The objectives of businesses – private sector, public sector, and social enterprises
What are the economic objectives of businesses in the private sector?
The economic objectives of businesses in the private sector typically include maximizing profits, increasing market share, achieving financial stability, optimizing efficiency and productivity, and enhancing competitiveness. These objectives aim to create value for shareholders and ensure the long-term viability and growth of the business.
How do public sector businesses prioritize service delivery and social welfare objectives?
Public sector businesses prioritize service delivery and social welfare objectives by allocating resources and efforts towards meeting the needs of the public, ensuring equitable access to services, addressing societal challenges, and promoting the well-being of citizens. These objectives are often guided by government policies and regulations.