Final answer:
Managers can set objectives focused on customer satisfaction and social responsibility, aiming to improve the customer experience and engage in practices that benefit society and the environment. These objectives consider the interests of various stakeholders beyond just investors.
Step-by-step explanation:
Aside from profits and returns to shareholders, managers could set objectives related to customer satisfaction and social responsibility. First, achieving high levels of customer satisfaction can lead to repeat business, customer loyalty, and positive word-of-mouth, which can drive long-term success. An objective could be to enhance the customer experience through improved product quality, customer service, or through innovation. Second, objectives around social responsibility might include reducing the firm's environmental footprint, ensuring ethical labor practices, or engaging in community outreach. These goals often lead to a positive corporate image, which can attract customers and employees who value corporate citizenship, and can also mitigate risk in areas like regulatory compliance or public relations.
These overarching objectives often play a crucial role in a firm's strategic planning and can be just as important to long-term viability as financial metrics. These objectives align with the broader interests of various stakeholders, including customers, employees, suppliers, community members, and sometimes even government agencies. By focusing on these broader objectives, managers can steer their companies towards sustainable success that benefits multiple parties beyond just the investors.