Business Aims and Objectives Flashcards
1
Q
Aim
A
the general goal of the business
2
Q
Objective
A
how the business will achieve their aim
3
Q
Why is setting an aim important?
A
helps with decision making
helps investors understand the direction the business is heading
motivates everyone involved in the business
4
Q
SMART objectives
A
specific
measurable
agreed
realistic
time specific
5
Q
Typical objectives
A
Survival
Profit
Customer satisfaction
Market share
Being ethical
Social objectives
6
Q
How stakeholders can influence a business?
A
Negotiation
Direct Action
Refusal to cooperate
Voting
7
Q
Stakeholders
A
are individuals and organisations that affect and are affected by the activities of the business
