1.5.3 Business Onjectives Flashcards
1
Q
What are objectives
A
•Objectives are quantifiable targets or goals to be achieved within a given time frame
2
Q
Business objectives include
A
Survival Profit maximisation Market share Cost efficiency Sales maximisation Employee welfare Customer satisfaction
3
Q
Objectives need to be smart , what does smart stand for
A
Specific Measurable achievable Realistic Time
4
Q
What is a mission statement
A
“A mission statement is a brief written statement of the purpose of a company or organisation. Ideally, a mission statement guides the actions of the organisation, spells out its overall goal, provides a sense of direction, and guides decision making for all levels of management.
5
Q
Why businesses set objectives
A
- Common sense of purpose
- Motivate employees
- Create reward systems
- Measure and review performance
- Inform decisions to improve performance
