Chapter 5 Flashcards

1
Q

Business objectives

A

The aims or targets that a business works towards.

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2
Q

Profit

A

Total income (revenue) of a business less total costs.

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3
Q

Market share

A

The proportion (%) of total market sales held by one brand or business
Sales of business / total market sales x 100

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4
Q

Social enterprise

A

An organisation with profit, environmental and social objectives.

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5
Q

Stakeholder

A

Any person or group with a direct interest in the performance and activities of a business,

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6
Q

Importance of business objectives

A
  • Act as motivator
  • Helps with decision-making
  • Makes the business work over a goal
  • Acts as a measure of achievement
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7
Q

Examples of business objectives can be

A
  • Business survival
  • Profit
  • Growth
  • Market share
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8
Q

What is the main objective of a social enterprise?

A

Provide service to society

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9
Q

Internal stakeholders

A
  • Owners
  • Workers
  • Managers
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10
Q

Examples of external stakeholders

A
  • Consumers
  • Government
  • Community
  • Bank
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11
Q

Private sector objectives

A

Business survival
profit
growth
returns to shareholders
market share
return to society

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12
Q

Public sector objectives

A

Provide service to the community
increase living standards
Increase jobs to lower unemployment

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