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
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