Objectives Flashcards
What is a strategic objective
It’s an objective that is long term and is achieved by tactical objectives
They are set to help achieve the overall direction of the business
What are the 6 objectives associated with a business
Survival Growth Profit Tactical Strategic Operational
What is a tactical objective
It’s a short term objective that is set to achieve strategic objectives they are easier to achieve
What is an operational objective
Day to day objectives set within a business
What is a survival objective
This only become important when the business is in threat of being overtaken or being shutdown
Mainly occurs in new businesses
What is a profit objective
A private sector objective
Want to make as much profit possible in order to finance new investments
What is a growth objective
This relates to a growth in the market share the business posses, a growth profit must be specific in order to achieve it
What does smart mean in terms of an objective
Specific Measurable Achievable Realistic Time framed
What does accountability mean
It's means the business Maximise revenue Maintains a way of life Operates ethically Or operates in the interest in the consumers
What is a mission statement
This is the overall objective for existence of the business
It can be used as a form of advertising for company slogans
What is the overall definition of objectives
Specific,measurable targets that help achieve the overall aims of the business
