Key Words Flashcards
(18 cards)
What is a mission statement?
A mission statement is a statement made about a business that highlights its goals and ethical obligations it wants to achieve
What is an aim?
An aim is the overall vision of a business and describes the business
What is an objective?
A business objective is a goal set usually set by higher management to help keep the business on track to complete its aim
What is a corporate vision?
A corporate vision is how a company sees itself in the future
What is a stakeholder?
A stakeholder is an individual or group that affect or are affected by the actions of a business
What is a competitive advantage?
A competitive advantage is anything that gives a company an edge over its competitors, helping it attract more customers
What is market share?
Market share is the proportion of a market controlled by a particular company, brand or product
What are barriers to entry?
Barriers to entry are conditions that make it difficult for a firm to enter a market to compete
What is globalisation?
Globalisation is the increasing integration of business, culture and experience on a global scale
What are economies of scale?
Economies of scale occurs when an increase in the scale of output results in a lower cost per unit
What are diseconomies of scale?
Diseconomies of scale occur when an increase in the scale of output results in a higher cost per unit
What is vertical integration?
Vertical integration is a merger or takeover of another firm in the supply chain
What is horizontal integration?
When there’s a merger or takeover of a firm at the same stage of the production
What is a competitive edge?
The factories that lead to a business having an advantage over its rivals
What is an internal stakeholder?
Internal stakeholders are individuals or groups inside the business
What are external stakeholders?
External stakeholders are individuals or groups outside of a business
What are business ethics?
Business ethics relate to the rights or wrongs of making a strategic decision that are beyond legal requirements
What is CSR?
CSR is corporate responsibility reports which provide an audit of the steps being taken to meet their commitments to a range of stakeholders
