setting business aims and objectives Flashcards
what does the acronym S.M.A.R.T stand for? [5]
Specific
Measurable
Achievable
Realistic
Time-bound
what is the definition of an aim?[1]
a general goal of business
what is the definition of an objective? [1]
a specific target set to achieve the business aims
what are ethics? [1]
what is right or wrong
Which is the most likely aim for a start-up business? [1]
survival
What is another name for a long-term target? [1]
aim
Which type of business is more likely to focus on social objectives? [1]
social enterprise
“To develop m-commerce” is an objective that is influenced by changes in which external factor? [1]
technology
what can objectives do? [2]
gives a business direction and it changes over time.
what businesses objective is survival? [1]
For the business to avoid going bust
what businesses objective is Profit Maximisation? [1]
To achieve the most profit possible
what businesses objective is growth? [1]
expansion through internal or external growth
what businesses objective is market share? [2]
The % of a product sold in the UK sold by a single business
what businesses objective is social/ethical? [2]
To meet or exceed customer expectations related to the
environment / treatment of staff or other issues
what businesses objective is customer satisfaction? [1]
How pleased a customer is with the product or service received
