What is the difference between an aim and an objective?
An aim is the overall goal and objectives are the steps to achieve it
An objective is the overall goal and aims are the steps to achieve it
A aim is where the business wants to be in 10 years and the objectives are where the business wants to be in five years
What are the two main types of objective?
Short term and long term objectives
Big objectives and small objectives
Financial and non-financial objectives
What does the SMART acronym stand for?
Specific, measurable, agreed, realistic, time bound
Specific, marketable, agreed, realistic, time bound
Sales based, measurable, agreed, realistic, time bound
Which of these objectives follows the SMART acronym
To earn £100,000 in 2019
To earn £1,000 profit each month for the next year
To earn £150,000 profit each week for the next month
What is the difference between financial and non-financial objectives?
Financial objectives consider money, non-financial objectives consider things other than money
Financial objectives link to profit, non-financial objectives link to the types of products a business sells
Non-financial objectives consider money, financial objectives consider things other than money
Which of these is a financial objective?
To make a profit of £6000 in the first 12 months
To use 100% renewable energy within the first two years
To use 100% Fairtrade coffee beans in all coffee sold in the first 12 months
Which of these best defines a stakeholder?
Anyone who works for a business
Anyone with an interest in a business
Anyone who buys from a business
Which stakeholder usually has the most influence on business decisions?
Suppliers
Pressure groups
Owner
A business that offers good career progression is most likely to please which stakeholder group?
Managers
Government
Which of these is a non-financial objective?
To use 100% renewable electricity within the first two years
To have a 5% market share of the coffee industry within 100 miles in 12 months