understanding the nature and purpose of a business

Why do businesses exist?

• Entrepreneurs
• Society
• Consumers
• To make Profit
• To give Service
• To fulfil Needs and wants
• To achieve Objectives

Mission statement- an organisations long-term intentions. Qualitative statement of its overall purpose. Motivates and guides.

Business objectives- designed to enable a business to achieve its aims or mission. they can corporate or functional/departmental (corporate is the whole organisation whereas functional/departmental is individual segments or departments).

Why set aims and objectives?

• To give…