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

1. Another reason why businesses exist

  • To change thier marketing mix
  • To achieve the objectives a business sets itself - profit, growth, survival, cash flow, social and ethical objectives
  • To increase market share
  • To have fun
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2. Goals that must be achieved in order to realise the mission/aims of an individual team. They are medium to long-term.

  • Business Objectives
  • Mission Statement
  • Corporate Objectives
  • Mission
  • Functional Objectives

3. 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
  • Mission Statement
  • Mission
  • Business Objectives
  • Corporate Objectives

4. To increase revenue by 50% by the end of 2017. Which part of SMART is missing?

  • Time Bound
  • Specific
  • Realistic
  • Measurable
  • Agreed

5. To increase market share by the end of 2017. Which part of SMART is missing?

  • Agreed
  • Specific
  • Measurable
  • Time Bound
  • Realistic
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