Essays on Economic Concepts Assignment

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IntroductionBusiness objectives are specific targets that organizations normally use in achieving their goals. Business might employ mission statement in setting out principles that need to be followed. The plan handles logistics on how the set objectives will be achieved. According to Pride and Hughes (2009), economics normally assume that a number of various buyers and sellers exist in the market place. This implies that the market normally has competition that permits price to change relative to supply and demand changes. Case study: General MotorsThe advantages, limitation, opportunities and risks are quite dynamic in General Motors and they can be integrated to each other.

For instance, what might be a risk in a particular category for general motors, can change into a prospect or become a new tactic for general motors in future. One of the main advantages that general motors have is the international awareness and presence it has in today’s market. Currently, General motors have manufacturing firms in thirty two nations and its vehicles are sold in one hundred and ninety two nations (Rittenberg, 2008). General motors Basic business objectivesAs their basic objective, General Motors normally aims at being socially useful.

It usually participates in specific activities that perform operations that are socially and economically useful. The main aim of General motors is to produce vehicles that are friendly to the environment and that can assist individuals to improve their social and economical lives. It is quite clear that businesses cannot exist minus consumers’ approval. If activities of the firm seem to be against the consumers’ will, it can be wiped out by political, legal action or consumers’ own negative reactions.

Therefore, by setting this objective, the organization normally satisfies the requirements of its customers (Pride & Hughes 2009). General motors aim at becoming the most innovative organization. It is normally developed in away that business activities associated to it, are performed and the necessary strategies implemented. General motors, through its innovative culture, came up with hydrogen fuel car and currently they are the leading manufacturers for this type of automobile. Rittenberg (2008) notes that in macro-marketing sense, buyers in economies that are market-directed have given businesses the right to work and if possible make profit.

With this right, it is important for a business to be a dynamic agent of change that is, adjusting their provisions to achieve the current requirements. Innovation and efficiency therefore, are normally promoted by competition. An organization need to be developed in a way that consumer-assigned tasks are effectively performed and the organization’s prosperity is maintained. Profit maximization is another basic objective that general motors normally aims at achieving. It normally aims at getting enough profit so that it can survive in the market.

The anticipated profit can be realized in the long run. Just mentioning that an organization need to try and make profit is not always enough. In general motors, the management team normally provide specific time period that is necessary in maximizing profit. It is essential to set profit targets because this can direct an organization into opportunities that are more profitable. It is also important for managers to specify the level of risks that they are likely to incur incase their returns are large. The basic objectives in any organization normally guide the firm’s operations.

The firm also needs to develop specific objectives (Rittenberg, 2008).

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