Question : Case Study: XYZ Tech Solutions
XYZ Tech Solutions is a software development company known for its innovative products. The company is managed by three levels of management: top management, middle-level management, and lower-level management. XYZ Tech Solutions aims to be a market leader by providing cutting-edge technology solutions and excellent customer support.
Which objective of management focuses on achieving financial stability and growth in XYZ Tech Solutions?
Option 1: Economic objective
Option 2: Social objective
Option 3: Organizational objective
Option 4: Personal objective
Correct Answer: Economic objective
Solution : The correct answer is (a) Economic objective
The economic objective of management is primarily concerned with the financial performance and stability of the organization, which includes aspects such as maximizing revenue, managing costs, and achieving profitability. It relates to financial stability and growth. While the other objectives (social, organizational, and personal) are also important, the economic objective is fundamental for ensuring the financial health and sustainability of the company.
Which objective of management focuses on achieving personal goals and aspirations in XYZ Tech Solutions?
The primary objective of XYZ Tech Solutions is to:
Option 1: Maximize profits
Option 2: Provide cutting-edge technology solutions
Option 3: Offer excellent customer support
Option 4: Expand into new markets
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