objectives

Question 1

describe the factors effecting objectives

Answer 1

• sector of industry - e.g. public sector businesses don’t want to maximise profits but do want to provide a quality service
• Size of organisation, e.g. a new start-up company will just want to survive the first year before looking to maximise profits and grow in the future
• Changing circumstances, e.g. a business might have to respond to the growing need to look environmentally friendly so will have corporate social responsibility (CSR) as a key objective

Question 2

private sector objectives

Answer 2

-Profit maximisation
-Managerial objectives
-Sales maximisation
-Quality service/Customer satisfaction
-Survival
-Increase market share
-Growth
-CSR

Question 3

public sector objectives

Answer 3

-Provide a quality service
-CSR
-Work within a budget

Question 4

third sector objectives

Answer 4

-provide a quality service
-survive
-raise awareness of a cause
-growth
-CSR
-maximise donations/raise funds

Question 5

what is Corporate Social Responsibility (CSR)

Answer 5

organisations aiming to act in an ethical way or in a way that benefits either society or the environment

Question 6

describe maximising profits

Answer 6

making as much profit as possible by selling goods and services

Question 7

describe survival

Answer 7

avoiding going out of business and having to cease trading

Question 8

describe satisficing

Answer 8

aiming for a satisfactory result rather than the best possible outcome

Question 9

describe providing a quality service

Answer 9

in private sector businesses, will encourage repeat customers, gain an good reputation and attract new customers

Question 10

describe increasing market share

Answer 10

to gain more customers relative to your competitors and become the market leader

Question 11

describe managerial objectives

Answer 11

managers of larger PLCs or public sector organisations may try to achieve objectives such as improving their status within the company by expanding into new markets or developing new technologies

Question 12

describe working within a budget

Answer 12

staying in their annual budget and not overspending - could be a short-term objectives for struggling businesses

Question 13

describe sales maximisation

Answer 13

to sell as much stock as possible

this could be an objective due to management aiming to achieve personal goals