Business Objective - Revision history

User at 22:22, 4 March 2024

2024-03-04T22:22:10Z

User at 13:10, 13 April 2023

2023-04-13T13:10:06Z

Show changes

User at 13:07, 17 January 2023

2023-01-17T13:07:34Z

User at 13:04, 17 January 2023

2023-01-17T13:04:05Z

User at 13:01, 17 January 2023

2023-01-17T13:01:07Z

Show changes

User at 11:58, 9 November 2022

2022-11-09T11:58:51Z

Show changes

User at 14:36, 1 November 2022

2022-11-01T14:36:06Z

User at 16:13, 26 October 2022

2022-10-26T16:13:27Z

User: /* See Also */

2022-01-17T23:04:41Z

User: Undo revision 9314 by User (talk)

2021-07-23T01:10:23Z

Undo revision 9314 by User (talk)

@@ Line 1: / Line 1: @@
 == What is a Business Objective? ==
-A '''Business Objective''', in short, is what a company wants to achieve throughout the year. Instead of focusing on what you're currently doing in your business, an objective is something you want to achieve going forward. Many times, business objectives are spelled out in a business plan and used as part of the strategic planning process of a company going forward. After all, without objectives, how do you know what to do to get there? Business objectives function as a way for business owners to make plans, track their progress, and work toward a particular goal. The thing about objectives is that they're measurable, specific, and tactical. They aren't general statements like ''We want to be the most recognizable bookstore in the region.'' Instead, they are focused, such as the objective, ''We want to open 10 new locations in the coming year.''<ref>[http://study.com/academy/lesson/business-objectives-definition-purpose-types.html Definition of Business Objective]</ref>
+A '''[[Business]] Objective''', in short, is what a company wants to achieve throughout the year. Instead of focusing on what you're currently doing in your business, an objective is something you want to achieve going forward. Many times, business objectives are spelled out in a business plan and used as part of the strategic planning process of a company going forward. After all, without objectives, how do you know what to do to get there? Business objectives function as a way for business owners to make plans, track their progress, and work toward a particular goal. The thing about objectives is that they're measurable, specific, and tactical. They aren't general statements like ''We want to be the most recognizable bookstore in the region.'' Instead, they are focused, such as the objective, ''We want to open 10 new locations in the coming year.''<ref>[http://study.com/academy/lesson/business-objectives-definition-purpose-types.html Definition of Business Objective]</ref>
@@ Line 128: / Line 128: @@
 == See Also ==
 *[[Business Model]]

← Older revision		Revision as of 13:07, 17 January 2023
Line 65:		Line 65:
	[[File:Business Objective1.png\|300px\|Types of Business Objectives]]<br />		[[File:Business Objective1.png\|300px\|Types of Business Objectives]]<br />
	'''Figure 1''', source: [https://cioindex.com/ CIO Index]		'''Figure 1''', source: [https://cioindex.com/ CIO Index]
		+
		+
		+
		+	== Examples of Business Objectives <ref>[https://zapier.com/blog/business-objectives/ Business objectives: How to set them (with 5 examples and a template) - Zapier]</ref> ==
		+
		+	*Example objective #1: Percentage change
		+	For this year's summer swimwear line, we will increase sales by 15% over last year's line through customer relationship marketing. We will execute distinct email campaigns by segmenting last year's summer swimwear customers and this year's spring casualwear customers and offering season-long discount codes.
		+	*Example objective #2: Goal number
		+	Our SaaS product's implementation team will grow to five during the next fiscal year. This will require us to submit a budget proposal by the end of the quarter and look into restructured growth tracks, new job posting templates, and revised role descriptions by the start of next fiscal year.
		+	*Example objective #3: Success range
		+	We will increase customer satisfaction for our mobile app product demonstrably by the end of the year by integrating a new AI chatbot feature. To measure the change in customer satisfaction, we will monitor ratings in the app store, specifically looking for decreases in rates of negative reviews by 5%-10% as well as increases in overall positive reviews by 5%-10%.
		+	*Example objective #4: Clear change
		+	Each of our water filtration systems will achieve NSF certification ahead of the launch of our rebranding campaign. Our product team will establish a checklist of changes necessary for meeting certification requirements and communicate timelines to the marketing team.
		+	*Example objective #5: Executable action
		+	HR will implement bi-annual performance reviews starting next year. Review timelines will be built into scheduling software, and HR will automate email reminders to managers to communicate to their teams.
		+
		+

