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Summary VCE Business Management U3 AOS1- Business Objectives $7.99   Add to cart

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Summary VCE Business Management U3 AOS1- Business Objectives

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Adapted from the new VCAA Unit 3 curriculum for business management in 2023, this document of summary notes outlines the fundamental information on the business objectives outlined in the study design. These notes are taken across multiple different textbooks to ensure an in-depth explanation of ea...

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  • August 8, 2023
  • 6
  • 2023/2024
  • Summary
  • Secondary school
  • 8
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Business objectives (U3 AOS1
KK2)
Contents
Background info: Business Objectives Overview

What is a business objective? To make a profit
SMART goal setting To fulfil a market need

Specific To increase market share
Measurable To fulfil a social need

Achievable To meet shareholder expectations

Relevant To improve efficiency
Time-Bound To improve effectiveness


Background Information
What is a business objective?



📈 Business objectives are specific targets that a business is aiming to
achieve within a specified time period.




Business objectives (U3 AOS1 KK2) 1

, Having a business objective helps the business have a sense of direction which
increases the chance of the business being successful.

Using the SMART goal setting method:

Specific

The goal is clear and focused.

Measurable

The goal is quantifiable, usually includes numbers.

Achievable

The goal is close to the business’ current position but are still challenging.

Relevant

The objectives are worthwhile given the market conditions and the business’
other objectives.

Time-Bound

A specific time frame is set for the goal.



A business should have multiple objectives at once.

Depending on the business type, each business will have different types of
objectives.



Types of Business Objectives

1. To make a profit

2. To increase market share

3. To fulfill a market need

4. To fulfill a social need

5. To meet shareholder expectations

6. To improve efficiency

7. To improve effectiveness




Business objectives (U3 AOS1 KK2) 2

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