What is Business? Flashcards
- Why is Businesses Exist? - Missions, Aims & Objectives - Revenue, Costs and Profit - Different Forms of Business - The Role Of Shareholders - Businesses and the External Environment
1
Q
what are goods?
A
physical items
2
Q
services
A
actions performed by other people to aid the customer
3
Q
advantages to owning a business
A
- to make profit/financial rewards
- own boss = own decisions = no answering to no one else
- doing something you’re really INTERESTED in
4
Q
what is the private sector?
A
business that is privately owned
5
Q
what is the public sector?
A
businesses that are owned by the government
6
Q
other business aims?
A
- to offer HIGHEST QUALITY goods and services possible
- to give EXCELLENT customer service
- to have great IMAGE and REPUTATION
- to develop NEW PRODUCTS AHEAD OF COMPETITORS
- to offer DIVERSE range of goods or services
- to invest in the LOCAL COMMUNITY or SOCIAL PROJECTS
7
Q
what is a mission statement?
A
- written description of overall purpose or main corporate aims
- they are intended to make all STAKEHOLDERS aware of what the business does and why
- they are there to encourage all employees to work towards its aims
8
Q
what do mission statements tell you?
A
- the purpose of the business
- values
- standards
- strategy
- who the customers are
- what makes the business UNIQUE
9
Q
A mission statement that mentions ______ and _____ gives a big hint that _______ ________ is important as well as ____________.
A
a mission statement that mentions ETHICS and PRINCIPLES gives a big hint that ETHICAL PRACTICE is important as well as PROFITABILITY
10
Q
what are functional objectives?
A
- objectives of each department
- ## functional objectives help achieve corporate objectives
