Business objectives (U3 AOS1
KK2)
Contents
Background info: Business Objectives Overview
What is a business objective? To make a profit
SMART goal setting To fulfil a market need
Specific To increase market share
Measurable To fulfil a social need
Achievable To meet shareholder expectations
Relevant To improve efficiency
Time-Bound To improve effectiveness
Background Information
What is a business objective?
📈 Business objectives are specific targets that a business is aiming to
achieve within a specified time period.
Business objectives (U3 AOS1 KK2) 1
, Having a business objective helps the business have a sense of direction which
increases the chance of the business being successful.
Using the SMART goal setting method:
Specific
The goal is clear and focused.
Measurable
The goal is quantifiable, usually includes numbers.
Achievable
The goal is close to the business’ current position but are still challenging.
Relevant
The objectives are worthwhile given the market conditions and the business’
other objectives.
Time-Bound
A specific time frame is set for the goal.
A business should have multiple objectives at once.
Depending on the business type, each business will have different types of
objectives.
Types of Business Objectives
1. To make a profit
2. To increase market share
3. To fulfill a market need
4. To fulfill a social need
5. To meet shareholder expectations
6. To improve efficiency
7. To improve effectiveness
Business objectives (U3 AOS1 KK2) 2
KK2)
Contents
Background info: Business Objectives Overview
What is a business objective? To make a profit
SMART goal setting To fulfil a market need
Specific To increase market share
Measurable To fulfil a social need
Achievable To meet shareholder expectations
Relevant To improve efficiency
Time-Bound To improve effectiveness
Background Information
What is a business objective?
📈 Business objectives are specific targets that a business is aiming to
achieve within a specified time period.
Business objectives (U3 AOS1 KK2) 1
, Having a business objective helps the business have a sense of direction which
increases the chance of the business being successful.
Using the SMART goal setting method:
Specific
The goal is clear and focused.
Measurable
The goal is quantifiable, usually includes numbers.
Achievable
The goal is close to the business’ current position but are still challenging.
Relevant
The objectives are worthwhile given the market conditions and the business’
other objectives.
Time-Bound
A specific time frame is set for the goal.
A business should have multiple objectives at once.
Depending on the business type, each business will have different types of
objectives.
Types of Business Objectives
1. To make a profit
2. To increase market share
3. To fulfill a market need
4. To fulfill a social need
5. To meet shareholder expectations
6. To improve efficiency
7. To improve effectiveness
Business objectives (U3 AOS1 KK2) 2
