aims and objectives Flashcards
(12 cards)
1
Q
what are business aims?
A
- broad, long term goals a business wants to achieve
- e.g. (e.g. increases sales revenue)
2
Q
what are business objectives?
A
- specific, measurable steps to achieve the aims
- e.g. (10% increase in sales within 12 months)
3
Q
what are common aims for a for-profit organisation?
A
- survival
- profit maximisation
- market share growth
- improve productivity and quality
4
Q
why are typical aims for a not-for-profit organisation
A
- provide essential services (healthcare, education)
- protect consumers from monopolies and exploitation
- help those in need (charities helping illness, poverty and disabilities)
5
Q
what is a vision statement
A
a vision statement describes what a business aspires to achieve long-term
6
Q
why is a vision statement useful for a business?
A
- gives a clear identity and direction
- helps set clear objectives
- motivates employees
7
Q
what is a mission statement?
A
a mission statement defines what a business sets out to achieve in the medium to long term
8
Q
why should a business have a mission statement?
A
- provides transparency for investors
- helps strategic planning by setting priorities
- improves customer trust by showing company goals
9
Q
What does SMART stand for in business objectives?
A
- specific: clearly defined goals
- measurable: can track progress
- achievable: realistic with resources
- realistic: practical given market conditions
- time limited: includes a deadline
10
Q
Example of a SMART objective
A
increase sales by 15% within 6 months through online marketing
11
Q
difference between long-term and short-term business objectives
A
- long term objectives focus on business growth and sustainability e.g. invest in employee training, expand new markets
- short term objectives focus on immediate profitability and efficiency e.g. cut staff costs, set high prices
12
Q
how can a business assess whether its aims and objectives are successful?
A
- financial performance (profit, revenue growth)
- customer feedback (satisfaction surveys, reviews)
- employee engagement (turnover rates, absenteeism)
