Question

Two ambitious friends, Sana and Mihir, having a passion for creating innovative software applications, established a tech startup named ‘Quick Solutions'. Their software was developed in such a way that it caters to the needs of all sections. Since its inception, 'Quick Solutions' was earning enough revenue to cover the costs. They faced countless challenges from competing with large and well-established companies. But they learned from their mistakes and continuously improved their product. Slowly, their software gained recognition for its quality and uniqueness, and the company started making profits. It was a big incentive for Sana and Mihir for the continued successful operation of the enterprise. Within two years, the customer base increased manifold. Now, Sana and Mihir decided to make additional capital investment and hired more employees. They invested in research and development and expanded their product line to meet emerging market demands. ‘Quick Solutions' ultimately became the industry leader because of the tireless efforts of Sana and Mihir. Quoting lines, identify and state the objectives of management discussed in the above case which 'Quick Solutions' seeks to achieve.

Hint:

A balanced focus on survival, profit, and growth ensures long-term success and competitiveness in a dynamic market environment.

Answer 1

Organizational Objectives:
1. Survival:
textit{“Since its inception, 'Quick Solutions' was earning enough revenue to cover the costs.”}
- Survival ensures that the organization earns enough revenue to continue operating and existing in the competitive market.
2. Profit:
textit{“Slowly, their software gained recognition for its quality and uniqueness, and the company started making profits.”}
- Profit provides a vital incentive for continued operations and helps in covering costs and risks. It is essential for financial stability.
3. Growth:
textit{“Now, Sana and Mihir decided to make additional capital investment and hired more employees.”}
textit{“They invested in research and development and expanded their product line to meet emerging market demands.”}
- Growth ensures that the organization expands its market share, invests in innovation, and sustains itself in the long term.