business objectives Flashcards
1
Q
What are business objectives?
A
- specific intended outcomes of business stratergy
- targets the business adopts in order to achieve its primary aims
2
Q
What are the purpose of business objectives?
A
- making a clear statement of what needs to be achieved
- provide a focus for business
- aid and inform decisions
- provide a mean to measure performance
3
Q
What is the heirarchy of business objectives? from top to bottom?
A
mission, strategic, functional, team, individual
4
Q
What should business targets be?
A
SMART: specific, measurable, achievable, relevent, time bound
5
Q
What is the mission of a business?
A
the overiding goal of the business and the reason for its existence
6
Q
What does an effective mission statement include?
A
- differentiates from competitors
- defines market in which wants to operate
- relevent to all major stakeholders
7
Q
What are coorporate objectives?
A
- what a business as a whole wants to achieve
8
Q
What are functional objectives?
A
- set for individual functions of a business are designed to support coorporate objectives
9
Q
What are key performance measures for a business?
A
- profit
- return on investment
- growth
- cash flow
10
Q
What are the 6 types of coorporate objectives?
A
- revenues
- cost effeciency
- profit
- employee welfare
- customer satisfaction
- social
