1.E Importance Of Goal Setting And Decision Making In Business

Question 1

Define business goal.

Answer 1

• Describes what a business expects to accomplish over a set period.
• Provide a business with direction.
• Helps measure results.
• Helps generate new ideas

Question 2

Identify and define all terms in the goal-setting acronym.

Answer 2

SPECIFIC (goals should be clear and focused)

MEASURABLE (goals should be quantifiable)

ACHIEVABLE (goals should be challenging but realistic)

RELEVANT (goals should be worthwhile and support broader context)

TIME BOUND (a time limit should be set)

Question 3

Identify the types of goals associated with business.

Answer 3

Financial, personal, and social goals.

Question 4

Provide examples for financial goals.

Answer 4

• Making a Profit
• Increase sales
• Increase market share

Question 5

Provide examples for social goals.

Answer 5

• Community service
• Provision of employment
• Social justice

Question 6

Provide examples for personal goals.

Answer 6

Personal goals may vary

• Higher-income
• Improved financial security

Question 7

Define the decision-making process.

Answer 7

This is an important skill for a prospective business owner to have when taking a business idea and making it a reality. Decision-making involves identifying available options and then choosing one course of action from the alternatives.

Question 8

Identify all the steps in the decision-making process.

Answer 8

1. Develop goals
2. Outline the facts
3. Identify alternative solutions
4. Analyse the alternatives
5. Choose one alternative and implement it.