Business at University Of Abertay Dundee | Flashcards & Summaries

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Lernmaterialien für Business an der University of Abertay Dundee

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Business aims

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  • Survival 
  • Cash flow (liquidity)
  • Profit (where total rev>total costs)
  • Growth 
  • Social and ethical objectives
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Income

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Money received by consumers in exchange for labour or as a reward for investments

Impact on business costs:

May increase wage bill 

Rising incomes = demand-pull inflation and increased raw material costs.

Impact on demand:

Demand for luxury goods increase

Demand for essentials increases 

Demand for inferior goods falls (E.g Bus travel goes down)

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Level of business goals


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  1. Mission statement ( vague )
  2. Corporate aims  ( medium-term aims )
  3. Corporate objectives ( specific )
  4. Functional objectives ( specific )
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Smart objectives

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Specific

Measurable (numerical)

Agreed

Realistic 

Time

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Type of business objectives

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  • Profit ( total rev > total costs)  
    • e.g Reduce packaging costs by 20% by end of 2017
  • Growth 
    • e.g Open 5 new branches across south west England by 2023
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Why set goals?

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  • Stepping stones to fulfill purpose
  • Provides clear goal
  • Provides a framework for decision making 
  • Motivational 
  • Used to judge progress against
  • Provide incentives
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Variable costs 

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TESTE DEIN WISSEN
  • Costs that change directly in proportion to output
    • E.g 
      • Raw materials 
      • packaging
      • Wage of staff
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TESTE DEIN WISSEN

Revenue

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TESTE DEIN WISSEN
  • Income received from organisations activity
    • Total rev = price per unit X quantity of units sold
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TESTE DEIN WISSEN

Total variable costs 

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TESTE DEIN WISSEN

Variable cos per unit X output

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TESTE DEIN WISSEN

Fixed costs

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TESTE DEIN WISSEN
  • Costs that remain constant regardless of output.
    • E.g
      • Loan repayment
      • rent 
      • salaries
      • vehicles
      • marketing
      • heating/lighting
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TESTE DEIN WISSEN

Total costs


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TESTE DEIN WISSEN
  • All costs of production incurred by the business 
    • Total costs = variable costs + fixed costs


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TESTE DEIN WISSEN

Business goals

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TESTE DEIN WISSEN
  1. mission statement - overall purpose of business
  2. Corporate aims - medium to long term goals that will enable a business to achieve its mission 
  3. Corporate objectives - short term goals that will enable company to achieve their aims 
  4. Functional objectives - specific targets set out for each functional area
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  • 2065 Karteikarten
  • 118 Studierende
  • 0 Lernmaterialien

Beispielhafte Karteikarten für deinen Business Kurs an der University of Abertay Dundee - von Kommilitonen auf StudySmarter erstellt!

Q:

Business aims

A:
  • Survival 
  • Cash flow (liquidity)
  • Profit (where total rev>total costs)
  • Growth 
  • Social and ethical objectives
Q:

Income

A:

Money received by consumers in exchange for labour or as a reward for investments

Impact on business costs:

May increase wage bill 

Rising incomes = demand-pull inflation and increased raw material costs.

Impact on demand:

Demand for luxury goods increase

Demand for essentials increases 

Demand for inferior goods falls (E.g Bus travel goes down)

Q:

Level of business goals


A:
  1. Mission statement ( vague )
  2. Corporate aims  ( medium-term aims )
  3. Corporate objectives ( specific )
  4. Functional objectives ( specific )
Q:

Smart objectives

A:

Specific

Measurable (numerical)

Agreed

Realistic 

Time

Q:

Type of business objectives

A:
  • Profit ( total rev > total costs)  
    • e.g Reduce packaging costs by 20% by end of 2017
  • Growth 
    • e.g Open 5 new branches across south west England by 2023
Mehr Karteikarten anzeigen
Q:

Why set goals?

A:
  • Stepping stones to fulfill purpose
  • Provides clear goal
  • Provides a framework for decision making 
  • Motivational 
  • Used to judge progress against
  • Provide incentives
Q:

Variable costs 

A:
  • Costs that change directly in proportion to output
    • E.g 
      • Raw materials 
      • packaging
      • Wage of staff
Q:

Revenue

A:
  • Income received from organisations activity
    • Total rev = price per unit X quantity of units sold
Q:

Total variable costs 

A:

Variable cos per unit X output

Q:

Fixed costs

A:
  • Costs that remain constant regardless of output.
    • E.g
      • Loan repayment
      • rent 
      • salaries
      • vehicles
      • marketing
      • heating/lighting
Q:

Total costs


A:
  • All costs of production incurred by the business 
    • Total costs = variable costs + fixed costs


Q:

Business goals

A:
  1. mission statement - overall purpose of business
  2. Corporate aims - medium to long term goals that will enable a business to achieve its mission 
  3. Corporate objectives - short term goals that will enable company to achieve their aims 
  4. Functional objectives - specific targets set out for each functional area
Business

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