What are the 8 aims and obkjectives of private sector businesses?
Making profit, breaking even, surviving, growth, leading the market, diversification, providing services, offering strong customer service and satisfaction.
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What is making profit?
The first principle of a business is to make as much money as possible.
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What is breaking even?
This is where a business must make enough money to cover its fixed costs and and variable costs.
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What is surviving?
A successful business will continue year after year. This may require reinventing or rebranding.
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What is growth?
A company doesnt have to expand to survive, but healthy, well managed growth is a characteristic of a strong business. This can be done internally or externally.
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What is leading the market?
This is where the business making the most profit or has the greatest market share in a particular sector is the market leader.
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What is diversification?
This is when a business changes or adds to the products and services on offer.
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What is providing services?
This is the way in which a business offers certain services.
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What is offering strong customer service and satisfaction?
In a competitive industry, customers can quickly switch allegiance so businesses go to great lengths to establish and maintain good relationships with customers.
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What are the 4 aims and objectives of the public/voluntary sector?
Controlling costs, value for money, offering high quality services, meeting government standards
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What is controlling costs?
As revenue is mostly from tax, managers and politicians must exercise cost control, demonstrate accountability and spend funds wisely.
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What is value for money?
There are key considerations, these are: providing services at the lowest cost, using resources to produce services, and making the most efficient use of the resources.
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What is offering high quality services?
The services/facilities need to be as good as possible within the available budget, as they are being funded by tax payers.
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What is meeting government standards?
The 'code for sports governance (2016)' establishes a minimum set of standards of accountability for anyone who seeks public or lottery funding. The core principles are: clear structure, best people, transparent communication, controlled policies.
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Other cards in this set
Card 2
Front
What is making profit?
Back
The first principle of a business is to make as much money as possible.
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