Tag: objectives
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Stakeholders in Business
Stakeholders in business Consumers Employees Managers Owners Financiers Shareholders Consumers Role They buy the goods and services provided by business Provide revenue to the business Objectives Get good quality products at good prices Appropriate customer care Employees Role Produce or provide goods and services for remuneration Objectives Get salary on time Job security…
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Different Objectives
Understanding different objectives Growth Profitability Market share Growth Growth is often associated with the sales or the number of employees New businesses do not aim for growth initially Profitability Profit is the difference between total costs and total revenues Almost all businesses aim for maximum profit Businesses need profit to pay the costs…
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Why are objectives important?
Need and importance of objectives in business Give direction and meaning to the business Measure the success of business Motivate the workforce To formulate strategies in order achieve aims
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Objectives of Public enterprise
Objectives of public enterprise To create employment To operate even if no profit is generated To provide certain products or services such as: Electricity Transport
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Objectives of Private enterprise
Objectives of private enterprise To earn high profit To maximize the wealth of shareholders Growth To fulfill needs and wants of the people Examples: Multinational companies Big corporations
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Objectives of Non-profit organisation
Objectives of non-profit organization To provide services to members Not to distribute profit among members Providing employment Operating for the welfare of members Examples: Schools Hospitals