1.5.3 business objectives Flashcards
1
Q
what are business objectives?
A
objectives are medium to long term plans that are established to co ordinate the business and act as targets
2
Q
why are business objectives used?
A
- provide steps to achieve aims
- clear direction of the business
- measure success against targets
- motivate employees
- decisions can be made quickly
3
Q
what does SMART stand for?
A
Specific Measurable Agreed Realistic Time specific
4
Q
what are some financial objectives?
A
- survival
- profitability
- growth
- market share
- sales maximisation
- cost efficiency
5
Q
what are some non financial objectives?
A
- personal satisfaction
- brand recognition
- sustainability
- customer satisfaction
- employee welfare
- social objectives
6
Q
what influences a businesses objectives
A
- size of the market
- market
- sector
- ownership
- owner
