Setting business aims and objectives Flashcards
1
Q
Why do business set objectives?
A
- Helps with decision making and with establishing priorities.
- It helps investors to understand the direction in which the business is heading
- Provides a target to see how successful the business has been
- Motivates everyone connected to the business
2
Q
List as many business objectives:
A
- Make a profit
- growth
- survival
- being ethical
- market share
- customer satisfaction
- shareholder value
- environmental & sustainability targets
3
Q
What makes a good objective?
A
- What the target is
- When it has to be achieved
- Who is to achieve it
- How to achieve it
4
Q
What resources do businesses need to meet their objectives?
A
- Time
- People
- Money
- Equipment
