Theme 1.5.3 - Business Objectives

Question 1

What is sales maximisation?

Answer 1

Where the focus is on generating the maximum revenue possible by selling its products/services

Question 2

What is a market share objective?

Answer 2

Where businesses may aim to increase its market share by producing and selling better quality products than its competitors

Question 3

What is cost efficiency?

Answer 3

A company’s ability to produce and deliver its products at the lowest possible cost

Question 4

What is an employee welfare objective?

Answer 4

A company’s commitment to providing a healthy and safe-working environment for its employees

Question 5

What is a customer satisfaction objective?

Answer 5

Where a business aims to achieve higher customer satisfaction by delivering high-quality products, providing excellent customer service and offering attractive pricing

Question 6

What are social objectives?

Answer 6

Refers to a company’s commitment to addressing social or environmental issues