What is business (1) Flashcards
(9 cards)
1
Q
What is a business?
A
An organisation that exists to provide goods and services on a commercial basis to customers.
2
Q
What is the mission of a business?
A
A qualitative statement of the business’ aims aimed to make stakeholders aware and motivate employees.
3
Q
What are aims?
A
Long term plan which objectives come from
They are set by senior employees
4
Q
What are the business objectives?
A
Specific goals set by a business to help achieve its primary aims.
5
Q
What are corporate objectives?
A
Goals of the business as a whole
6
Q
What are functional objectives?
A
Goals of each business department
7
Q
What are personal objectives?
A
Objectives assigned to individual employees
8
Q
What are the benefits of setting objectives?
A
- They make sure everyone is working towards the same goal
- They encourage coordination between departments
- They provide a clear focus for decisions
- They motivate employees
- They allow managers to measure business success
9
Q
What are the criteria for effective objectives?
A
- S(pecific)
- M(easurable)
- A(chievable)
- R(elevant/realistic)
- T(ime-bound)
