1.5.3 Business Objectives

Question 1

What are the 4 Main Business Objectives?

Answer 1

Survival
Profit maximisation
Sales maximisation
Market share

Question 2

What are some Business Objectives other than the main 4?

Answer 2

Sales maximisation
Employee welfare
Customer satisfaction
Benefit society

Question 3

What is A Mission Statement?

Answer 3

A mission statement is a brief written statement of the purpose of a company or organisation.

Question 4

Why are Business Objectives set?

Answer 4

Motivate employees
Create reward systems
Measure and review performance
Inform decisions to improve performance

Question 5

What are Corporate Aims?

Answer 5

The long term targets and plans to fulfil the mission statement.

Question 6

What are Corporate Objectives?

Answer 6

The medium to long term quantifiable targets to fulfil the mission statement.

Question 7

What is the Corporate Strategy?

Answer 7

The actions to be taken by the business to achieve the objectives.

Question 8

What are Business tactics?

Answer 8

Actions taken on a day to day basis to support the strategy.