Economic Objectives Business is basically an economic activity‚ its primary objectives are economic. The economic objectives of a business are to earn sufficient profit to give reasonable reward to the investors of capital and to provide funds for expansion and diversification. The main economic objective of business may be described as under: (a) Earning Profit: Business activity is undertaken for earning profit. Profit is the basic incentive to business pursuits. It is the most important objective
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Aims and Objectives Every business has aims that they wish to achieve‚ they might be overall goals and purposes that the business was set up to fulfil. Aims can therefore be seen as not only long term‚ but in some cases‚ almost impossible to reach‚ Heinz aims for its tomato sauce to be the world’s favourite ketchup‚ on every table’ (every table; total Customer satisfaction). But this doesn’t the organisation from trying to reach the aim‚ and from always working towards it. Typical aims
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A. FIRM AND ITS OBJECTIVE: Conventional theory of firm assumes profit maximization is the sole objective of business firms. But recent researches on this issue reveal that the objectives the firms pursue are more than one. Some important objectives‚ other than profit maximization are: (a) Maximization of the sales revenue (b) Maximization of firm’s growth rate (c) Maximization of Managers utility function (d) Making satisfactory rate of Profit (e) Long run Survival of the firm (f) Entry-prevention
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1) FIRM OBJECTIVES: The standard economic assumption underlying the analysis of firms is profit maximization. Real world firms‚ however‚ might not‚ and many times do not‚ make decisions based on the profit-maximization objective‚ or at least exclusively on the profit-maximization objective. Other objectives include: (1) sales maximization‚ (2) pursuit of personal welfare‚ and (3) pursuit of social welfare. Although firms are assumed to make decisions that increase profit in standard economic
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purpose in writing this is to argue for the existence of an objective morality based entirely on rational and scientific reasoning. By "objective morality" I do not simply mean that morality exists in the sense that various societies consider various actions to be immoral. What I mean is that certain actions are inherently right or wrong regardless of what any society thinks about them. In other words‚ I mean that there is an "objective morality" which exists independently of human beliefs and human
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HUMAN BEHAVIOR IN ORGANIZATION 1. Conflict is the struggle that arises when the goal-directed behavior of another person or group. Whether conflict benefits or harms an organization depends on how it is managed. There are four basic types of conflict and combination of these that can arise in an organization. 1. Issue conflict -is usually a disagreement between two or more groups arising from differences in organizational viewpoint. 2. Intrapersonal - conflict between two individuals
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ethnography project I chose to study the life at the library located at Bryant University. A library is a key component in a culture‚ giving people a perfect environment to study‚ learn‚ work‚ and preserve important information from the past and the present. In order to maintain good grades in college‚ students have to dedicate a handful of their time to studying for each of their classes. Most college students prefer to study and do work in the library due to its quiet and peaceful atmosphere‚ compared
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Management by Objectives What is MBO? Management by Objectives (MBO) is also known or referred to as Management by Results (MBR). Management by Objectives is a process whereby the objectives in an organization are defined in order to help the management of the organization and the employees to agree on the same. The concept and the term was coined and popularized by Peter Drucker in the book‚ The Practice of Management in the year 1954. The essence of management by objectives lies in mutually
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plan that contains objectives. There are two types of objectives‚ strategic and tactical objectives. Strategic objectives are objectives set for the long run; tactical objectives are short day-to-day objectives that the business needs to operate. Setting objectives provides a greater sense of direction for the business. So once an objective is set‚ the employees‚ owner and directors even‚ have a clear pathway and guide of what they want the business to achieve and the objective gives everyone motivation
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Objectives of Punishment There have been many rules throughout history some choose to follow those rules and some choose to break the rules. The big question is the product to those who should break the rules. There was a day when parents could spank their children freely and accepted as simply normal. As the years went on‚ society started to see how people would take it too far. Therefore‚ laws had to change. It is the same within today’s prison system. Individuals are in prison because
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