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A Level Business > Topic 1 ( Purpose Of A Business-Business Objectives) > Flashcards

Topic 1 ( Purpose Of A Business-Business Objectives) Flashcards

1
Q

What is a business

A

An establishment that sells products/services to a business

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2
Q

What are goods

A

Physical tangible

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3
Q

What are services

A

Intangible goods

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4
Q

What is B2C

A

Business to consumer
E.g retaling personal banking

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5
Q

What is B2B

A

Business to business
Wholesaler business travel

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6
Q

What is the transformation process

A

Adds value to inputs e.g raw materials to create outputs

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7
Q

What is added value

A

Doing something to the product that means a customer is willing to pay more

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8
Q

What are ways to add value

A

Material
Design
Limited supply
Logo
USP

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9
Q

What does CELL stand for

A

Capital
Enterprise
Land
Labour

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10
Q

Why is CELL important

A

Inputs required to start a business

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11
Q

What is a primary sector

A

Export and extract materials
Develops natural resources

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12
Q

What is a secondary sector

A

Make use of natural resources to make products

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13
Q

What is tertiary

A

Provides services needed for end users

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14
Q

What is cash flow

A

Cash coming in and out of the business

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15
Q

What does SMART stand for

A

Specific
Measurable
Achievable
Realistic time bound

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16
Q

What are some benefits of setting objectives(name 3)

A

Provides focus to managers and staff
Provides an idea of what a business is aiming for
Can be used to reward staff when targets are met
Can support an application for funding
Can be used to measure progress

17
Q

How do you calculate cash flow

A

Inflows - outflows

18
Q

What is a mission statement

A

A document explaining the purpose of a business

19
Q

Why do businesses have a mission statement

A

They call it a vision statement and it defies what the organisation is and why it exists

20
Q

What does a mission statement do

A

Can help bring focus and meaning to a business and act as a guide when making decisions

21
Q

Describe goals/aims and objectives

A

Goals are long term
Objectives are short term

22
Q

What is an objective

A

An objective is a goal to help the business achieve its mission

23
Q

What are corporate objectives

A

The steps a business must take to achieve their overall mission

24
Q

What are examples of corporate objectives

A

To make a profit
To survive
To grow

25
Q

What are drawbacks of setting objectives

A

Too vague
Time wasting
Can be unrealistic
Can be conflicting with stakeholders and reality

A Level Business (5 decks)

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