Business Objectives

• Why are business objectives important?

  They clarify what a business aims to achieve
• What are business objectives?

  Specific intended outcomes of a strategy
• How should business aims be expressed?

  As a target or series of targets
• What is one key function of corporate objectives?

  To provide a clear focus for the business
• At what levels can business objectives be set?

  Business, unit, product, team, or individual levels
• What do business objectives help measure?

  Business performance against those objectives
• What is a typical corporate objective related to reputation?

  Maintaining a strong corporate image
• What should business objectives be like?

  Clearly defined, understood, and communicated
• What does the SMART mnemonic stand for?

  Specific, Measurable, Achievable, Relevant, Time-bound
• Why is it important for objectives to be measurable?

  To assess whether the objective is achieved
• How do corporate objectives influence lower-level objectives?

  • Corporate objectives set the overall direction
  • They guide functional objectives in departments
  • Ensure alignment with business aims
• What are the different types of business objectives?

  • Corporate objectives
  • Functional objectives (e.g., marketing)
  • Individual objectives
• What are the characteristics of effective business objectives?

  • Specific
  • Measurable
  • Achievable
  • Relevant
  • Time-bound