3.1.2 Other Objectives

Cards (89)

  • Businesses often pursue objectives other than profit maximization, which can contribute to long-term sustainability and social responsibility
  • Match the Other Objective with its description:
    Employee Welfare ↔️ Creating a positive work environment
    Environmental Sustainability ↔️ Minimizing environmental impact
    Social Responsibility ↔️ Contributing positively to the community
    Customer Satisfaction ↔️ Meeting customer expectations
  • Employee welfare includes providing benefits to improve staff morale and productivity.

    True
  • Social responsibility involves ethical practices and contributing to the community.

    True
  • Employee Welfare focuses on creating a positive work environment and providing benefits
  • Social Responsibility involves a commitment to ethical practices and contributing to the community
  • Match the Other Objective with an example:
    Employee Welfare ↔️ Comprehensive health insurance
    Environmental Sustainability ↔️ Using renewable energy
    Social Responsibility ↔️ Investing in community programs
    Customer Satisfaction ↔️ Offering personalized service
  • Using renewable energy sources is an example of environmental sustainability.

    True
  • Offering personalized customer service is an example of customer satisfaction.
    True
  • Environmental sustainability aims to minimize environmental impact through eco-friendly practices.

    True
  • Customer satisfaction involves striving to meet and exceed customer expectations.

    True
  • An example of Employee Welfare is providing comprehensive health insurance
  • Social Responsibility includes investing in community development initiatives
  • Match the Other Objective with its positive impact:
    Employee Welfare ↔️ Improved staff morale
    Environmental Sustainability ↔️ Enhanced brand reputation
    Social Responsibility ↔️ Improved community relations
    Customer Satisfaction ↔️ Greater customer loyalty
  • Costly investments in green technologies are a negative impact of environmental sustainability.

    True
  • Customer satisfaction can be difficult to measure and maintain.

    True
  • Businesses must balance other objectives with their primary goal of profit maximization
  • Match the objective with its trade-off:
    Employee Welfare ↔️ Higher operational costs
    Environmental Sustainability ↔️ Significant initial investment
    Social Responsibility ↔️ Diversion of resources
    Customer Satisfaction ↔️ Increased marketing budget
  • Balancing profit maximization with other objectives requires strategic planning for sustainability.
    True
  • Order the examples of other objectives by their primary focus:
    1️⃣ Employee Welfare
    2️⃣ Environmental Sustainability
    3️⃣ Social Responsibility
    4️⃣ Customer Satisfaction
  • Match the objective with its positive and negative impacts:
    Employee Welfare ↔️ Improved productivity, increased costs
    Environmental Sustainability ↔️ Enhanced reputation, costly investment
    Social Responsibility ↔️ Community goodwill, resource diversion
    Customer Satisfaction ↔️ Greater loyalty, higher expenses
  • Trade-offs in business objectives involve balancing profit maximization with other objectives like employee welfare and social responsibility
  • Trade-offs in business objectives involve balancing profit maximization with objectives like employee welfare, environmental sustainability, social responsibility, and customer satisfaction
  • What is a potential trade-off when switching to green technologies for environmental sustainability?
    Increased production costs
  • Match the objective with its potential challenge:
    Employee Welfare ↔️ Higher short-term costs
    Environmental Sustainability ↔️ Significant upfront investments
  • Investing in employee welfare supports a productive and engaged workforce, but it may result in higher short-term costs
  • Social responsibility demonstrates ethical practices and positive community impact, but it may divert resources from profit-making.
    True
  • What are the two "Other Objectives" that businesses often prioritize beyond profit maximization?
    Sustainability and social responsibility
  • Social responsibility may increase community goodwill but divert resources from core business activities.

    True
  • Match the objective with its description:
    Employee Welfare ↔️ Creating a positive work environment
    Environmental Sustainability ↔️ Minimizing environmental impact
    Social Responsibility ↔️ Commitment to ethical practices
    Customer Satisfaction ↔️ Meeting and exceeding expectations
  • Match the "Other Objective" with its description:
    Employee Welfare ↔️ Creating a positive work environment
    Environmental Sustainability ↔️ Minimizing environmental impact
    Social Responsibility ↔️ Ethical practices and community contributions
    Customer Satisfaction ↔️ Meeting and exceeding expectations
  • What is the primary goal of Employee Welfare as an "Other Objective"?
    Positive work environment
  • Pursuing Environmental Sustainability always leads to immediate cost savings.
    False
  • What is an example of a Social Responsibility objective in business economics?
    Investing in community programs
  • Investing in Employee Welfare may reduce short-term profits.
    True
  • Why is aligning "Other Objectives" with a company's mission and values important?
    Ensuring long-term sustainability
  • Social Responsibility can divert resources from profit making
  • Why is aligning "Other Objectives" with a company's "mission and values" crucial?
    Long-term sustainability and social responsibility
  • Investing in employee welfare can increase short-term costs for a company.
    True
  • Customer satisfaction helps fulfill a company's mission of providing high-quality products or services