Business Objectives Quiz

Business Objectives

• The primary aim of setting business objectives is to provide direction and a clear focus for the organization’s efforts.
• Objectives help in decision-making processes, ensuring alignment with the company’s vision.

Competitive Market Objectives

• A primary objective for firms in a highly competitive market is to achieve market share and remain competitive.
• Firms may aim to differentiate their products or services to outperform competitors.

Business Income Terminology

• The income of a business from its activities after deducting total costs is known as profit.
• Profit serves as a key indicator of a company’s financial health.

Survival Strategies

• To achieve the objective of survival in a competitive market, firms may decide to implement cost-cutting measures.
• Firms could also diversify their product lines to appeal to a broader customer base.

Performance Comparison

• Managers compare the business's performance to its objectives to assess effectiveness and identify areas for improvement.
• This comparison helps in adapting strategies to better meet business goals.

Employee Motivation

• The main motivator for employees is often linked to financial compensation, such as salaries and bonuses.
• Job satisfaction and recognition are also crucial factors influencing employee motivation.

Importance of Employee Motivation

• Firms invest in ensuring their workers are motivated to enhance productivity and reduce employee turnover.
• Motivated employees are more engaged and contribute positively to the company’s success.

Reasons for Employment

• The primary reason people work is to earn a living and support their basic needs, such as food and shelter.
• Job security and benefits also play significant roles in the decision to work.

Job Choice Motivation

• Factors that may motivate a person to choose a particular job include personal interests, career growth opportunities, and work-life balance.
• Additionally, a positive company culture can influence job selection.

Consequences of Unhappiness at Work

• If an employee is unhappy at work, it can lead to lower productivity and increased absenteeism.
• Unhappiness may result in high turnover rates, costing firms time and resources in recruitment and training.