UB T3 Objectives Flashcards Preview

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Flashcards in UB T3 Objectives Deck (9)
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1

Maximising Profits

Making as much profit as possible

2

Survival

Avoiding going out of business

3

Satisficing

Aiming for a satisfactory result rather than the best.

4

Provide a quality service

Aims to provide a quality service:

to get customers back (Private Sector)

to satisfy needs and improve the standard of living (Public Sector)

to provide a quality service (Third Sector)

5

Increasing Market Share

Aims to improve their product/service to ensure customers return.

Market share is the percentage of total sales in a market that a business has. Business with most sales is the market leader.

6

Managerial objectives
Working within a budget

For the private sector this will maximise profits, but for public and third sector it is vital as they only have very little.

7

Sales Maximisation

Aims to sell as many products as possible, even if that means lowering the price.

8

Corporate social responsibility
CSR

Aiming to act in an ethical way or in any way that benefits either society or the environment

9

Growth

Aiming to make the business bigger.