IGCSE, A Level Business Student Forum

kn]it gives a motive and plan for the employees to work on.
app]for example a business has an objective of profit maximization then every employee will try to work accordingly by reducing wastage and working more efficiently.
an]this will lead to the growth of business as the business will be saving maximum money which they can use to buy products in bulk which will help them achieve economies of scale moreover since cost of production will be less, the business might charge lower prices which will attract the customer, giving a slight edge over the competitors, which will help them increase their market share.

[kn] it provides a clear roadmap for the business.
[app] for example, if a business's objective is growth.
[an+] this lets the owner have a clear sense of direction, which can ensure focus and the business doesnt drift away from its objective, resulting in strategies and tactics to obtain the objective.

[KN]It gives a clear sense of direction and will help the business focus on what it wants to achieve.
[APP]For example a business sets an objective of achieving higher market share than it's competitors,this means it will focus on increasing its sales.
[AN] Therefore setting objectives is crucial for a business because when it sets objectives like higher market share,it will not only improve the quality of output but also improve the brand image which will lead to higher sales leading to growth.

KN: A business needs to set objectives so it clearly knows its purpose and direction.

APP: For example, if a company sets the objective to increase sales, then all departments will work together to achieve this goal.

AN: Clear objectives help staff stay focused on important tasks. It increases efficiency because everyone knows what to do. It reduces confusion and distractions in the workplace. Due to this all, business can grow faster and earn more profit in less time.

[KN] It gives the business a clear goal and direction to follow when making decisions.
[APP] For instance, if a coffee shop wants to maximise profit it might buy goods in bulk to get discounts and lower its costs.
[AN] Lower costs help increase profit which brings the business closer to its goal. This motivates workers and managers leading to better performance. As a result the business becomes more efficient, stays competitive and is more likely to survive in the long run.

[KN] Objectives give the business a clear direction and purpose.
[APP] For example, a restaurant may set an objective to increase sales by 10% in a year, helping staff focus on improving customer service and marketing efforts.
[AN] This ensures everyone in the business works towards the same goal, improving coordination and efficiency

So that employees and the manager are going towards one direction
For example the objective is profit maximisation so they would create strategies around it
They will fully focus on it work towards it and can perform better

kn:a business needs to set objectives to give direction and purpose to its activities.
app:forexample if a business sets a goal to increase sales by 20% employees know what they are working towards and can plan accordingly.
an:this helps the business stay focused on priorities and measure its progress more effectively.

[KN] A business needs to set objectives to give direction/pathway to its activities.
[APP] For example, a new clothing brand might set a goal to increase sales by 20% in the first year.
[AN] This helps all the members to stay focused on a clear target which can improve teamwork, guides decision-making and efficient resource use and allows the business to measure its progress and success effectively.

[KN]A business needs to set objectives to provide a clear sense of direction.

[App] For example, a clothing company may set an objective to increase sales by 10% in a year.

[An] This helps motivate employees by giving them a clear target, guides decision-making so resources are used effectively, and allows performance to be measured to see if the business is on track for success