3.1.2 - business objectives

Question 1

SMART objectives

Answer 1

Specific, Measurable, Achievable, Relevant, Timely

Question 2

mission statement

Answer 2

outlines the reason for the business’ existence

Question 3

vision statement

Answer 3

outlines the aspirations and values of the business

Question 4

values statement

Answer 4

outlines the values and cultural priorities of the business

Question 5

corporate and strategic objectives

Answer 5

establish goals for the rest of the business, holistic, long term

Question 6

tactical or departmental objectives

Answer 6

for specific areas of the business, medium term

Question 7

operational objectives

Answer 7

short term objectives, written by individuals within the business

Question 8

financial objectives

Answer 8

desired financial performance such as making profit, growing sales, and improving market share

Question 9

marketing objectives

Answer 9

to combat low demand for a good or service (includes increasing market share)

Question 10

social objectives

Answer 10

to relate to the community, aim to be a good citizen

Question 11

shareholder expectations

Answer 11

to meet shareholder expectations is an objective large businesses will have as shareholders have certain expectations