Business objectives

Question 1

Objective

Answer 1

desired outcome or specific reult that a business intends to achieve

Question 2

To make profit

Answer 2

Profit is what is left after expenses have been deducted form revenue

Question 3

To increase Marketshare

Answer 3

the porportion of total of sales in a given industry that is controlled or held by a business, calculated at a specific time period

Question 4

how to increase market share

Answer 4

price
advertsing
create a larger range of products

Question 5

to improve effeiceny

Answer 5

How well a business uses its resources to achieve objectives

The aim is to minimise the resources needed and maximise the output generated from the inputs. This leads to waste minimisation and reduced costs (more profit).

How to do so?
Technology
Highly skilled employees
Quality inputs

Question 6

to improve effectiveness

Answer 6

the degree to which a business achieves it stated objective

Question 7

to fulfil market need

Answer 7

being specific and targeting unmet needs for particular market

Geographic areas
Demographics (Groups of people)
Niche markets (specialised products)

Question 8

to fulfil social need

Answer 8

Aim to make the world a better place as well as making a profit

This objective best fits social enterprises

Question 9

to meet shareholder expectations

Answer 9

Think of this as a combination of the other objectives

For example, shareholders of QANTAS expect:
Increased profits (to increase their share dividends)
Increased market share (taking customers from Emirates)
Fulfilling market need (flying to small rural areas)
Fulfilling social need (reduced carbon emissions from fuel)

Question 10

strategies

Answer 10

how the company is going to achieve it goal

Question 11

Vision and Mison statement

Answer 11

Vison statement- states what the organisation aspire to be

Mison- states why organisations exist, it purpose and what it will do to achieve business objective