Lesson 3 - Business Objectives Flashcards
Define the term “Business Objectives”
The goals a business intends to achieve
What does the acronym KPI stand for
Key Performance Indicator
Which is the correct Business process?
a) Implement Strategies to achieve, Monitor using KPI’s, Set objectives
b) Set objectives, Monitor using KPI’s, implement strategies to achieve
c) Set objectives, Implement strategies to achieve, Monitor using KPI’s
d) None
c) Set objectives, Implement strategies to achieve, Monitor using KPI’s
List any two business objectives.
Make a Profit,
Increase market share,
Meet shareholders expectations
Fulfil a market need
Fulfil a social need
What is profit?
When sales are greater than expenses
What does it mean to meet shareholders expectations?
Ensure a return of investment to shareholders through dividends and increased share price
How does a company fulfil a social need?
Consider social and environmental impact when making decisions OR supporting other organisations work
Which business structure has 2-20 people?
a) Sole Trader
b) Partnership
c) Private company
d) Public company
b) Partnership
True or False?
A private company has a low start up cost?
False - Sole Trader or Partnership
Which business structure has high levels of public scrutiny and government intervention?
Public Company
Which company ends with
PTY LTD?
a) Sole Trader
b) Partnership
c) Private company
d) Public company
c) Private company
How does a business fulfill a market need?
Identify what needs the market is not currently meeting and develop a product or service to meet that need
Which objective is the following:
Virgin Australia announce that they are investing $20m in research for renewable jet fuel sources.
a) A profit
b) Social need
c) Fulfilling a market need
d) Market share
b) Social need
