KKK 2

Question 1

Business objectives

Answer 1

The stated goals a business is aiming to achieve in specified period of time.

Question 2

Vision statement

Answer 2

A set of broad objectives that states the overall aspirations of the business in the future.

Question 3

Mission statement

Answer 3

An objective that states a business’s purpose and the way it will aim to achieve that purpose.

Question 4

What are the 7 different objectives

Answer 4

1. To make a profit
2. To increase market share
3. To improve efficiency
4. To improve effectiveness
5. To fulfil a market
6. To fulfil a social need
7. To meet shareholder expectations

Question 5

To make a profit

Answer 5

Making a profit consistently allows the business to grow and expand + Gives the employees some form of job security as they know the business is more likely to survive long term if it’s profitable.

Question 6

To improve a effectiveness

Answer 6

Effectiveness is the extent to which a business is achieving its set objectives. Once an objective has been set, the manager will implement specific strategies to help them achieve it.

Question 7

To increase market share

Answer 7

This is a business’s proportion of total sales in a market or an industry.