1. IGCSE Economics Business Objectives Department of Economics and Business DCS

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

3. 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?)

4. 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….

5. 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:

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

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

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

9. Public Sector  Relieve poverty eg  Conserve environment - Examples

10. 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:

11. 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: