A time limit should be set when an objective is established
time specific
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heart
Other team wins 10 points!
Oops!
gift
Win 15 points!
Okay!
gift
Win 15 points!
Okay!
baam
Lose 25 points!
Oops!
15
what is market share?
sales of the business as a proportion of total market sales
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15
Objectives that have a quantitative value are likely to prove to be more effective targets for directors and staff to work towards
measurable
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15
Business growth can be achieved in a number of ways and these forms of growth can lead to differing effects on stakeholder groups, such as customers, workers and competitors. The different forms of growth can be grouped into:
internal and external
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15
what are the ways in which we can measure the size of a business?
number of employees, revenue, capital employed, market capitalisation, market share
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15
Objectives should be realistic when compared with the resources of the company and should be expressed in terms relevant to the people who have to carry them out
relevant
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15
Objectives should focus on what the business does and should apply directly to that business.
specific
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15
T/F it is acceptable to measure the size of a cellphone manufacturer and a paper company because there is no standard in measuring the size of a business.
False. Even through there is no standard businesses should belong to the same industry.
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15
what is a mission statement?
statement of the business's core aims, phrased in a way to motivate employees and to stimulate interest by outside groups
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15
Setting objectives that are possible in the time frame given is key
Achievable
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trap
No points!
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rocket
Go to first place!
Okay!
rocket
Go to first place!
Okay!
thief
Give points!
5
10
15
20
25
15
corporate aim (keywords)
spark, seed, starting point
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boom
Lose 50 points!
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star
Double points!
Okay!
rocket
Go to first place!
Okay!
banana
Go to last place!
Oops!
trap
No points!
Oops!
shark
Other team loses 10 points!
Okay!
shark
Other team loses 10 points!
Okay!
lifesaver
Give 25 points!
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15
is there a specific/standarised way of measuring a business?