@@ Line 69: / Line 69: @@
 == Nature Characteristics of Business Objectives (Figure 2.) <ref>[http://kalyan-city.blogspot.com/2011/08/business-objectives-meaning-types.html Characteristics and Features of Business Objectives -KalyanCityLife]</ref> ==
 The features or characteristics of business objectives are:
-*1. Multiplicity of Objectives: Business objectives are multiple in character. That is, a business does not have only one objective. It has many or multiple objectives. This is because a business has to satisfy different groups, i.e. shareholders, employees, customers, creditors, vendors, society, etc. The business has to fix different objectives for each group.
+*Multiplicity of Objectives: Business objectives are multiple in character. That is, a business does not have only one objective. It has many or multiple objectives. This is because a business has to satisfy different groups, i.e. shareholders, employees, customers, creditors, vendors, society, etc. The business has to fix different objectives for each group.
-*2. Hierarchy of Objectives: Hierarchy means to write down the objectives according to their importance. The most important objective is written first, and the least important objective is written last. All objectives are important. However, some objectives are more important than others. Some objectives need immediate action while others can be kept aside for some time.
+*Hierarchy of Objectives: Hierarchy means to write down the objectives according to their importance. The most important objective is written first, and the least important objective is written last. All objectives are important. However, some objectives are more important than others. Some objectives need immediate action while others can be kept aside for some time.
-*3. Periodicity of Objectives: Based on period, business objectives can be classified into two types,
+*Periodicity of Objectives: Based on period, business objectives can be classified into two types,
 **Short-term objectives: The short-term objectives are made for a short-period, i.e. maximum one year. Short-term objectives are more specific, and
 **Long-term objectives The long-term objectives are made for a long-period, i.e. for five years or more. Long-term objectives are more general. They are like a Master Plan.
-*4. Flexibility of Objectives: The business is flexible. Therefore, the business objectives must also be flexible. If the objectives are rigid, the business will not survive. This is because the business environment keeps on changing. There are continuous changes in the technical, social, economic and political environment. The business has to change its objectives according to the changes in the business environment. The hierarchy of objectives must also be changed from time to time.
+*Flexibility of Objectives: The business is flexible. Therefore, the business objectives must also be flexible. If the objectives are rigid, the business will not survive. This is because the business environment keeps on changing. There are continuous changes in the technical, social, economic and political environment. The business has to change its objectives according to the changes in the business environment. The hierarchy of objectives must also be changed from time to time.
-*5. Qualitative and Quantitative Objectives: There are two types of objectives,
+*Qualitative and Quantitative Objectives: There are two types of objectives,
 **Quantitative objectives are easy to measure. It is expressed in numbers. For e.g. in Dollars, Rupees, Percentage, etc. Quantitative objectives are visible, tangible and countable.
 **Qualitative objectives are not easy to measure. It is not expressed in numbers. For e.g. Employee performance, employee satisfaction, etc. These objectives cannot be measured. Qualitative objectives are invisible, intangible and uncountable. Today modern methods are used to measure qualitative objectives. A business must have both quantitative and qualitative objectives.
-*6. Measurability of Objectives: The objectives must be clear and specific. It must be easy to measure. For e.g. Each salesman must sell 100 units of water purifier per month. This is a clear and specific objective. It is easy to measure the performance of the salesman. If a salesman sells 200 units of water purifier in a month then his performance is good. He can be given bonus and promotion. However, if a salesman sells only 10 units of water purifier in a month then his performance is bad. He needs more training. Measurable objectives motivate the employees to work hard. This is because they know their target clearly. Their performance can also be measured easily.
+*Measurability of Objectives: The objectives must be clear and specific. It must be easy to measure. For e.g. Each salesman must sell 100 units of water purifier per month. This is a clear and specific objective. It is easy to measure the performance of the salesman. If a salesman sells 200 units of water purifier in a month then his performance is good. He can be given bonus and promotion. However, if a salesman sells only 10 units of water purifier in a month then his performance is bad. He needs more training. Measurable objectives motivate the employees to work hard. This is because they know their target clearly. Their performance can also be measured easily.
-*7. Network of Objectives: Network means an interconnection between different objectives. A business has many different objectives, viz., corporate objectives, departmental objectives, sectional objectives and individual objectives. It also has objectives for shareholders, customers, employees, etc. All these objectives must be interconnected. They must support each other. They must not clash with each other. They must move in the same direction. If not, the business will not survive. Similarly, the objectives of all the departments, must support each other. They must not clash or conflict will each other.
+*Network of Objectives: Network means an interconnection between different objectives. A business has many different objectives, viz., corporate objectives, departmental objectives, sectional objectives and individual objectives. It also has objectives for shareholders, customers, employees, etc. All these objectives must be interconnected. They must support each other. They must not clash with each other. They must move in the same direction. If not, the business will not survive. Similarly, the objectives of all the departments, must support each other. They must not clash or conflict will each other.

