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1.5.3 Business objectives - Coggle Diagram
1.5.3 Business objectives
Business objectives
goals that a business wants to achieve over a period of time
Factors that determine business objectives
size and status
short-term or long-term
consumer pressure
economic environment
importance on profit
social objectives
employees welfare
Common objectives
Survival
Profit maximisation
Growth
increasing shareholder value
improving market standing
diversification
cost efficiency
customer satisfaction
not-for-profit/social objectives
A business may change its objectives
businesses may achieve an objective and will need to move onto another one
the competitive environment might change
technology might change product designs, so sales and production targets might need to change