Common business objectives

Question 1

What are mission statements

Answer 1

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.

Question 2

What are corporate aims

Answer 2

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

Question 3

What are corporate objectives

Answer 3

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

Question 4

What are functional objectives

Answer 4

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

Question 5

How do you set clear goals

Answer 5

Have SMART objectives

Question 6

How to have SMART objective

Answer 6

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

Question 7

What is a goal

Answer 7

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

Question 8

What is an objective

Answer 8

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

Question 9

Business objective example

Answer 9

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)