1.5

• Business objectives

  The aims or targets that a business works towards.
• profit

  total revenue minus total cost
• market share

  the proportion of the total market sales by one business, gives good publicity, more influence over suppliers and customers
• Business Survival

  Adjust to business environment, change price of products if necessary
• Growth of Business

  increase salaries, economies of scale. only achieved if customers are satisfied with the product
• Service to community

  provide jobs, supportdisadvantaged groups in society, protect environment
• Social enterprise

  A business with mainly social objectives that reinvests most of its profits into benefiting society rather than maximising returns to owners
• Stakeholder Objectives

  any person or group with a direct interest in theperformance of a business
• Owners


  the people or institutions that maintain legal control of an organization
• Internal Stakeholders

  work/own the company e.g. Owners, Managers and Workers
• External Stakeholders

  are outside of the business e.g. Consumers, Government, Community and Banks
• workers


  People employed to do work, producing goods and services.
• Managers

  those individuals in organizations who make decisions about the use of resources and who are concerned with planning, organizing, staffing, directing, and controlling the organization's activities to reach its objectives
• Customers

  those who pay to use an organization's goods or services
• Government


  the governing body of a nation, state, or community.
• Community


  the people who focus on the environmental side of the business
• Banks


  Financial institutions that accept deposits and make loans