Final answer:
Objectives are the specific measurable targets a firm uses to evaluate the extent to which it is realizing its mission, and they must adhere to the SMART criteria, which stands for Specific, Measurable, Achievable, Relevant, and Time-bound.
Step-by-step explanation:
The specific measurable targets a firm can use to evaluate the extent to which it is realizing its mission are Objectives. Objectives are essential in ensuring that a company's missions and goals are met. They need to be SMART, an acronym that stands for Specific, Measurable, Achievable, Relevant, and Time-bound. These criteria help ensure that goals are well-defined and attainable within a certain timeframe, with clear metrics for measuring progress and relevance to the company's overall mission.
Being specific means that an objective must be clear and concise, not vague or general. The measurability of an objective allows for the tracking of progress, which keeps a firm aware of advancements towards its goals. Objectives must be achievable and appropriate, meaning they should be realistic and within the firm's capability to attain. They should also be relevant to the broader business goals to ensure that they support the company's strategic direction. Lastly, objectives need to be time-bound, having a deadline or a specific timeframe for completion to create urgency and focus.