Business – 1.4 Business objectives – Business objectives in private and public sectors | e-Consult
1.4 Business objectives – Business objectives in private and public sectors (1 questions)
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Private‑sector objectives
- Profit maximisation – generating surplus earnings for owners/shareholders.
- Growth and market share – expanding sales, entering new markets and increasing brand presence.
- Customer satisfaction – delivering value to retain and attract customers, which supports profitability.
Public‑sector objectives
- Service delivery – providing essential services (health, education, transport) to the public.
- Equity and accessibility – ensuring all citizens have fair access regardless of ability to pay.
- Accountability and transparency – operating under public scrutiny and adhering to statutory regulations.
While private firms focus on financial returns and competitive advantage, public organisations prioritise societal welfare, equity and compliance, reflecting their different ownership and funding structures.