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VCE Business Management 3/4 2017 > Business Objectives > Flashcards

Flashcards in Business Objectives Deck (7)
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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.


What are Key Performance Indicators (KPIs)?

Key performance indicators are specific criteria used to measure the efficiency and effectiveness of a business performance