Success Criteria: Introduction to the different types of BUSINESS OBJECTIVES Learning Intentions: By the end of these lessons you should be able to: identify describe and give examples To allocate to specific types of organisations of Business Objectives

Business objectives Survival Maximising profits Growth/Expansion Increasing market share/market leader Good reputation/social responsibility Maximising sales Satisficing Providing a service/quality service Managerial objectives Customer satisfaction

+ Objectives ObjectiveDescriptionJustification SurvivalTo continue tradingNeed to survive or the business would not exist Maximise ProfitTo have a higher income than costs Allows the business to improve/expand Customer Satisfaction Make customers happy Customer loyalty, new customers Market LeaderBiggest business in a market More customers than competitors 3

+ Objectives ObjectiveDescriptionJustification Social Responsibility Behaving in an ethical and responsible way (marketing & operations unit) Improves the organisations reputation SatisficingEnsuring that your business operates to a satisfactory position Not always possible to reach perfection (limited resources etc.) Managerial Objectives Their own internal objectives e.g. bonuses Motivational for the manager to do well GrowthMaking the organisation increase in size Increases sales/profits/reputation /economies of scale 4

Objectives by business sector Type of businessAims/objectives Private sectorSurvival, profit maximisation, growth, increase returns to shareholders, increase market share, maximising sales, managerial objectives, image and social responsibility Voluntary sector/Third sector Help others, maximise cash collections, offer a service to the community Public sectorHelp people, improve quality of service, cut costs/efficiency/operating within a budget, raise revenue, provide a service,