Business Objectives Essay
Objectives are a vital part of IBC, without the objectives the company would not know what they are aiming for and therefore would not achieve any goals. This is a very important objective, as without making a profit, they would go into losses meaning they have to shut down. Without profits, there would be no pay rises for the labourers and not enough money to buy new technology for faster, enhanced, and efficient production.
IBC are there to please customers, because if they please their customers, they customers may pass on the word about the products of IBC to other people, which would mean more customers, or also the same customer could continue buying from IBC creating a customer relationship. However, if the customers were not please they would not want business with them anymore. This means if peoples wants decreased, there would be less demand meaning not enough money made. This would reflect on the running of their business. They want to provide people with jobs so the workers can support their family.
However, without the workers, the business would not be able to run. A good working environment is always a key part in a business. You may think that
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All these result in more high quality and better production. They also care about the staffs’ health etc. Making sure the environment is not polluted; the noise level is not too high. Also, if an employee is admired for their work, they will be pleased ant this will motivate them to continue their good work. The amount of hours the employees work is another perspective we need to consider as sometimes they may have fixed number of hours that they may not be pleased with, this would affect job satisfaction. IBC operate their factory during the nighttime as well as it is cheaper, so they need to make
sure the employees during those working hours are satisfied otherwise, they may just laze around and not complete their work to a high quality standard. Any business, including IBC would want to increase market share, not only to be recognised and well known in the market but also to have a bigger share in it as well meaning more income, (profit) which would mean more money for the workers and other shareholders. In order to increase their market share, IBC could extend their business, build factories in other countries, if this was a success then IBC would move to a higher position in the market share.
IBC do not just want to meet the basic targets I have mentioned above, but also want to maximise profits. Only the owners would benefit mainly from this (main shareholders of company). However, the other shareholders in the company would also benefit, as the profit made would be also shared out meaning more income for them, but sometimes the owner thinks that the dividend per share is more important than the actual profit made, as the company’s profit made wouldn’t benefit them as much as their share of the profit.