Chapter 6: Achieving Business Goals Flashcards
What technique is this: • Specific • Measurable • Achievable • Realistic • Time-bound
S.M.A.R.T
- produces clearly defined goals
What are the 4 main business goals?
- Financial
- Social
- Environmental
- Personal
What goal includes: • Maximising profits • Increasing market share • Maximising growth • Improving share price
Financial
______ _____ refers to the business’s share of the total industry sales for a particular product
What’s missing?
Market share
What is a successful strategy to increase market share?
Promotion
What growth includes: • More employment • Increasing sales • Innovation • New equipment • Establishing more outlets
Internal (organically)
What is a part ownership of a public company?
A share
What growth is achieved by merging with or acquiring other businesses?
External
What goal includes:
• Community service
• Provision of employment
• Social justice
Social
What goal includes:
• ‘Recycling - Renew - Regenerate’
• Adopting a “green” attitude
Environmental
A ____ is a desired outcome that an individual or business intends to achieve within a certain time frame
What’s missing?
Goal
What occurs when there is a maximum difference between total revenue (TR) and total costs (TC)?
Profit maximisation
What is a type of decentralisation that involves allowing employees some authority to make decisions?
Staff involvement
An ________ is an individual who takes on the entrepreneurial roles within a business
Intrapreneur
________ refers to the individual, internal process that directs, energises and sustains a person’s behaviour
What’s missing?
Motivation
What techniques are these: • Encourage suggestions • Implement conflict-resolution strategies • Delegate responsibility • Interests in employees' development • Provide a safe work environment • Establish joint objectives • Make clear expectations • Communication • Lead by example
Motivational
_______ is the process of developing another individual by offering tutoring, coaching and modelling acceptable behaviour
What’s missing?
Mentoring
________ is the process a new employee undergoes in the first few weeks of employment through which he or she learns how to cope and succeed
What’s missing?
Socialisation
________ allows employees to develop skills in a wide range of tasks through ongoing training
What’s missing?
Multiskilling
What will be successful if a business recognises the importance of: • Staff innovation • Motivation • Mentoring • Training
Staff involvement
