A business is an activity performed for profit. It is an organization that brings together resources to produce goods or services that satisfy people's wants and needs. All businesses are the same in that sense. Businesses differ in their objectives, types, size and doings.
All businesses have common factors, they all provide products in the form of goods or services, for example, books, food, fitness training, utilities etc. All businesses are made by people. People are company's greatest quality. It does not matter what product the company produces. A company is only as good as the people it keeps. All businesses success depends on how well they can sell the product together with satisfying the customer.
Although businesses have common factors, the objectives of a business are extremely variable. Business objectives should be specific, measurable, achievable, realistic and timed. For Example, companies like Microsoft and 7Eleven, are likely to be most interested in profit gain.
Their overall business objective is likely to be profit maximisation. On the other hand, leisure centres and charities are more likely to be interested in the service, which they are able to offer to the public. As a result their business objective is social benefit. Other objectives for businesses are growth, market share and social, ethical and environmental considerations. Businesses growth is usually measured in terms of sales. Large firms, like Coca-Cola Company are less likely to be overthrown whereas a local bakery can easily be taken over. Managers are always motivated to achieve firm's full potential so the company won't cease to be competitive. They may broaden the range of products by extending its value range and its premium range or introduce price cuts totalling over ÃÂ£1 billion. Increasing market share is one of the most important objectives used in business. It points out...