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

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why do businesses exist?

business exist to add value

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

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why would someone start their own business?

> to make profit

possibility of financial rewards

> be their own boss

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what do businesses need to do to survive?

> make a profit

> break even

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what aims does a business have

> exellent customer service

> good image and reputation

> develop new products ahead of competitors

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whats a mission of a business?

its the overall purpose or main corporate aims

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whats a mission statement?

its a written description of these aims

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what will corporate objectives depend on?

they will depend on the size of the business

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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

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why would a business set objectives?

> to ensure everyone is working towards the same goal

> working towards an objective can be motivating for employees

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objectives should be SMART

> specific

> measurable

> agreed

> realistic

> timely

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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

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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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business unit 1 at University of Birmingham

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

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Other courses from your degree program

E-Business

Business Theme 1

Unit 1

Business English 1

1. Business activity

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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:

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

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

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

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Other courses from your degree program

E-Business

Business Theme 1

Unit 1

Business English 1

1. Business activity

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