Flashcards in Business Objectives Deck (7)
What is an objective?
An objective is a desired goal, outcome or specific result that a business intends to achieve.
What is a Mission Statement?
A Mission Statement entails what the businesses purpose, why the business exists and how it will be operated.
What is a Vision Statement?
A Vision Statement entails what the business wishes to aspire to become.
What is the difference between a Mission and a Vision Statement?
A Mission statement is what the businesses purpose is and how the business will be operated whereas a Vision Statement is what the business aspires to become.
What are the 5 main Business Objectives?
1. To make a Profit
2. To increase market share
3. to fulfil a market need
4. to fulfil a social need
5. to meet shareholder expectations
What are Business Strategies?
Business Strategies are the action taken by a company in order to fulfil a business objective.