IGCSE Bus Chapter 2 Business Objectives booklet

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Draggable item		Corresponding Item
Profit maximisation		The overall goals a business want to achieve long term focus
Profit satisficing		These are the steps taken to achieve the goals
Social objectives		Specific, measurable, achievable, relevant and time bound
SMART Objectives		Outlines why business exists
Non-financial objectives		Core beliefs that the business stand for which guide its behaviour, decisions and action
Sales		Stating clearly what is to be achieved
Personal satisfaction		An outcome that can be measured in number e.g. % or value
Financial objectives		Stating a period of time e.g. year; month; 5 years
Increase market share		These enable business to measure its financial performance
Time bound		This objective is making as much profit as possible given time period
Financial return		Making enough profit to satisfy the needs of the business owners
Measurable		Share of the profit paid to shareholders in a company
Specific		How much money returned on investment
Independence & control		Gaining a large amount of the customers than its competitors in the market it operates in
Dividends		Increasing the number of items sold within the business
Objective		This objective is applied when a business starts up 12 months.
Values		These are objectives that not connected with money
Aim		hese objectives are designed to improve human or environmental well being
Mission statement		Owners feel happier or satisfied enjoy taking risks seeing idea succeed
Survival		Owners want to be their own boss and in control of their future and decisions