Understanding Business 4) - Objectives of the 3 sectors of economy

Maximising Profit - The main aim of a business is to make as much profit as possible, especially in the long run, to remain successfull a business has to make some sort of profit. However this doesnt mean that all businesses strive solely for profit maximisation in the long or short run.

Survival - for some organisations the main aim is to survive. This could be the case for small organisatons who have the fear of large rival organisations, and just want to keep the business going. 

Managerial Objectives - Managers within a business may choose to persue their own individual aims, which will depend on what the managers wish to achieve. Among the aims which have been suggested are that managers will also aim to have alot of staff reporting to them, they will aim to have money to spend on perks e.g. comapny cars, they will aim to get budgets to spend on projects which they believe will bring them reputation and status, e.g. expansion to new markets, or descovering new technology.

Satisficing - instead of having the aim to make maximimum profits, a…