Unit 1 - Business Enviroment + Unit Coursework Example | Topics and Well Written Essays - 7500 words

Unit 1 - Business Enviroment + Unit - Coursework Example erent organizations, there are however four basic goals that an organization focuses on like survival in the growing competitive market, enhancing profits through increased sales and reduced production costs, growth and expansion, and capturing increasing share of the national and international markets. Since most organizations essentially seek profits therefore making maximum profit becomes the most important objective of the owners. However, there are some organizations like the charitable organizations whose principle purpose is to provide service to people. In the beginning of any business, an organization has no goodwill in the market nor does it have loyal customers. Therefore, in the initial stage the key objective remains survival which can be achieved through good marketing and promotional strategies. With the growth of the business, profit making becomes the most important objective. In most organizations, it is the owners who decide what the objectives should be for a give n period; however there are other stakeholders who can also give their views and opinions. Stakeholders are any group of people who have interest in the activities of the business organization which can be managers, employees, suppliers and customers. When a stakeholder’s interest is considered then it is known as stakeholder consideration like owners giving up part of their profits to pay bonus to the employees in order to motivate them to focus harder towards fulfilling the objectives of the concerned organization (BBC, 2014). The objectives of a business organization are subjected to change for both internal reasons, like business expansion, and external reasons, such as economic depression. When a profitable business gets negatively affected by economic depression like decreasing sales, it may change its goal from profit maximization goal to survival as it may become difficult to maintain the same level of output. Organizational objectives and missions are some of the vit al