Business objectives Definitions

Question 1

Vision statement

Answer 1

a long-term goal, a dream or understanding of what the future should look like

Question 2

Mission statement

Answer 2

a short statement that defines what an organisation does right now in order to achieve its vision

Question 3

Value

Answer 3

all the benefits a business creates for the stakeholders involved

Question 4

Business objective

Answer 4

a stated outcome that the business aims to achieve

Question 5

Growth

Answer 5

the expansion of a business in terms of revenue, profit, bumber of employees or locations, or another important metric

Question 6

Revenue

Answer 6

the income that a business generates

Question 7

Unit cost

Answer 7

the cost of producing a single unit of output

Question 8

Value extraction

Answer 8

the capturing of value from other stakeholders(either outside or inside the business)

Question 9

Investment

Answer 9

spending by a business on non-current (fixed) asssets

Question 10

Corporate Social Responsibility

Answer 10

a self-regulating business midel that helps a compnay be socially responsible to itself and its stakeholders and improve the society and environment

Question 11

(Re)generative business

Answer 11

a business that aims to strengthen its social and environmental ecosystems by creating opportunities for other businesses and communities to develop, and by restoring the natural environment

Question 12

Net-positive

Answer 12

an attribute given to entities with more positive impact than negative(generally in a specific domain)

Question 13

Net-negative

Answer 13

an attribute given to entities with more negative impact than positive(usually referring to carbon emissions)

Question 14

Biomimicry

Answer 14

the process of mimicking nature’s forms, processes and systems to solve human problems

Question 15

Product portfolio

Answer 15

all the goods and services that a business offers

Question 16

Strategy

Answer 16

a plan that an organisation creates in order to reach a specific objective

Question 17

Linear production

Answer 17

the process of taking resources from the Earth, making products with them, and then disposing of the products(sometimes referred to as a take-make-waste system)

Question 18

Circular production

Answer 18

a production model that reduces waste by ensuring that the outputs of the production system feed back into the system as inputs

Question 19

Circular business model

Answer 19

a business model where systems feed back outputs as inputs and waste is minimised(similarly to nature)

Question 20

Tactic

Answer 20

a small(er) action that a business takes to reach its goasl

Question 21

Circular supply model

Answer 21

a business model that enables businesses to reduce new material inputs, replacing them with recyclable, renewable or biodegradable materials

Question 22

Resource recovery model

Answer 22

a business model that is focused on collecting, sorting, and processing waste materials to be used as inputs in the production process

Question 23

Product life extension model

Answer 23

a business model that focuses on extending the time that a customer uses products

Question 24

Sharing model

Answer 24

a business model that allows consumers to share the use of (potentially underutilised) products with strangers

Question 25

Co-ownership

Answer 25

a type of sharing model involving the lending of physical goods

Question 26

Co-access

Answer 26

a type of sharing model involving allowing others to participate in an activity that would’ve occured anyway(e.g. sharing seats in a carpool for a particular journey)B

Question 27

B2B(business-to-business)

Answer 27

commerce between two businesses

Question 28

B2C(business-to-customer)

Answer 28

direct commerce between a business and its customers

Question 29

C2C(customer-to-customer)

Answer 29

commerce between customers themselves

Question 30

Commerce

Answer 30

the activity of buying and selling

Question 31

Product service system model

Answer 31

a business model that involves selling the service for using a product rather than selling the product itself

Question 32

Product-oriented service system model

Answer 32

a type of product service system model which focuses on selling products and associated after-sale services(e.g. repairing or maintaining the product through a contract or take-back agreement)

Question 33

User-oriented service system model

Answer 33

a type of product service system model where the business retains ownership of the product, but customers pay for temporary access to it(usually through a leasing agreement)