1. mission, aims and objectives

Question 1

goods

Answer 1

physical items

Question 2

services

Answer 2

actions performed by other people to aid the customer

Question 3

necessities

Answer 3

goods or services that you need (gas, electric)

Question 4

luxury

Answer 4

goods or services that you want but do not need (holidays, jewellery)

Question 5

mission statement

Answer 5

the businesses overall purpose, values and standards.

Question 6

objective

Answer 6

specific goals that must be met

Question 7

corporate objectives

Answer 7

goals of the business as a whole and depends of the size of the business

Question 8

functional objectives

Answer 8

objectives of each department.

Question 9

SMART

Answer 9

• specific
• measurable
• agreed
• realistic
• timely

Question 10

types of objectives

Answer 10

• profit objectives (aim to become profitable)
• growth objectives (aim to grow)
• survival objectives (continue to trade and not run out of money)
• cash flow objectives ( improve their cash flow)

Question 11

social objectives

Answer 11

benefiting society or people in need.

Question 12

ethical objectives

Answer 12

based on moral principles about treating customers and the environment

Question 13

non profit organisation

Answer 13

set up to achieve social or ethical objectives e.g charities or social enterprise.

Question 14

for profit businesses

Answer 14

focus on making profit

Question 15

long term objectives

Answer 15

• long term growth
• set the direction of a business
• affect big decisions

Question 16

short term objectives

Answer 16

• short term survival
• short term profit