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IGCSE Economics Business Objectives Department of Economics and Business DCS
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OBJECTIVES Broad statements of intent, what we as a business want to achieve.
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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?)
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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….
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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:
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Private Sector - Examples Non-profit making to: Conserve environment eg Greenpeace (charity) Advance education eg Exam board IB.
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Aims of public sector (Government sector) / non profit making organisations: More linked to society needs rather than owners…
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Public Sector Provide a service to the community eg hospitals Expand knowledge / appreciation of area eg libraries (local govt.) - Examples
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Public Sector Relieve poverty eg Conserve environment - Examples
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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:
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May be times when business has to change long term goals and concentrate on short term objectives eg survival in 2009-10 after global economic crisis.. May be times when business has to change long term goals and concentrate on short term objectives eg survival in 2009-10 after global economic crisis.. The Changing Nature of Objectives Legislation State of the Economy Social attitudes Changes in technology Competition Factors influencing objectives:
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