business unit 1 at University of Birmingham

Flashcards and summaries for business unit 1 at the University of Birmingham

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Exemplary flashcards for business unit 1 at the University of Birmingham on StudySmarter:

why do businesses exist?

Exemplary flashcards for business unit 1 at the University of Birmingham on StudySmarter:

why would someone start their own business?

Exemplary flashcards for business unit 1 at the University of Birmingham on StudySmarter:

what do businesses need to do to survive?

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Exemplary flashcards for business unit 1 at the University of Birmingham on StudySmarter:

what aims does a business have

Exemplary flashcards for business unit 1 at the University of Birmingham on StudySmarter:

whats a mission of a business?

Exemplary flashcards for business unit 1 at the University of Birmingham on StudySmarter:

whats a mission statement?

Exemplary flashcards for business unit 1 at the University of Birmingham on StudySmarter:

what will corporate objectives depend on?

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Exemplary flashcards for business unit 1 at the University of Birmingham on StudySmarter:

whats the difference between corporate and functional objectives?


Exemplary flashcards for business unit 1 at the University of Birmingham on StudySmarter:

why would a business set objectives?

Exemplary flashcards for business unit 1 at the University of Birmingham on StudySmarter:

objectives should be SMART

Exemplary flashcards for business unit 1 at the University of Birmingham on StudySmarter:

state the different types of objectives a business may have

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what are ethical objectives based on

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Exemplary flashcards for business unit 1 at the University of Birmingham on StudySmarter:

business unit 1

why do businesses exist?

business exist to add value 

They provide employment allow people to earn income so they can purchase goods and services

business unit 1

why would someone start their own business?

> to make profit 

possibility of financial rewards 

> be their own boss

business unit 1

what do businesses need to do to survive?

> make a profit 

or

> break even

business unit 1

what aims does a business have

> exellent customer service

> good image and reputation

> develop new products ahead of competitors

 


business unit 1

whats a mission of a business?

its the overall purpose or main corporate aims

business unit 1

whats a mission statement?

its a written description of these aims 

business unit 1

what will corporate objectives depend on?

they will depend on the size of the business

business unit 1

whats the difference between corporate and functional objectives?


corporate objectives are about the goals of the  business as a whole where as functional objectives are more detailed and are more specific to each department 

business unit 1

why would a business set objectives?

> to ensure everyone is working towards the same goal

> working towards an objective can be motivating for employees 

business unit 1

objectives should be SMART

> specific

> measurable 

> agreed

> realistic

> timely

business unit 1

state the different types of objectives a business may have

> profit objectives 

become profitable

set functional objectives to minimise costs or to increase sales 

> growth objectives

revenue market share expanding 

> cashflow objectives

improve cashflow

to make sure they always have money to mae payments that are due 



business unit 1

what are ethical objectives based on

on moral principles about how business treat people and the environment 

example-- principles of fair trade and minimising environmental damage 

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