Important Key terms Flashcards
Action plan
a plan that outlines the actions required to
achieve particular aims and objectives and provides a
way of monitoring progress
Business plan
a document that summarises the main objectives of an enterprise and how these objectives
are to be achieved
Customer satisfaction
the degree to which the products
supplied by an enterprise, and the quality of the
service provided in selling those products meet or
exceed the expectations of customers
Ethical principle
a way of doing something according to
a set of moral principles, values and beliefs
Negotiation
an interaction of influences that aims to
reach an outcome that will satisfy the interests of
those involved
PEST analysis
the analysis of the wider macroenvironment of an enterprise, including political, economic, social and technological factors
Satisficing
where an enterprise aims for an adequate
level of profit, rather than profit maximization
SMART objectives or targets
objectives or targets that
are specific, measurable, achievable, realistic and time
based
Risk
the possibility that events in relation to an
enterprise do not turn out as expected
Risk-averse
an attitude to risk characterised by being
unwilling or disinclined to take any risk
SWOT analysis
an acronym for strengths, weaknesses,
opportunities and threats; it is a structured planning
method that evaluates these four elements of an
enterprise
Enterprise
a business organised and run by an
entrepreneur who makes decisions and takes risks
