Business Objectives - Topic 21

• types of business objectives(they have to be SMART)

  • growth
  • profit maximisation
  • market share
  • cost efficiency
  • employee welfare
  • customer satisfaction
  • social objectives
• mission statements

  • "a statement clarifying the reason for the business existance"
• easier to asses performance if set SMART

  • Specific
  • Measurable
  • Agreed
  • Realistic
  • Time-specific
• profit maximisation= keeps costs as low as possible while raising prices as high as they can before customer loyalty can be damaged
• other objectives

  • sales maximisation: try to raise sales, selling as much as possible
  • market share
  • cost effiecincy
  • employee welfare
  • customer satisfaction
  • social objectives