives of managers

Answer 5

1.higher salary
2.promotion

Question 6

objectives of workers

Answer 6

1.higher salary
2.job security
3.job satsifaction

Question 7

objectives of customers

Answer 7

1.good services
2.good quality products

Question 8

objectives of community

Answer 8

1.job opportunities

Question 9

objectives of government

Answer 9

1.employment
2.economic growth
3.taxes