Introduction to Business Flashcards
1
Q
Name the characteristics of an organisation
A
Social arrangement
Collective goals
Controlled performance
Boundary
2
Q
What is the difference between a business and an organisation
A
A business is profit orientated and an organisation is not-for-profit (NFP)
3
Q
What is a stakeholder
A
Anyone who has anything to do with the business
4
Q
What is the difference between a primary and secondary stakeholder
A
Primary stakeholder are shareholders or owners
5
Q
What does a successful mission statement include
A
Purpose
Strategy
Policies
Values
6
Q
Objectives should be SMART, what does SMART stand for?
A
Specific Measurable Achievable Relevant Timed
