mrs parkin - topic 1; what is a business

Question 1

why do business exit

Answer 1

to provide a business
meet customers needs
help the social economy

Question 2

what does mission mean in business

Answer 2

the overall purpose of the business

Question 3

what does aim mean in business

Answer 3

general statement of what business intends to achieve

Question 4

what does PIGSS stand for

Answer 4

Profit 
Increase market share 
Growth 
Survival 
Social/ethical 
and cash flow

Question 5

what are the functional area in a business

Answer 5

Marketing; they need to understand the needs and wants of the customers *the main activities market research
Human resources; responsible for all the aspect of managing the people who work in a business *main activities, organise hiring employees, set up and manage employment rules
Production/ operations; organise the transformation process that turns input into finished goods/services *main activities, organising suitable method of production control use of inputs to produce efficiently
Finance/ accounts; manages the financial resources of the business and reports on the financial position and performance *main activities, monitoring financial resources through budget