17 - Business objectives Flashcards
1
Q
business objectives
A
a medium to long term plan to co-ordinate a business and act as targets
2
Q
SMART objectives
A
objectives must be -
* specific
* measureable
* ahieveable
* realistic
* time-related
3
Q
reasons objectives are set
A
- clarity in the direction of the business
- reward employees
- measure sucsess
- motivate employees
4
Q
non financial objectives
A
personal satisfaction
sustainability
employee welfare
customer satisfaction
5
Q
financial objectives
A
market share
profitability
cost efficiency
survival
growth
6
Q
selecting a business objective
A
some are more appropriate than others based on the business
a small buisness may aim to survive
a large business may aim to grow market share
7
Q
influences on what business obectives are chosen
A
- sector (public sector wants to meet needs ect)
- size
- market
- ownership
- owner
8
Q
importance of profit maximisation
A
profit allows for innovation
also improtant as it secures long term sucsess
