Unit 21 - Business Objectives Flashcards
1
Q
Def: aims
A
What a business tries to achieve long term
2
Q
Def: objectives
A
Goals or targets set to help achieve it long term purpose
3
Q
Def: sales maximisation
A
An attempt to sell as much as possible in a given time period
4
Q
Why do we need objectives
A
Employees need something to work towards for motivation
Likewise owners
Objectives help owners decide where to take a business
5
Q
To assess performance of a business we use…
A
Specific
Measurable
Agreed
Realistic
Time specific
6
Q
What is the most important this for a business?
A
SURVIVAL
Especially at the beginning
7
Q
Objectives for a business
A
Sales maximisation
Profit maximisation / satisfying
Market share
Cost efficiency
Employee welfare
Customer satisfaction
Social objectives
