objectives Flashcards
what is the purpose of setting objectives
helps with decision making + establishing priorities
helps investors understand the direction in which the business wants to go
provides a target to compare results to - so they can judge effectiveness of management
motivates everyone to have a common aim
what’s the difference between objectives an aims
objectives are more specific, steps taken to achieve aims
what are some general objectives of a business
survival - keeping the business alive long term
earning a profit - making money
shareholder value - rewarding the shareholders through financial rewards + selling more profits so each share will be worth more
customer satisfaction - pleasing customers
market share - share of the market
growth - opening more stores/ selling more products/increase revenue
being ethical - being fair
being environmentally sustainable
what does an objective need to be effective?
TEMP
time, equipment, money, people
