Common business objectives Flashcards

1
Q

What are mission statements

A

The overall purpose of a business - Example: Urban Kicks London works to provide all sneakerheads with the most exclusive pairs without charging an arm and a leg.

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2
Q

What are corporate aims

A

A business setting medium to long term goals that will enable the business to achieve its mission.

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3
Q

What are corporate objectives

A

Very specific short term goals that’ll enable the business to achieve its aims.

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4
Q

What are functional objectives

A

Specific targets set for each functional area - For example: The marketing team, the operations department, customer service department

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5
Q

How do you set clear goals

A

Have SMART objectives

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6
Q

How to have SMART objective

A

Specific - It’s clear
Measurable - There’s a numerical target set
Agreed - Key stakeholders approved the aim
Realistic - It’s possible
Time Constrained - Theres a date to do it by

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7
Q

What is a goal

A

A goal is an achievable outcome that is generally broad and longer term

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8
Q

What is an objective

A

an objective is shorter term and defines measurable actions to achieve an overall goal.

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9
Q

Business objective example

A

The goal of a business would be to reduce packaging costs. The objective would be to reduce packing costs by 20% by the end of 2024.

The objective is now: Specific (reduce packaging costs), Numerical (reduce costs by 20%), Time bound (by the end of 2024)

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