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A-Level BUSINESS AQA > What is Business? > Flashcards

Flashcards in What is Business? Deck (10)
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1

what are goods?

physical items

2

services

actions performed by other people to aid the customer

3

advantages to owning a business

- to make profit/financial rewards
- own boss = own decisions = no answering to no one else
- doing something you're really INTERESTED in

4

what is the private sector?

business that is privately owned

5

what is the public sector?

businesses that are owned by the government

6

other business aims?

- 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

what is a mission statement?

- 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

what do mission statements tell you?

- the purpose of the business
- values
- standards
- strategy
- who the customers are
- what makes the business UNIQUE

9

A mission statement that mentions ______ and _____ gives a big hint that _______ ________ is important as well as ____________.

a mission statement that mentions ETHICS and PRINCIPLES gives a big hint that ETHICAL PRACTICE is important as well as PROFITABILITY

10

what are functional objectives?

- objectives of each department
- functional objectives help achieve corporate objectives
-