THEME 3 DEFINITIONS Flashcards
CORPORATE OBJECTIVE
TARGETS SET FOR WHOLE FIRM
REACH IN GIVEN TIME PERIOD
MISSION
UNDERPINNING PURPOSE BEHIND BUSINESS EXISTENCE
MISSION STATEMENT
CATCHY SUMMARY OF REASON WHY BUSINESS EXISTS
MOVING AVERAGE
QUANTITATIVE METHOD
IDENTIFY UNDERLYING TRENDS IN SET OF RAW DATA
EXTRAPOLATION
PREDICTING BY PROJECTING PAST TRENDS INTO FUTURE
TIME SERIES DATA
SERIES OF FIGURES
COVERING EXTENDED TIME PERIOD
CORRELATION
RELATIONSHIP BETWEEN 2 VARIABLES
SHORT TERMISM
ACTIONS OF MANAGERS SHOW TOTAL PRIORITISATION OF IMMEDIATE ISSUES IGNORE LONG TERM
CORPORATE CULTURE
SPIRIT ATTITUDE BEHAVIOUR AND ETHOS OF ORGANISATION
BUREAUCRATIC ORGANISATION
INITIATIVE IS STIFLED BY PAPERWORK CHECKING AND RE CHECKING
STAKEHOLDERS
GROUPS INFLUENCED BY AND INFLUENCE BUSINESS OPERATIONS
BUSINESS ETHICS
MORAL PRINCIPLES UNDERPIN DECISION MAKING
CORPORATE SOCIAL RESPONSIBILITY
DESIRE TO RUN BUSINESS IN MORALLY CORRECT WAY, BALANCE NEEDS OF ALL STAKEHOLDERS
BALANCE SHEET/ STATEMENT OF FINANCIAL POSITION
FINANCIAL DOCUMENT SHOWING ASSETS AND LIABILITIES AT POINT IN TIME
PROFIT AND LOSS ACCOUNT
SHOWS FIRMS REVENUE FOR TIME PERIOD ALONG WITH ALL COSTS ASSOCIATED
ASSET
ANY ITEM OWNED BY BUSINESS
LIQUIDITY
FIRMS ABILITY TO PAY ITS BILLS AND FINANCE SHORT TERM SPENDING
COST OF SALES
COST OF BUYING/MAKING PRODUCTS SOLD TO GENERATE REVENUE FOR YEAR
OVERHEADS/EXPENSES
PAYMENTS FOR SOMETHING THAT IS OF IMMEDIATE USE TO BUSINESS OTHER THAN ACTUAL PRODUCTS THEY SELL
TRADE BLOC
- sacrifice
- made to get a certain product/experience
- less of one thing given up to have more of other (one option is exchanged for more of another)
CSR
-extent to which a business addresses the concerns and obligations to its wider stakeholders
