business objectives
What is a business objective?
A specific goal that a business aims to achieve
What is the purpose of a mission statement?
To state what the organization does right now to achieve its vision
What does "S" stand for in SMART goals?
specific
What is the primary purpose of a strategy?
To outline a plan to achieve a business’s objective
Define a stakeholder
Any individual or group that affects, or is affected by, an organization
Name one common business objective
Examples include growth, profits, market share, customer satisfaction, ethics, or sustainability
How does a vision statement differ from a mission statement?
A vision statement is a long-term goal, meant to inspire and motivate, while a mission statement is more concrete and focused on present actions
What does "M" stand for in SMART goals?
measurable
What distinguishes strategies from tactics?
Strategies are significant plans, while tactics are smaller actions taken to reach goals
Name one internal stakeholder
Examples include employees, managers, or shareholders
What equation represents profit?
profit= revenues-costs
Why is a vision statement important?
It inspires and motivates everyone involved with the company
What does the "T" in SMART goals mean?
time-bound
Give an example of a tactic in business (not the one from class)
Examples might include specific marketing actions, like a promotional campaign
Name one external stakeholder
Examples include customers, suppliers, or the community
What aspect of business objectives is measured by the size of the workforce?
growth
Give an example of what a vision statement might represent
does your answer represent: A dream or understanding of what the future should look like for the company
Why is it important for a goal to be "Achievable"?
So that it is realistic and attainable within the business’s resources and limitations
How are strategies related to business objectives?
Strategies are the plans made to achieve business objectives
What type of interest might a stakeholder have in a business?
Interests can be financial, operational, social, or environmental
Name two specific measures businesses might use to gauge growth.
total revenue and volume of output
In what type of document might a company's mission and vision be broadly mentioned?
Web page or other foundational documents of the business
List all five components of SMART goals and how it would apply to a business (can't use the example given in class)
Specific, Measurable, Achievable, Relevant, Time-bound and your example
Why is stating a strategy nearly as complex as creating a business plan?
Because strategies involve significant decisions and actions critical to business success
How might shareholders’ interests differ from those of other stakeholders?
Shareholders are primarily interested in the company’s profitability, as this affects their dividends and the value of their ownership, whereas other stakeholders may prioritize operational, social, or environmental outcomes over financial gains