Question : Case Study: XYZ Corporation
XYZ Corporation is a manufacturing company known for producing high-quality electronic devices. It is divided into three levels of management: top management, middle-level management, and lower-level management. The company's main objective is to expand its market reach and maintain a strong reputation for innovation and customer satisfaction.
Which objective of management focuses on the efficient use of resources in XYZ Corporation?
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 efficient allocation and utilization of resources to achieve the organization's financial and economic goals. This includes optimizing cost structures, maximizing profitability, and ensuring the organization's financial sustainability.