Business Studies- Objectives

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What are the 3 main business objectives?
Growth, Survival and Profit
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When is the objective, Survival been used?
When a business is threatened (in the early stages of business, when trading is difficult or when there is a threat of takeover)
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Why is survival not always an objective of every business?
Not every business aims to achieve long-term survival
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What is growth seen as by businesses?
It is seen as necessary to survive in the market
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What is an advantage of Growth?
Better economies of scale
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What are S.M.A.R.T targets?
Smart, Measurable, Achievable, Realistic and Timely
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Define Corporate Objectives
An objective in which the business aims to achieve overall
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What is a Mission Statement?
A short, simple description of what the business aims to achieve
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What is a Strategic Objective?
A long-term objective in which the business aims to achieve
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What is a Tactical Objective?
A short-term objective in which the business aims to use to help meet the strategic objectives
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What is a Functional Objective?
A specific objective set out by the business to help meet Strategic Objectives (e.g. 20% increase in sales by 2016)
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Other cards in this set

Card 2

Front

When is the objective, Survival been used?

Back

When a business is threatened (in the early stages of business, when trading is difficult or when there is a threat of takeover)

Card 3

Front

Why is survival not always an objective of every business?

Back

Preview of the front of card 3

Card 4

Front

What is growth seen as by businesses?

Back

Preview of the front of card 4

Card 5

Front

What is an advantage of Growth?

Back

Preview of the front of card 5
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