What term is used for a target or outcome that helps a business achieve its aims?

The term "objective" refers to specific targets or outcomes that a business sets to help achieve its overall aims and goals. Objectives are typically measurable and time-bound, which enables businesses to track their progress and make necessary adjustments to their strategies. By establishing clear objectives, companies can focus their efforts, allocate resources effectively, and improve their decision-making processes, all of which contribute to the successful accomplishment of their larger aims.

In contrast, a mission statement describes the purpose and core values of an organization but does not specify what targets need to be achieved. Corporate strategy outlines the overarching plan for achieving the business's goals but is broader and more long-term than specific objectives. A vision statement communicates the desired future position of the company but, similar to the mission statement, it lacks the focus on measurable outcomes that defines objectives.