1.5.3 Business objectives Flashcards
1
Q
Define an objective?
A
goals and targets that need to be met to achieve an aim
2
Q
Define an aim?
A
what a firm wants t achieve in the long term
3
Q
3 reasons why businesses have objectives?
A
need something to work towards
decide which direction to go
motivation
4
Q
What does SMART stand for?
A
Specific Measurable Agreed Realistic Time-specific
5
Q
What are 3 main objectives of firms?
A
survival
profit maximisation
sales maximisation
6
Q
What are 3 other objectives of firms?
A
cost efficiency
employee welfare
customer satisfaction
