1 Analyse the importance of business objectives for the firm. [6]

[Sir Afzal Shad]

Q1 Analyse the importance of business objectives for the firm. [6]

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Possible Structure
[KN]
[AN]
[AN+]

[KN]
[AN]
[AN+]

[Salman Khalid]

[KN] it provides a sense of direction
[AN] this motivates its employees to work harder to achieve a certain goal
[AN+] this results in higher productivity as employees are more engaged

[KN] it allows for efficient resource allocation
[AN] this reduces the wastage of resources which decreases its cost of production
[AN+] this results in more profits as cost of production decreases

[Syed Raza]

[KN] motivation
[AN] working towards a well defined objective would motivate employees to work and achieve a goal.
[AN+] thus it can boost the workers productivity and efficiency.

[KN] decision making
[AN] Deciding effective objectives would allow businesses to make wise decisions and meet the targets of firm.
[AN+] Thus efficient decision making would allow the firms to produce at higher output

[Kumail Alvi]

[KN] Motivation and Employee Engagement
[AN] Employees are motivated and given a sense of purpose when they have clear objectives. Employees are more likely to be involved, dedicated, and productive when they are aware of how their work helps the organization achieve its goals.
[AN+] It fosters a feeling of accomplishment and makes the connection between each person's contributions and the company's overall performance evident.

[KN] Risk Management
[AN] Setting goals helps with risk identification and management. Clearly defining the goals of the company makes it simpler to spot any risks or roadblocks.
[AN+] By taking a proactive position, the company is better equipped to implement risk-reduction plans and adjust to shifting conditions.

[Syed Mustafa Ali]

[KN] Stakeholder Communication
[AN] Business objectives are often communicated to stakeholders, including employees, customers, investors, and the public.
[AN+] This clarity can build trust and support for the firm.

[KN] Competitive edge
[AN] Setting unique or aspiring goals can give a firm a competitive upperhand over others.
[AN+] It can differentiate the company from competitors and attract customers, investors, and partners.

[Talha Asim]

[kn] gives a sense of direction [an] it guides the firm and its employees for the fulfillment immediate and exact goal [an+]this helps setting the workers at a path and not just working aimlessly

[kn] motivation [an] fulfilling the objectives helps motivates the workers as it gives them a sense of achievement [an+] this increases efficiency as it motivates them to further work hard

[ayyan ali]

[KN]business could grow in global countries.
[AN]thus business could increase its competiton and seek to expand intrenationally.
[AN+]THUS BUSINESS ALSO CAME TO KNOW ABOUT GLOBAL MARKET OF THE business

[KN]customer satisfaction for the better image of the business
[AN]the firm will focus o n long term success and this could also lead to esteem needs of the workers
[AN+]thus business could get loyalty of the employee

[Ibrahim Aamir]

[KN] sense of directions
[AN] with an business objective the management would understand every step the business takes
[AN+] this would result in higher efficiency

[KN] lower risk
[AN] as business objectives are made with calculations and research about the up coming step
[AN+] this would also motivate shareholders to invest in the business

[Ahmed Zunair]

[KN] Employee Motivation
[AN] A sense of direction on what to work on will motivate employees
[AN+] This will increase the productivity and efficiency of the business

[KN] Make decisions
[AN] this will allow the business employees to make there own decisions.
[AN+] Thus this will result in the business to be more innovative.

[Maham fatima]

[KN]Efficient resource allocation decisions
[AN]Business objectives give a direction of what to produce,how and for whom therefore this can result in producing optimum level of output
[AN]hence a business may even make profits in future


[KN]Performance can be compared
[AN]When objectives are set, managers and employees know a goal which has to be achieved therefore it can become easier to compare how much a business has grown hence employees can also be motivated this way

[Hadia Zia]

[KN] Helps identify goals to achieve.
[AN] Due to business objectives businesses gets a sense of direction to operate which leads to an increase in encouragement and confidence to work.
[AN+] Thus these objectives acts as a road that straight leads to the destination that business wants to reach.

[KN] Motivate employees.
[AN] Employees become more enthusiastic in their work when they know what is expected of them. Their work is more directed with less wasted time.
[AN+] Thus this increases efficiency and ensures a smooth drive along with the thought of business growing in a profitable manner.

[Mahnoor Ali]

[KN] clear sense of direction to develop strategies
[AN] improvement in productivity and minimum errors
[AN+] Smooth operations

[KN] Everyone will work on meeting the objectives and know the requirements of their tasks
[AN] lower misunderstandings and conflicts
[AN+] less wastage of resources and improved quality of output

[hafsa kashif]

[kn] clear sense of direction to develop strategies
[an] providing them with clear idea on what to produce and how many workers to employee
[an+] increasing effectiveness rather than just efficiency leading to aligned efforts by Indvidual
[kn] develops sense of accountability for business, departments and employees
[an] leading to clear appraisal system for department and employees
[an+] motivating staff in case short set of objectives are achieved

[Salman Khalid]

[KN] motivation
[AN] working towards a well defined objective would motivate employees to work and achieve a goal.
[AN+] thus it can boost the workers productivity and efficiency.

[KN] decision making
[AN] Deciding effective objectives would allow businesses to make wise decisions and meet the targets of firm.
[AN+] Thus efficient decision making would allow the firms to produce at higher output

2nd analysis point is no different from its knowledge point

[Shaliza khawaja]

(kn) clear sense of direction to develop strategies
(an) this would increase effectiveness rather then just efficiency
(an+)leading to aligned efforts by the individuals
(kn)developed sense of accountability
(an)leading to better appraisal system for department and employees
(an+) motivates staff in case of short objectives