1.5.3 Business Objectives Flashcards
What are some common business objectives?
Market share- Market share refers to the percentage of total sales in a particular market that a company holds
A business may aim to increase its market share by producing and selling better quality products than its competitors
Employee welfare- This objective refers to a company’s commitment to providing a healthy and safe working environment for its employees
A business may aim to promote employee welfare by offering competitive wages, comprehensive benefits packages and promoting a healthy work-life balance
Customer satisfaction-Social objectives refer to a company’s commitment to addressing social or environmental issues
This objective is increasingly important for businesses that aim to operate sustainably and build a positive reputation
What is usually a core objective for a business?
- The core objective usually remains profit maximisation, but the business may choose to also focus on a range of other objectives
