Business Objectives AOS1 Flashcards
Define business objectives
A goal (s) a business wants to achieve in a set amount of time.
Business objectives need to be?
- Clear. (For people within the business)
- Achievable.
- Specific.
What is the “mission”
What is happening today.
What is the vison
What the business is looking to fulfil internally or externally.
Define Profit
Amount of money remaining after expenses have been deducted from revenue.
Define Market Share
Proportion of a specific industry which a business controls and sells to that amount of consumers in that industry.
Define efficiency
How good a business uses its resources.
Define effectiveness
The extent to which a business achieves its stated objectives.
Define Market
Specific group or industry that a business focuses selling its goods and services to.
Define Capital Gains
When the value of the business increases.
Dividends
Share in company profits.
Define shareholders
Individuals who invest money into a business, purchasing shares to make a profit.
Define strategies
Actions a business takes to achieve specific objectives.
What is the primary goal of a business
- To make a profit.
What is the result of increased efficiency?
- Outputs get to market quicker, allowing businesses to reduce costs.
- Increased revenue
