IGCSE, A Level Business Student Forum

Q11 Analyse the possible objectives of managers towards a business. [6]

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Possible Structure
[KN]
[AN]
[AN+]

[KN]
[AN]
[AN+]

[KN] Financial Management
[AN] Managers are often accountable for managing budgets and financial resources.
[AN+] They work to control costs, allocate resources wisely, and ensure financial stability.

[KN] Quality and consumer satisfaction
[AN] Ensuring the quality of products or services and achieving high levels of customer satisfaction is a key objective for many managers.
[AN+] Satisfied customers can lead to brand loyalty and positive word-of-mouth/better brand image.

Moderator Comment:
All good

[KN] Cost Reduction
[AN] Managers might want to increase productivity and reduce operating expenses.
[AN+] To improve the overall cost-effectiveness of the business, this may entail optimizing resource allocation, cutting waste, and streamlining procedures.

[KN] Profit Maximization
[AN] Often, one of the main goals of managers is to maximize profits.
[AN+] By maximizing revenue, cutting costs, and maximizing the return on investment for shareholders, they seek to increase the company's profitability.

Moderator Comment:
AN2 need to update as its a mirror statement of KN2.

[KN]effective resource utilization
[AN]including human capital, financial assets, and physical infrastructure
[AN+]This involves tasks such as ensuring that employees are deployed in roles that align with their skills and the company's needs.

[KN]innovation and process improvement
[AN]This may involve introducing new technologies and fostering a culture of creativity and problem solving
[AN+]this makes it so the business can improve their brand image and managers worth increases

Moderator Comment:
All good

[kn] profit maximization [an] the owners of a business have one main objective and that is to acquire the most profits [an+]this can help the business in carrying out its business activities and even distribute the profits among the shareholders in terms of dividends

[kn] lower costs [an] to reduce the cost of production for the business so they may be able to get more profits [an+] this in turn can help the firm to lower their price and get more sales and hence more revenue

[kn] to gain maximum profits for the business
[AN]many manager are responsible for the business to ain maximum profits so they work to reduce cost and gain efficiency and optimize oerational efficiency
[AN+]thus this could lead to financial stability and growth opportunities and improve shareholders

[KN]customer satisfaction to bring brand image.
[AN]managers may work hard to deliver better quality product or service or crating exceptional customer services to build customer loyalty
[AN+] AND THUS SATISFIED custmer tend to e loyal and can become brand advocates

[KN] management of finances
[AN] managers aims to handle business finances
[AN+] they calculate the cost and expenses done by the business

[KN] lower cost
[AN] their responsibility is to make sure the business is not eliding over the business expected expenses
[AN+] so the calculate the cost and expenses done by the business

[KN] effective team management
[AN] efficient team should work all together and without any conflicts so that they can achieve their targets
[AN+] They want to build and lead a productive and motivated team that works well together.

[KN] Quality Control
[AN] They aim to ensure the products or services meet high-quality standards.
[AN+] to satisfy customers and maintain a good reputation.

[kn] effective team management
[an] every manager wants that their business works together without any conflicts, so it is easier to achieve their goals
[an+] by doing so it will help build a productive and motivated team which will have high efficiency
[kn] effective resource utilization
[an] a manager would want to make sure that the least amount of material goes to waste as it helps keep costs low
[an+] which will help business avoid going over expected expenses keeping more profit to reinvest and expand

[KN] Improving leadership skills
[AN] adding to their CV
[AN+] earning a higher position in the longer run

[KN] to achieve self-actualization

[kn] to gain higher salaries
[an] since they manage the business and are the key to effective teamwork which require more effort and skills
[an+] helps to grow businesses hence the reason for their demand

[kn] growth of business
[an] managers get to have more control and work in a recognised company which would encourage them to work more efficiently
[an+] job satisfaction

[KN]Improvement through leadership skills
[AN]A manager can lead the workers in a way that they work efficiently with minimum errors
[AN]This builds quality into the whole production process and improves brand image


[KN]Effective communication
[AN]Managers may aim to make ensure the message has been communicated to all employees to avoid any gaps thus this helps the business to reduce wastage
[AN]hence leading to low costs

[KN] Introducing operational efficiency.
[AN] This includes implementing best practice's, by adopting latest means of technology which will increase the total productivity.
[AN+] Thus this will further lead to reduction in costs and hence less wastage of time.

[KN] Focusing on strategies for further growth and expansion.
[AN] This will happen due to market research etc which will lead to business improvement in brand image in the long run.
[AN+] Thus the business will have alot of market share and the manager may get promoted to further higher position.

(kn) maximisation of profit
(an) he might have a budget that he would have to secure by the end of the time period
(an+) eying dividends and reinvesting in the business
(kn) resource utilisation
(an) when all the resources are being used fully this would decrease wastage
(an+) leading to lower expenditure