Business Objectives

These are individual or group with a direct interest in the performance and activities in a business.

The formula is used to get the ______ _____ of the business.

Act as a target or goal that a business needs to reach to achieve overall aims.

Businesses should use the SMART approach to set their objectives. SMART stands for:

S

M

A

R

T

This type of business does not only focus on profits but on supporting parts of the global community.

Identify which SMART approach this objective refers to: "Indomaret aims to increase its social media following on Instagram by posting daily updates and engaging with followers to build brand awareness."

Answer explanation

This objective is specific because it clearly defines what indomaret wants to achieve (increase instagram following) and how they plan to do it (daily updates and engagement)

This type of objective focuses on which part of the SMART approach: "Alfamart will reduce customer complaint resolution time by 30% over the next six months by implementing a new customer service training program for staff."

Answer explanation

This objective is realistic because improving customer service aligns with Alfamart's goal of increasing customer satisfaction and retention, which is crucial for business success.

This type of objective focuses on which part of the SMART approach: "Waterloo will successfully launch its new line of stainless steel water bottles by March 31st, 2025, with a promotional campaign to generate preorders."

Answer explanation

This objective is timed because it specifies a clear deadline (March 31st, 2025) for the product launch and includes a promotional campaign as a part of the strategy.

This type of objective focuses on which part of the SMART approach: "Fitness Gym will add 100 new members within the next six months by offering referral discounts and hosting open house events."

Answer explanation

This objective is achievable because it sets a realistic target (100 new members) based on the gym's capacity and marketing strategies (referral discounts and open house events).

This type of objective focuses on which part of the SMART approach: "Market Mini will increase its only sales by 20% over the next quarter by launching a targeted email marketing campaign and offering a limited-time discount."

Answer explanation

This objective is measurable because it specifies a 20% increase in sales and outlines the methods of track progress (email marketing campaign and discount offer)