Business objectives
Introduced| English | Meaning |
|---|---|
| start-up/stɑːt ʌp/ | start-up |
| objective/ɒbˈdʒektɪv/ | Specific outcomes that a person or organisation aims to achieve. |
| survival/səˈvaɪvl/ | Continuing to operate as a business rather than closing or failing. |
| profit maximisation/ˈprɒfɪt ˌmæksɪmaɪˈzeɪʃn/ | Choosing actions intended to achieve the greatest possible difference between total revenue and total cost. |
| market share/ˈmɑːkɪt ʃeə/ | A business's sales as a proportion of total sales in its market, measured by value or volume. |
| shareholder value/ˈʃeəhəʊldə ˈvæljuː/ | shareholder value |
| ethical/ˈeθɪkl/ | Consistent with principles about acceptable, fair or responsible conduct. |
| CSR/ˌsiː es ˈɑː/ | CSR |
| mission/ˈmɪʃn/ | The overall purpose; aims are broad goals; objectives are specific targets. |
| aims/eɪmz/ | Broad intentions describing what a person or organisation seeks to accomplish. |
| specific/spəˈsɪfɪk/ | Clearly identified and precise rather than broad or vague. |
| measurable/ˈmeʒərəbl/ | Capable of being assessed using observable evidence or a defined measure. |
| achievable/əˈtʃiːvəbl/ | Realistically capable of being accomplished with the available resources and constraints. |
| time-bound/taɪm baʊnd/ | Having a specified deadline or period within which an objective should be achieved. |
What is a business actually for?
- "To make money" is the obvious answer — but it's not the whole story. A charity, a start-up 初创企业 and a giant corporation chase very different goals.
- A business needs clear objectives 目标 to guide every decision.
Business objectives lab
Match business examples to the objective they reveal.
The most likely main objective of a brand-new business is:
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New firms prioritise survival before profit or growth.
Common business objectives
- Survival 生存 — the priority for a new or struggling firm.
- Profit maximisation 利润最大化 — the classic goal of private firms.
- Growth, market share 市场份额, and increasing shareholder value 股东价值.
- Social and ethical 道德 objectives (CSR 企业社会责任).
Internal and external stakeholders all have an interest in the business
Which is a SMART objective?
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It is specific, measurable and time-bound.
Which words does SMART stand for? (Select all that apply.)
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SMART = Specific, Measurable, Achievable, Realistic, Time-bound.
The overall purpose of a business is its ______.
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Mission → aims → objectives.
From mission 使命 to objectives
- A mission is the overall purpose; aims 目的 are broad goals; objectives are specific 具体的 targets.
- Good objectives are SMART: Specific, Measurable 可衡量的, Achievable 可实现的, Realistic, Time-bound 有时限的.
A broad mission narrows down to specific aims, then to SMART objectives and day-to-day tactics
Worked example. "Be the best" is a vague aim. "Grow sales by 10% within 12 months" is a SMART objective — specific, measurable and time-bound, so progress can be checked.
A firm's objectives can change as it grows from a start-up to an established business.
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Survival gives way to profit and growth objectives over time.
Why objectives change
- A start-up prioritises survival; an established firm shifts to profit or growth.
- Objectives also reflect the owners' values and external pressures (e.g. demands for ethical behaviour).
SMART objectives: Specific, Measurable, Achievable, Realistic, Time-bound
You've got it
- objectives include survival, profit, growth, market share and social/ethical goals
- mission → aims → objectives; good objectives are SMART
- objectives change as a firm matures (survival → profit/growth)
Write from a profit target of 40000
- A firm sets an objective of 40000 profit within 12 months.
- Say why that is a stronger objective than 'do better'.
A new firm sets an objective of 40000 profit within 12 months. Why is that a usable objective, and which earlier aim often comes before profit?
A number and a deadline make the objective checkable.
What profit figure makes this objective measurable?
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40000 is the measurable profit target. Other options — Any increase (because 'do better' is already SMART); Survival (which is a number of its own).