Describe the major objectives of a business and differentiate between management and administration.

Here is the solution to Question 3:

a) The major objectives of a business typically include:

• Profit Maximization: The primary goal for most businesses, aiming to maximize financial returns for owners or shareholders.
• Survival: Ensuring the business continues to operate in the long term, especially during challenging economic periods.
• Growth: Expanding the business in terms of size, market share, revenue, or product offerings.
• Market Share: Increasing the proportion of the total sales in a particular market that a company holds.
• Customer Satisfaction: Meeting or exceeding customer expectations to build loyalty and repeat business.
• Social Responsibility: Operating ethically and contributing positively to society and the environment.

b) The difference between Management and Administration can be explained as follows:

• Administration is primarily concerned with the formulation of broad objectives, policies, and strategic plans for an organization. It is a top-level function that sets the framework within which the organization operates.
• Management is concerned with the execution of these policies and plans. It involves directing and controlling the efforts of the workforce to achieve the objectives set by administration. Management is an executive function, focusing on day-to-day operations and task implementation.