Business Objectives Flashcards
(12 cards)
What is an aim
What a business wants to achieve in the long term tens robe quite general
What is an objective
Goals a business will dry in order to achieve an overall aim
What is survival
New businesses ensuring their business stays afloat
What is profit maximisation
Businesses that focus on high pricing and high profit
What is sales maximisation
Selling as much as possible in a given amount of time
What is market share
Looks at percentage of sales a business achieves
More sales=more output=average cost will fall
What is cost efficiency
Focuses on ways to reduce costs
What is employee welfare
Benefits to businesses treating their workers well
What is customer satisfaction
Businesses try to meet the needs of customers
What is a social objective
These businesses show concern for their local areas
What are the 5 smart objectives
1.specific
2.measurable
3.agreed
4.realistic
5.time specific
What are some factors that influence business objectives
-age of the business
-size and legal status
-ownership
-views of owners and managers
-market conditions
-state of the economy
-political factors