← Older revision		Revision as of 14:36, 1 November 2022
Line 1:		Line 1:
−	A [[business]] [[objective]], in short, is what a company wants to achieve throughout the year. Instead of focusing on what you're currently doing in your business, an objective is something you want to achieve going forward. Many times, business objectives are spelled out in a business plan and used as part of the strategic planning [[process]] of a company going forward. After all, without objectives, how do you know what to do to get there? Business objectives function as a way for business owners to make plans, track their progress, and work toward a particular goal. The thing about objectives is that they're measurable, specific, and tactical. They aren't general statements like ''We want to be the most recognizable bookstore in the region.'' Instead, they are focused, such as the objective, ''We want to open 10 new locations in the coming year.''<ref>Definition of Business Objectives [http://study.com/academy/lesson/business-objectives-definition-purpose-types.html Study.com]</ref>	+	A '''[[business]] objective''', in short, is what a company wants to achieve throughout the year. Instead of focusing on what you're currently doing in your business, an objective is something you want to achieve going forward. Many times, business objectives are spelled out in a business plan and used as part of the strategic planning [[process]] of a company going forward. After all, without objectives, how do you know what to do to get there? Business objectives function as a way for business owners to make plans, track their progress, and work toward a particular goal. The thing about objectives is that they're measurable, specific, and tactical. They aren't general statements like ''We want to be the most recognizable bookstore in the region.'' Instead, they are focused, such as the objective, ''We want to open 10 new locations in the coming year.''<ref>Definition of Business Objectives [http://study.com/academy/lesson/business-objectives-definition-purpose-types.html Study.com]</ref>

@@ Line 115: / Line 115: @@
 <div style="column-count:2;-moz-column-count:3;-webkit-column-count:3">
 *[[Business]]
-*[[Business-to-Business (B2B)]]
+*[[Business Model]]
-*[[Business Application]]
+*[[Business Strategy]]
-*[[Business-Driven Development (BDD)]]
+*[[Corporate Strategy]]
 *[[Business Operations]]
-*[[Business Oriented Architecture (BOA)]]
+*[[Business Vision]]
 *[[Business Mission]]
 *[[Business Goals]]
-*[[Business Objective]]
+*[[Business Capability]]
 </div>

