Business Objectives Flashcards

Flashcards on Business Objectives

Aims

Long-term visions or goals of a business.

Objectives

Specific, measurable targets to help achieve the overall aims of the business.

Survival

One of the most important financial objectives for a business.

Profit

To make as much money as possible.

Sales

To increase and grow sales.

Market Share

Businesses want to increase this to win customers back from competitors.

Financial Security

Some businesses may just want to make enough money to get by.

Social Objectives (Public Sector)

Designed to improve human well-being; objectives linked to quality of service and reducing costs.

Social Enterprises (not for profit)

Aim to improve human and environmental well-being; usually have a clear social or environmental mission.

Social Responsibility

Taking account of the needs of stakeholders, providing employment for locals, reducing pollution, etc.

Personal Satisfaction

Owners enjoy risk-taking and seeing their idea succeed.

Challenge

People motivated by challenges – starting a business!

Independence and Control

Being your own boss – being in control. Freedom to make all decisions.

SMART Objectives

Specific, Measurable, Achievable, Realistic, Time-specific

Evolving Objectives

Responding to changes in circumstances.

Reasons for Objective Changes

Changes in market conditions, technology, performance, legislation, and internal reasons.

Large Business

Employs over 250 employees.

Small Business

Employs under 50 employees.

Mission Statement

Describes the purpose of the business; directed at stakeholders.

Stakeholders

Customers, employees, and shareholders.

Importance of Objectives

Employees needing something to work towards for motivation

Business Direction

Where to take the business and what steps to take to get there

Performance Measurement

Easier to asses the performance of the business

Business Challenge

Businesses set new challenges to grow by selling overseas or invest to develop new products.

Purpose of Mission Statement

Written by businesses when setting objectives and directed at stakeholders

Clear Mission Statement

Clear for all stakeholders what the business it trying to achieve.

Public Sector Objectives

Public Sector are designed to improve human wellbeing.

Improve Social Responsibility

Businesses attempt to improve social responsibility.

Risk reward

Owners enjoy risk taking and seeing their ideas succeed.

Business Control

In practice this is limited – banks lending money need to be satisfied the business is doing well.

Homework

Find out their objectives and aims and see how they differ from one another

Plenary

One question I still have.

Plenary Response

One thing I learned today.

Business Objectives

Financial or Non-financial.

Written Business Plan

Written by businesses when setting objectives.

DAM (Doha Airline Meals)

Suppiles ready-made meals to airlines operating out of Doha airport, Qatar

DAM (Doha Airline Meals) offer

The company made a very generous offer to buy the business and employ Omar as the managing director

NBA Mission Statement

NBA Mission Statements aims to achieve academic excellence, enjoy diversity, develop critical thinking skills and become lifelong learners and responsible citizens.

Mission Statement

directed at stakeholders – customers, employees and shareholders

DAM objectives

One example of an objective set by DAM in 2015 was to increase sales from 2.4 million units to 2.8 million units in 12 months.

Indepence

Why is independence and control an important objective in this case?

SMART Objectives

What is meant by a SMART objective? Use information in this case as an example.

Achievable and Realistic Objectives

Why is it important for objectives to be achievable and realistic?

Stakeholders

employees, customers, stakeholders

Increase Sales

to increase sales from 2.4 million units to 2.8 million units in 12 months.

improve human and environmental well-being

Most businesses provide a public service. Objectives linked to quality of service and reducing costs

multi-skilled

challenging to succeed in business you must be committed, hard-working and multi-skilled

achieve our vision

To achieve this, we will provide a diverse education in a safe, supportive environment that promotes positive discipline and self-motivation.

successful

Businesses are most likely to be successful with a set of clear objectives.

directed

directed at stakeholders – customers, employees and shareholders

quality of service

Objectives linked to quality of service and reducing costs

environmental well-being

collect and distribute old text books.

businesses

improve human and environmental well-being

owners

owners set new challenges – grow by selling overseas or invest in developing new products.

freedom

freedom to make all decisions

homework

find out their objectives and aims

market conditions

Performance, legislation and internal reasons

successful

The business was successful right from the start.

business aims and objectives

What are aims and objectives

Makes clear business plan

to focus, provide a plan for the future

stakeholders

directed at stakeholders – customers, employees and shareholders

plan

provide a plan for the future

objectives

clear aims and objectives

Business Challenges

set new challenges grow by selling overseas or invest in developing new products.

profit

Business will make profit to stay a float