Chapter 6: Achieving Business Goals

Question 1

What technique is this:
• Specific
• Measurable
• Achievable
• Realistic 
• Time-bound

Answer 1

S.M.A.R.T

- produces clearly defined goals

Question 2

What are the 4 main business goals?

Answer 2

• Financial
• Social
• Environmental
• Personal

Question 3

What goal includes:
• Maximising profits 
• Increasing market share
• Maximising growth
• Improving share price

Answer 3

Financial

Question 4

______ _____ refers to the business’s share of the total industry sales for a particular product
What’s missing?

Answer 4

Market share

Question 5

What is a successful strategy to increase market share?

Answer 5

Promotion

Question 6

What growth includes:
• More employment 
• Increasing sales
• Innovation
• New equipment
• Establishing more outlets

Answer 6

Internal (organically)

Question 7

What is a part ownership of a public company?

Answer 7

A share

Question 8

What growth is achieved by merging with or acquiring other businesses?

Answer 8

External

Question 9

What goal includes:
• Community service
• Provision of employment
• Social justice

Answer 9

Social

Question 10

What goal includes:
• ‘Recycling - Renew - Regenerate’
• Adopting a “green” attitude

Answer 10

Environmental

Question 11

A ____ is a desired outcome that an individual or business intends to achieve within a certain time frame
What’s missing?

Answer 11

Goal

Question 12

What occurs when there is a maximum difference between total revenue (TR) and total costs (TC)?

Answer 12

Profit maximisation

Question 13

What is a type of decentralisation that involves allowing employees some authority to make decisions?

Answer 13

Staff involvement

Question 14

An ________ is an individual who takes on the entrepreneurial roles within a business

Answer 14

Intrapreneur

Question 15

________ refers to the individual, internal process that directs, energises and sustains a person’s behaviour
What’s missing?

Answer 15

Motivation

Question 16

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

Answer 16

Motivational

Question 17

_______ is the process of developing another individual by offering tutoring, coaching and modelling acceptable behaviour
What’s missing?

Answer 17

Mentoring

Question 18

________ 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?

Answer 18

Socialisation

Question 19

________ allows employees to develop skills in a wide range of tasks through ongoing training
What’s missing?

Answer 19

Multiskilling

Question 20

What will be successful if a business recognises the importance of:
• Staff innovation 
• Motivation
• Mentoring
• Training

Answer 20

Staff involvement