Business Objectives Flashcards
What are business objectives?
Business objectives are specific targets of performance that an organization aims to achieve.
What are the characteristics of well-written objectives?
Well-written objectives are specific, measurable, assignable, realistic yet challenging, timely, and written down.
What does S.M.A.R.T. stand for in the context of objectives?
S.M.A.R.T. stands for Specific, Measurable, Assignable, Realistic, and Timely.
What is an example of a specific objective?
To increase retail sales by 12 percent.
This is precise and clearly defines what management wants to accomplish.
What is an example of a vague objective?
To achieve healthy growth in sales.
This is not meaningful as it lacks specificity.
What are the importance of objectives?
Objectives clarify business goals, aid decision-making, enable progress checks, measure performance, focus individual roles, break down targets, and analyze performance.
What are long-term objectives?
Long-term objectives are general objectives that indicate the overall direction of the business, often looking 5 to 10 years ahead.
What are short-term objectives?
Short-term objectives are specific goals to be accomplished within a short period, critical for new start-up businesses.
What is an aim in a business context?
An aim is where the business wants to go in the future; it is a statement of purpose.
What is a mission statement?
A mission statement outlines the business’s core aims, motivating employees and stimulating interest from outside groups.
What is a goal in a business context?
A goal is a desired future outcome that the organization attempts to realize.
What are corporate objectives?
Corporate objectives are based on the central aim or mission of the business, expressed as clear guides for management action.
What are strategic objectives?
Strategic objectives strengthen an organization’s overall business position and competitive vitality.
What are tactical objectives?
Tactical objectives are performance targets established by Middle Management to achieve specific organizational outcomes.
What are operational objectives?
Operational objectives are short-term goals necessary to achieve longer-term tactical and strategic objectives.
