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Flashcards in Objectives Deck (15)
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1
Q

what is the definition of objectives?

A

aims or targets

2
Q

business will share similar objectives when?

A

they are in the same sector.

3
Q

business will have different objectives when?

A

business are in different sector of he economy.

4
Q

what are the main objectives?

A
  • maximising profits and sales
  • survival
  • provide a quality service
  • increasing market share
  • satisfying
  • growth
5
Q

objectives explained…

maximising profit/sales?

A

making as much sales and profit as possible through selling and good service or decreasing/increasing selling price.

6
Q

objectives explained…

survival?

A

avoid going out of business

7
Q

objectives explained…

provide a quality service?

A

encourages customer loyalty and good reputation.

8
Q

objectives explained…

increase market share?

A

aim to be the business that has the most sales in the market they are operating in.

9
Q

objectives explained…

satisfying?

A

aiming for a satisfactory result which allows survival rather than profit maximisation. This allows a satisfactory level of profit which satisfies shareholders, supplier and employees.

10
Q

objectives explained…

managerial objectives?

A

when managers set objectives, they believe will prove the status of the company.

11
Q

objectives explained…

working within budget?

A

sticking to annual budget and not overspend.

12
Q

objectives explained…

corporate social responsibility?

A

when a business aims to act in an ethical way so that they benefit society or the environment. Generates s good business image and attracts customers.

13
Q

objectives explained…

growth?

A

to make a business larger with advantages.

14
Q

what is a mission statement?

A

a mission statement is usually displayed on the company website which outlines what the business’s objectives are and what they hope to achieve.

15
Q

what does the mission statement do?

A
  • let’s different shareholders know what the organisation stands for and what it plans do in the future
  • it can be used to inform customers about the future plans the organisation has
  • it can be used to raise the profile and image of the organisation and may attract media attention.