Key terms(1.5.3)

Question 1

Business objective definition

Answer 1

a goal/target set by the business in the short/medium term to help achieve its aim/mission

Question 2

Cost efficiency definition

Answer 2

minimising costs/expenses/waste when producing a product or service

Question 3

Customer satisfaction definition

Answer 3

a measurement of how satisfied a customer is with their purchase

Question 4

Employee welfare definition

Answer 4

facilities and benefits provided by a business to meet the well being of the employee

Question 5

Objective definition

Answer 5

a goal/target set by the business to help achieve its aim/mission

Question 6

Profit maximisation definition

Answer 6

when the difference between sales revenue and cost is at its greatest

Question 7

Sales maximisation definition

Answer 7

an attempt to sell as much as possible in a given time period (or to generate as much sales revenue as possible

Question 8

Social objectives definition

Answer 8

a goal to benefit/improve the community