Achieving business goals Flashcards
Why is a goal important to a business
A.It is a means of motivating a business’s suppliers and society?
B.It represents a benchmark to compare planned and actual performance.
C.It serves only as a means to achieve a business’s profitability
D.It helps in the organising function of management.
What are the characteristics of a S.M.A.R.T. goal?
A.special, methodical, actual, realistic and timebound
B.specific, marketable, Achievable, real and timely
C.Special, measurable, attainable, realistic and timely
D.Specific, measurable ,achievable, realistic an timebound
What is the definition of motivation?
A.External processes that sustain personal behaviour
B.Processes that encourage innovation and development
C.The payment of monetary rewards for achieving financial goals.
D.Internal activities which direct a person’s behaviour
Jasmina is the manager of a business and has decided that one of the goals for next year will to be more focused on social justice issues and ensuring everyone is treated equally and fairly. What goal is this an example of?
A.Enviromental
B.Growth
C.Market Share
D.social
How to calculate total profit?
A.Total salesxprice
B.Total sales-total costs
C.Total revenue-total costs
D.Fixed costs+VAriable costs
which of the following would be an example of a social goal?
A.To increase market share
B.to provide employment
C.To increase share price
D.Fixed costs+Variable costs
What is it meant y ‘Market share’?
A.An increase in the net profitability
B.An increase in the share price
C.An increase in the share of industry
D.Share holder
What is a employee who takes on an entrepreneurial role within a business called?
A.Director
B.Extrapreneur
C.Intrapreneur
D.Shareholder
Michael, A very experienced employee, helps to develop a new employee in the business. what is Micheal an example of?
A.Innovator
B.Intrapreneur
C.Mentor
D.Shareholder
why would management involve staff in decision-making processes?
What is staff involvement?
Involving employees in decision-making proccess + giving them skills and rewards
What should good managers do for employees?
Motivate, encourage employees using positive reinforcement to influence behaviour
3 main social goals a business attempts to achieve?
Community service, social justice and provision of employment
What is the mentoring process?
Developing another individual’s skills and knowledge by coaching/tutoring them by modelling acceptable behaviours
What impact does a work environment have?
Maximises employees’ involvement and satisfaction has high levels of labour productivity
