Question
What 3 main factors affect what a business' objectives are? hypeyouranswerhere
Answer
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Eli
Professional · Tutor for 6 years
Answer
The three main factors affecting a business' objectives are -1. Competitive atmosphere2. Market share and customer demands 3. Prospective Development of new products or services
Explanation
Defining a business' objectives is a strategic activity which depends on several factors. Let's quickly go through the options. Firstly, we have the 'competitive atmosphere' which undoubtedly impacts a business' objectives by compelling it to distinguish itself or perform better than rivals. Company growth involves expansion plans and efficiency objectives and Customer demands can shape a business' quality and service goals, hence these also strongly influence a company’s objectives. Then Market shares, might require prioritizing marketing or sales operations accordingly but is not as universally impactful factors. While Legal foundations often dictate part of a company’s operations but rarely its objectives. Although Employee satisfaction is very important, it’s usually the outcome of fulfilling company’s objectives. Finally, prospective Development of new products or services indeed shapes a business’s direction which gets represented though objectives to innovate and create.