Business Objectives

Question 1

What is an objective?

Answer 1

An objective is a desired goal, outcome or specific result that a business intends to achieve.

Question 2

What is a Mission Statement?

Answer 2

A Mission Statement entails what the businesses purpose, why the business exists and how it will be operated.

Question 3

What is a Vision Statement?

Answer 3

A Vision Statement entails what the business wishes to aspire to become.

Question 4

What is the difference between a Mission and a Vision Statement?

Answer 4

A Mission statement is what the businesses purpose is and how the business will be operated whereas a Vision Statement is what the business aspires to become.

Question 5

What are the 5 main Business Objectives?

Answer 5

1. To make a Profit
2. To increase market share
3. to fulfil a market need
4. to fulfil a social need
5. to meet shareholder expectations

Question 6

What are Business Strategies?

Answer 6

Business Strategies are the action taken by a company in order to fulfil a business objective.

Question 7

What are Key Performance Indicators (KPIs)?

Answer 7

Key performance indicators are specific criteria used to measure the efficiency and effectiveness of a business performance