objectives

• objective

  statement of what a business is trying to achieve over the next 12 months
• purpose of objective


  helps staff focus on their shared objectives
• why do business objectives change over time?

  response to internal or external factors
• examples of private sector objectives

  profit maximisation, good quality service, survive, sales maximisation, growth, CSR
• examples of public sector objectives

  provide a service, follow budget, CSR, serve local community
• examples of third sector objectives

  support a cause, provide a service, raise awareness of a cause, donation maximisation, CSR, survive, increase volunteers
• corporate social responsibility (CSR)

  when a company aims to act ethically and responsibly to ensure the public perceive them in a positive light
• examples of CSR


  reducing carbon footprint, creating new safety measures, improving working conditions, recycling + reducing waste + minimising packaging
• managerial objectives


  working within a budget and increasing their salary or position
• satisficing


  company which aims to be just good enough to achieve their objectives but no more to satisfy stakeholders due to internal or external pressures