AS Business 3.1.1 - Nature and Purpose of Business

This is a summary of the first topic of Business Studies, 3.1.1.

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  • Created by: Lydz1573
  • Created on: 18-02-17 14:57
Why do businesses exist?
To provide goods and services for their customers
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Another reason why businesses exist
To achieve the objectives a business sets itself - profit, growth, survival, cash flow, social and ethical objectives
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Goals of the whole organisation set in order to co-ordinate the activities of different departments and to give the business a sense of direction. They are based on the mission/corporate aims
Corporate Objectives
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An organisation's aims or long-term intentions, its ultimate purpose (which can be referred to as its corporate aims)
Mission
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Qualitative statement of an organisation's aims that uses language intended to motivate employees and convince customers, suppliers and those outside the firm of it's sincerity and commitment.
Mission Statement
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Goals of each department of a business (marketing, finance, operations, HR). The objectives set by each department should help the organisation to achieve it's corporate objectives, and ultimately its mission.
Functional Objectives
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Goals that must be achieved in order to realise the mission/aims of an individual team. They are medium to long-term.
Business Objectives
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Which are the 5 common business objectives?
Growth, survival, cash flow, profit, social and ethical
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Diversification, market standing meeting the needs of other stakeholders could also be examples of:
Business Objectives
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Other cards in this set

Card 2

Front

Another reason why businesses exist

Back

To achieve the objectives a business sets itself - profit, growth, survival, cash flow, social and ethical objectives

Card 3

Front

Goals of the whole organisation set in order to co-ordinate the activities of different departments and to give the business a sense of direction. They are based on the mission/corporate aims

Back

Preview of the front of card 3

Card 4

Front

An organisation's aims or long-term intentions, its ultimate purpose (which can be referred to as its corporate aims)

Back

Preview of the front of card 4

Card 5

Front

Qualitative statement of an organisation's aims that uses language intended to motivate employees and convince customers, suppliers and those outside the firm of it's sincerity and commitment.

Back

Preview of the front of card 5
View more cards

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