IGCSE Economics Business Objectives Department of Economics and Business DCS.

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Presentation transcript:

IGCSE Economics Business Objectives Department of Economics and Business DCS

OBJECTIVES Broad statements of intent, what we as a business want to achieve.

Most common commercial business objectives: Profit or sales maximisation. How do we calculate this? Growth and expansion.(why do we want to get bigger-list possible advantages here…) Market share, market leadership / domination.(again why?)

Also may include: Customer satisfaction, customer loyalty. Quality / value for money. Other aims concern - Image, environmental/social responsibility. Many may not be profit making by choice….

Private Sector  Maximise money raised for cause eg charity  Advance religion, eg local temple (charity)  Relieve poverty eg many relief organisations after the China earthquake Non-profit making to:

Private Sector - Examples Non-profit making to:  Conserve environment eg Greenpeace (charity)  Advance education eg Exam board IB.

Aims of public sector (Government sector) / non profit making organisations: More linked to society needs rather than owners…

Public Sector  Provide a service to the community eg hospitals  Expand knowledge / appreciation of area eg libraries (local govt.) - Examples

Public Sector  Relieve poverty eg  Conserve environment - Examples

May be times when business has to change long term objectives and concentrate on short term. The Changing Nature of Objectives Size & Legal Status Ownership Views of owners / directors / managers Factors influencing objectives:

May be times when business has to change long term goals and concentrate on short term objectives eg survival in after global economic crisis.. May be times when business has to change long term goals and concentrate on short term objectives eg survival in after global economic crisis.. The Changing Nature of Objectives Legislation State of the Economy Social attitudes Changes in technology Competition Factors influencing objectives: