Goal setting and decision making in business Flashcards
1
Q
What is a goal?
A
what a business expects to achieve over a set period of time
2
Q
what is a vision statement?
A
it describes where the business wants to be in the future (e.g. five years from now)
3
Q
what is a mission statement?
A
it describes what the business does and how it will achieve its vision
4
Q
SMART goals
A
Specific, Measurable, Attainable, Relevent, Time bound
5
Q
Financial goals
A
- Making a profit
- increase sales
- increase market share
- expand the business
- maximising the return on investment
- improving the wat that the business operates
6
Q
social goals
A
- community service
- provision of employment
- social justice
- ecological sustainability
