In a Market System, the Primary Objective of a Business

question 52

True/False

In a market system, the primary objective of a business is to compete.

Acknowledge the challenges and changes in workforce demographics.

Differentiate between elements associated and not associated with spiritual and psychologically healthy workplaces.

Understand talent management and its significance.

Appreciate the efforts towards creating mentally healthy workplaces and recognize the national standards.

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Definitions:

Performance Measures

Quantitative indicators used to assess how well an organization or individual is achieving its goals and objectives.

Incentives

Rewards or compensations offered to encourage specific behaviors or actions, often used to motivate employees or customers.

Motivating

The process of encouraging individuals to perform activities or behaviors to achieve a particular outcome or goal.

Strategic

Pertaining to the long-term goals and planning of a business, particularly in terms of allocation of resources to achieve these goals.