What is meant by the term business objective?
- Edexcel - GCSE Business - Question 5 - 2018 - Paper 1
Question 5
What is meant by the term business objective?
Worked Solution & Example Answer:What is meant by the term business objective?
- Edexcel - GCSE Business - Question 5 - 2018 - Paper 1
Step 1
Definition of a business objective
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Answer
A business objective is a stated plan or action that a business will take in order to achieve its aims. It represents specific goals that a company strives to reach and serves as a roadmap for operations.
Step 2
Further elaboration
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Answer
Business objectives may include various targets such as increasing profitability, expanding market share, improving customer satisfaction, or enhancing operational efficiency. For instance, a company like Lush may have the objective of increasing sales of ethical hair products, thereby aligning business goals with customer values.
