business objectives Flashcards
what is a business objective
A stated measurable target that a business plans to achieve
what are some objectives for private sector businesses
Profit maximisation
profit satisficing
Growth
increasing market share
corporate social responsibility (CSR)
objectives for social enterprises?
Tripple bottom line:
economic- reinvest profit
social- provide jobs/support for
local community
environmental- sustainable
practices
objectives for social enterprises
-provide service to public
-encourage economic/ social development
-reduce unemployment
-environment
what are SMART objectives
Specific- focus on business
Measurable-
Achievable- be realistic
Realistic/Relevant
Time limited
Factors that influence business objectives
Ethics
private or public sector
number of years in operation
size and legal form
what are business aims
a long-term goal that a business hopes to achieve
what is a mission statement
Brief statement of the business’ core aims that stimulates interest and motivates employees
benefits of mission statement
inform outside groups
motivate employees
limitations of mission statement
vague and general
business can have similar mission statements
difficult to analyse or agree with
what is a business stategy
long-term plan of action for a business, designed to achieve a particular objective
what is a tactic
a short-term action as part of an overall strategy
