Theme 1: Topic 2 0.0 / 5 ? Business StudiesBusiness ObjectivesA2/A-levelEdexcel Created by: psinfieldCreated on: 20-01-19 10:54 What is an objective? A specific and measurable task for the future 1 of 15 What is a strategy? The plan used to achieve the business objective 2 of 15 How is profit calculated? Total revenue - Total costs 3 of 15 How is revenue calculated? Price x Units sold 4 of 15 How is market share calculated? Company sales / Industry sales 5 of 15 What does SMART stand for? Specific, Measurable, Agreed/Achievable, Realistic, Time related 6 of 15 Give examples of common business objectives Profit max, survival, sales max, market share, cost efficiency, employee welfare, customer satisfaction, social objectives 7 of 15 What is profit maximisation? Achieving the maximum amount of profit possible 8 of 15 What is survival? Ensuring the company will continue to trade in the future by breaking even or ensuring adequate cash flow 9 of 15 What is market share? Proportion of the industries sales made by your business 10 of 15 What is cost efficiency? Producing a given quantity as cheaply as possible 11 of 15 What is employee welfare? Meeting the needs of your workers 12 of 15 What is customer satisfaction? Meeting the needs of your customers 13 of 15 What are social objectives? Objectives that help society is some way eg: raising funds for charity or using recycled materials to help the environment 14 of 15 What are the main objectives of a business? Profit max and survival 15 of 15
5 strategies for the BUSS4 pre-release - AQA A2 Business Studies BUSS4 pre-release 2014 - China - Business Review 0.0 / 5
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