Key terms(1.5.3) Flashcards
1
Q
Business objective definition
A
a goal/target set by the business in the short/medium term to help achieve its aim/mission
2
Q
Cost efficiency definition
A
minimising costs/expenses/waste when producing a product or service
3
Q
Customer satisfaction definition
A
a measurement of how satisfied a customer is with their purchase
4
Q
Employee welfare definition
A
facilities and benefits provided by a business to meet the well being of the employee
5
Q
Objective definition
A
a goal/target set by the business to help achieve its aim/mission
6
Q
Profit maximisation definition
A
when the difference between sales revenue and cost is at its greatest
