1.5.3 Business Objectives Flashcards
1
Q
What is a business objective?
A
A specific target set by a business.
2
Q
What is a business strategy?
A
The plan devised by the business to achieve its objectives.
3
Q
Why are business objectives important?
A
They set targets in order to ensure the whole business is working towards the same goal/goals. Once these goals are set out, a strategy can be devised.
4
Q
To gain most from objectives they should be SMART, what does this mean?
A
Specific
Measurable
Achievable
Realistic
Time-bound
5
Q
What are the 8 common business objectives?
(need to know for exam spec)
A
Survival
Profit maximisation
Sales maximisation
Market share
Cost efficiency
Employee welfare
Customer satisfaction
Social objectives