@@ Line 114: / Line 114: @@
 == See Also ==
 <div style="column-count:2;-moz-column-count:3;-webkit-column-count:3">
-[[Business]]<br />
+*[[Business]]
-[[Business-to-Business (B2B)]]<br />
+*[[Business-to-Business (B2B)]]
-[[Business Application]]<br />
+*[[Business Application]]
-[[Business-Driven Development (BDD)]]<br />
+*[[Business-Driven Development (BDD)]]
-[[Business-to-Business Gateway]]<br />
+*[[Business-to-Business Gateway]]
-[[Business-to-Consumer (B2C)]]<br />
+*[[Business-to-Consumer (B2C)]]
-[[Business Accelerator]]<br />
+*[[Business Accelerator]]
-[[Business Activity Monitoring (BAM)]]<br />
+*[[Business Activity Monitoring (BAM)]]
-[[Business Analysis]]<br />
+*[[Business Analysis]]
-[[Business Analytics]]<br />
+*[[Business Analytics]]
-[[Business Application]]<br />
+*[[Business Application]]
-[[Business Application Programming Interface (BAPI)]]<br />
+*[[Business Application Programming Interface (BAPI)]]
-[[Business Architecture]]<br />
+*[[Business Architecture]]
-[[Business Asset]]<br />
+*[[Business Asset]]
-[[Business Capability]]<br />
+*[[Business Capability]]
-[[Business Capability Modeling]]<br />
+*[[Business Capability Modeling]]
-[[Business Ethics]]<br />
+*[[Business Ethics]]
-[[Business Case]]<br />
+*[[Business Case]]
-[[Business Centric Methodology (BCM)]]<br />
+*[[Business Centric Methodology (BCM)]]
-[[Business Continuity Management (BCM)]]<br />
+*[[Business Continuity Management (BCM)]]
-[[Business Continuity Plan (BCP)]]<br />
+*[[Business Continuity Plan (BCP)]]
-[[Business Continuity Planning (BCP)]]<br />
+*[[Business Continuity Planning (BCP)]]
-[[Business Cycle]]<br />
+*[[Business Cycle]]
-[[Business Diversification]]<br />
+*[[Business Diversification]]
-[[Business Driven Technology]]<br />
+*[[Business Driven Technology]]
-[[Business Drivers]]<br />
+*[[Business Drivers]]
-[[Business Ecosystem]]<br />
+*[[Business Ecosystem]]
-[[Business Environment and Internal Control Factors (BEICF)]]<br />
+*[[Business Environment and Internal Control Factors (BEICF)]]
-[[Business Excellence]]<br />
+*[[Business Excellence]]
-[[Business Expansion]]<br />
+*[[Business Expansion]]
-[[Business Function]]<br />
+*[[Business Function]]
-[[Business Function Model]]<br />
+*[[Business Function Model]]
-[[Business IT Alignment]]<br />
+*[[Business IT Alignment]]
-[[Business Impact Analysis (BIA)]]<br />
+*[[Business Impact Analysis (BIA)]]
-[[Business Incubator]]<br />
+*[[Business Incubator]]
-[[Business Insurance]]<br />
+*[[Business Insurance]]
-[[Business Integration]]<br />
+*[[Business Integration]]
-[[Business Intelligence]]<br />
+*[[Business Intelligence]]
-[[Business Interruption Insurance]]<br />
+*[[Business Interruption Insurance]]
-[[Business Life Cycle]]<br />
+*[[Business Life Cycle]]
-[[Business Logic]]<br />
+*[[Business Logic]]
-[[Business Management System (BMS)]]<br />
+*[[Business Management System (BMS)]]
-[[Business Model Innovation (BMI)]]<br />
+*[[Business Model Innovation (BMI)]]
-[[Business Model for Information Security (BMIS)]]<br />
+*[[Business Model for Information Security (BMIS)]]
-[[Business Motivation Model (BMM)]]<br />
+*[[Business Motivation Model (BMM)]]
-[[Business Objects]]<br />
+*[[Business Objects]]
-[[Business Operations]]<br />
+*[[Business Operations]]
-[[Business Oriented Architecture (BOA)]]<br />
+*[[Business Oriented Architecture (BOA)]]
-[[Business Mission]]<br />
+*[[Business Mission]]
-[[Business Vision]]<br />
+*[[Business Vision]]
-[[Business Model]]<br />
+*[[Business Model]]
-[[Business Goals]]<br />
+*[[Business Goals]]
-[[Business Objective]]<br />
+*[[Business Objective]]
-[[Corporate Structure]]<br />
+*[[Corporate Structure]]
-[[Corporate Social Responsibility (CSR)]]<br />
+*[[Corporate Social Responsibility (CSR)]]
-[[Chief Executive Officer (CEO)]]<br />
+*[[Chief Executive Officer (CEO)]]
-[[IT Strategy (Information Technology Strategy)]]<br />
+*[[IT Strategy (Information Technology Strategy)|IT Strategy]]
-[[IT Governance]]<br />
+*[[IT Governance]]
-[[Enterprise Architecture]]<br />
+*[[Enterprise Architecture]]
-[[IT Sourcing (Information Technology Sourcing)]]<br />
+*[[IT Sourcing (Information Technology Sourcing)|IT Sourcing]]
-[[IT Operations (Information Technology Operations)]]<br />
+*[[IT Operations (Information Technology Operations)|IT Operations]]
 </div>