business objectives
What is the main difference between quantitative and qualitative business objectives?
Quantitative objectives are measurable in numbers (e.g. profit, sales volume), while qualitative objectives focus on quality aspects (e.g. customer satisfaction, brand image).
Why do companies enter foreign sales markets?
Name two examples.
E.g. to reach new customers, increase sales, and reduce dependence on domestic markets.
Translate into German: procurement
Beschaffung
Give one example of a monetary and one non-monetary business objective.
e.g. Monetary: Increasing revenue by 10%.
Non-monetary: Improving employee motivation or customer loyalty.
Which department is related to the following motive:
access cheaper suppliers or raw materials that may not be available domestically.
procurement
Translate into German: supply and demand
Angebot und Nachfrage
What distinguishes strategic from operational objectives in business management?
Strategic objectives are long-term and define overall company direction, while operational objectives are short-term, specific, and help implement the strategy.
Which department may focus on the following motive:
benefit from lower labor costs or technological advantages abroad.
Production
Translate into English: Absatzmarkt
sales market
Explain the difference between economic and social business objectives. Give one example for each.
Economic objectives aim at financial performance, e.g. profit maximisation, cost reduction.
Social objectives focus on people and society, e.g. fair wages, good working conditions, or community support.
Explain how weaker environmental or labor laws in some countries can act as a motive for internationalisation.
Companies may relocate production to countries with less strict regulations to reduce costs and increase profits.
Translate into English: Skaleneffekte
economies of scale
According to the SMART principle, what does each letter stand for when setting business objectives?
Specific, Measurable, Agreed, Realistic, Timed.
How can internationalisation help a company reduce business risks?
By diversifying across several countries and markets, companies reduce dependency on a single marketor currency.
Translate into English: Rohstofflieferant
supplier of raw materials