business objectives

Question 1

define objectives

Answer 1

a statment of a specific target to be achived it should be smart

Question 2

what does smart stand for

Answer 2

specific measurable achivable realistic time specific

Question 3

what are the business objectives

Answer 3

survival
profit
growth
market share
corporate social responsibility

Question 4

explain survival

Answer 4

many buisness fail in the first or second year of trading so survival is a very important short term objective once they established they can focus on long term objectives

Question 5

explain profit

Answer 5

they aim to produce and sell the levekl of output were there is the greatest difference between revenue and total cost

Question 6

explain growth

Answer 6

the business decides to expand its size to increase output may benifit from economies of scale this will reduce the cost of producing each item and help to increase firm competivness revenue and profit

Question 7

explain market share

Answer 7

as a business grow it may achive large share of the market share often benefit a business in that is help develop dtrong brand image which make it easier to sell

Question 8

define csr

Answer 8

business taking responsibility for the impact their aCTIVITIES might have on society and the enviorment

Question 9

pressure group

Answer 9

a group of like minded people that puts the pressure on the business and goverment to change their policies to reach a predetermine objective

Question 10

why csr become an important objective

Answer 10

the activity of pressure group
the media which create sgreater awarness
the role of terde union
the role of gopverment law

Question 11

define social enterprise

Answer 11

a business with social objectives that reinvest most of its profit back into the business or into benefiting society at large

Question 12

what are social enterprise objectives

Answer 12

benifits employee
profit reinvest in the business
relates to the need of community
care of the enviorment

Question 13

define stake holder

Answer 13

an induvidual or group which has an intrest in the businsess because they are affected by it activities and decisions

Question 14

what are the 2 types of stake holders

Answer 14

internal stake holders
external stakeholders

Question 15

what are internal stake holders

Answer 15

owner
manager
employee

Question 16

what are the external stake holders

Answer 16

lenders
supplier
customer
goverment
local community

Question 17

what is the role of internal stake holders

Answer 17

have an interest in the decision and activities of the business

Question 18

what is the objectives of owner

Answer 18

to recive high return
dividends as reward for risking their investment in the benifit to benefit from an increase in share value

Question 19

what is the objectives of manager

Answer 19

to have job satisfaction
to recive salary increase and bonus

Question 20

what is the objective of employee

Answer 20

to have job security
to recive a fair wage

Question 21

what is the objective of lenders

Answer 21

to receive intrest payment when due
to have borrowing repaid by the due date

Question 22

what is the objective of supplier

Answer 22

to recive prompt payment for goods supplied on credit
to be treated fairly and not be forced to reduce their price by business with strong buying power

Question 23

what is the objectives of customer

Answer 23

to recive quality goods
to be charged a fair price which give value for money

Question 24

what is the objective of goverment

Answer 24

to be paid correct amount of tax on time
to have minimal spending on unemployement benifits

Question 25

what is the objectives of local community

Answer 25

to recive benifits for the local economy such as employeement
to avoid negetive of business activities such as pollution

Question 26

what are the objectives of private sector and public sector enterprise

Answer 26

accessible
affordable
open to all

Question 27

explain accessible

Answer 27

they can be used by everyone regardless of their location or income

Question 28

explain affordable

Answer 28

they must be cheaper than if the service was provided by the private sector the service may even be free at the point of use

Question 29

explain open to all

Answer 29

they must be available
to everyone regardless of their income class, ethnicity, religion and so on