Business Objectives

Question 1

What is an aim

Answer 1

The overall target or goal of the business

Question 2

What is Objective and examples of it

Answer 2

A goal to help you reach/achieve your aim (the steps a business needs to take to meet its overall aims)

survival, growth, profit and market share

Question 3

What is Mission statement

Answer 3

A general description of the overall aim (summary of the aims and values in the business)

Question 4

What is SMART

Answer 4

Specific
Measurable 
Achievable 
Real/realistic 
Time based

to set reasonable objectives

Question 5

The need and importance of having aims and goals

Answer 5

Gives workers and managers clear targets makes them more motivated
Accurate decision making as they will be centred around the goal
Business managers can compare to see how well they are doing

Question 6

What is market share and the formula for it

Answer 6

Is the percentage of the total market sales held by one brand or business

Market share (%) = company sales/total market sales x 100

Question 7

Objectives for social enterprises

Answer 7

Innovate focussing on community or environmental issues.
to encourage the employment of women in tech-related fields.
Design operations to profit for both social impact and survival of the organization.