Flashcards in What is Business? Deck (10)
what are goods?
actions performed by other people to aid the customer
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
what is the private sector?
business that is privately owned
what is the public sector?
businesses that are owned by the government
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
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
what do mission statements tell you?
- the purpose of the business
- who the customers are
- what makes the business UNIQUE
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