Business Objectives Flashcards
What is an aim
The overall target or goal of the business
What is Objective and examples of it
A goal to help you reach/achieve your aim (the steps a business needs to take to meet its overall aims)
survival, growth, profit and market share
What is Mission statement
A general description of the overall aim (summary of the aims and values in the business)
What is SMART
Specific Measurable Achievable Real/realistic Time based
to set reasonable objectives
The need and importance of having aims and goals
Gives workers and managers clear targets makes them more motivated
Accurate decision making as they will be centred around the goal
Business managers can compare to see how well they are doing
What is market share and the formula for it
Is the percentage of the total market sales held by one brand or business
Market share (%) = company sales/total market sales x 100
Objectives for social enterprises
Innovate focussing on community or environmental issues.
to encourage the employment of women in tech-related fields.
Design operations to profit for both social impact and survival of the organization.