What is an objective? Definition and meaning
In business, an Objective refers to the specific steps a company will take to achieve a desired result. The result is the goal. Hence the term ‘goals and objectives.’ In other words, my goal is what I want to become, while my objective is how I plan to get there.
A business’ goal is more general and may not specify when things will happen. Objectives, on the other hand, are specific and tell you what the company will do to reach its goal.
A business’ primary aim is to add value, which in the private sector involves making a profit. Strategic objectives or aims may include brand building, market leadership, expansion, or gaining a specific share of the market.
Objectives, if a company is losing money, may include laying off staff and closing some branches.
In contrast, if a company is flourishing, objectives may focus on scaling operations, increasing research and development, and entering new markets to capitalize on the momentum.
Objectives are regularly reviewed and adjusted to adapt to the dynamic nature of the business environment, ensuring that strategies remain relevant and effective
An objective is ‘SMART’
A company’s business objective is a detailed picture of the steps its senior management plans. Specifically, they are steps it plans to take to reach a specific goal.
According to businesscasestudies.co.uk, these must be SMART so that the company can gauge and monitor its progress
SMART refers to the first letter of each of the five words listed below. They describe what an objective must be:
- Specific: easy to understand and clear.
- Measurable: in other words, easy to quantify.
- Achievable: possible to be attained.
- Realistic: this one is similar to achievable. The aim must not be ‘pie in the sky’.
- Time-bound: related to specific durations and dates.
Objective versus Goal
A business’ goals are not the same as its objectives. Although their meanings are similar, they are not identical.
Mikal E. Belicove describes the difference clearly and accurately in a Forbes article:
“A goal is a broad primary outcome. An objective is a measurable step you take to achieve a strategy.”
A goal is the purpose toward which we aim an endeavor. An objective, however, is something that our efforts or actions are intended to attain or accomplish.
Objectives are measurable and tangible, while goals usually are not. Goals generally look at the long-term while objectives are either mid-term or short-term.
The two terms imply that the person wants to get somewhere and will make an effort to get there. Goals look at overall accomplishments or achievements for which we must make an effort. Objectives are specific targets within that overall goal. Objectives usually have a time frame and deadlines.
According to the BusinessDictionary.com, an objective is:
“A specific result that a person or system aims to achieve within a time frame and with available resources. In general, objectives are more specific and easier to measure than goals.”
Objective as an adjective
The word is also an adjective. It refers to a person or his or her judgment that is not biased. In other words, personal opinions or feelings do not influence a person’s judgment or decisions.
A good journalist must be objective, i.e., a person who reports just the facts, with no bias. Put simply; a good journalist should say it like it is. The opposite is subjective.
“Objective” – Vocabulary and example sentences
There are many terms in English related to the concept of “objectives,” especially compound nouns. A compound noun, such as “objective evidence,” consists of two or more words. Let’s take a look at seven such compound nouns, their meanings, and how we can use them in a sentence:
The process of establishing targets or goals to be achieved.
Example: “Effective objective-setting is crucial for the team’s success.”
The act of quantifying or appraising something based on unbiased criteria.
Example: “Objective-measurement tools are essential in scientific research to ensure accuracy.”
Standards used to judge or decide something that are not influenced by personal feelings or opinions.
Example: “The grant was awarded based on a set of objective-criteria to ensure fairness.”
The process of examining something in a way that is not influenced by personal feelings or opinions.
Example: “The report provided an objective-analysis of the housing market trends.”
A sign or measure that shows the level of progress towards achieving a goal.
Example: “Reduction in customer complaints was an objective-indicator of the new service policy’s effectiveness.”
Information that is fact-based, observable, and measurable, as opposed to being based on subjective opinion.
Example: “The court required objective-evidence before a verdict could be reached.”
An evaluation based on unbiased and quantifiable information.
Example: “Students’ grades were based on an objective-assessment of their exam performances.”
Two Educational Videos
These two interesting video presentations, from our sister YouTube channel – Marketing Business Network, explain what ‘Objective’ and ‘Goal’ are using simple, straightforward, and easy-to-understand language and examples.
What is an Objective?
What is a Goal?