1.4 Business Objectives

Business objectives

Target or outcome a business wants to achieve

Survival

An objective focused on continuing during difficult situations or early stages of a business

Profit maximization

Objective of achieving highest possible profit

Profit

Financial surplus remaining after costs have been reduced from revenue

Growth

Increase in size of a business

Customer satisfaction

A product or service meets or exceeds customers expectations

Social objective

A goal to improve people’s welfare

Environmental objectives

A goal to reduce environmental damage

Mission statement

A broad statement describing an organization’s purpose

Aim

Long term intention that guides a business

Objective

Specific result a business to achieve

Target

Level of performance a business wants to reach

Strategy

Long term plan for achieving business objectives

Tactic

Short term actions used to implement a strategy

CSR

Responsibility of a business to consider social, ethical and environmental effects of its activities

Business ethics

Moral principles that guides business decisions and behaviors