What term describes a specific target that a business sets for itself?

The term that refers to a specific target that a business sets for itself is "objective." Objectives are measurable, time-bound targets that guide a business toward achieving its overall goals. They help in providing clarity and direction, enabling the business to focus its efforts and resources on specific outcomes.

While a goal may encompass broader aspirations of a business, objectives break these down into actionable steps. A mission defines the reason for a business's existence and its core purpose, while a vision articulates what the business aims to become in the future. In contrast, objectives are specific and often quantifiable, making them a crucial part of strategic planning. By setting clear objectives, businesses can assess progress and make adjustments to ensure alignment with their long-term plans.