vocab for nature and purpose of business

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mission
it is the business aims or long term intentions
1 of 15
mission statement
it is a qualitative statement so uses words says the organisations aims the language used it meant to motivate employees
2 of 15
business objectives
goals that must be achieved to realize the mission
3 of 15
corporate objectives
goals for the whole organisation - based on the mission
4 of 15
functional objectives
objectives for each area or department - marketing, finance, operations, HR
5 of 15
cash flow
total amount of money being transferred into and out of a business
6 of 15
diversification
process of a company enlarging or varying its range of products or field of operation
7 of 15
strategies
plan of action designed to achieve a long-term or overall aim
8 of 15
SMART objectives
Specific, Measurable, Agreed, Realistic, Time bound
9 of 15
price
the cost of something
10 of 15
fixed costs (FC)
eg rent, FC = TC - VC
11 of 15
variable costs (VC)
eg raw materials, VC = TC - FC
12 of 15
total costs (TC)
the total costs, TC = FC + VC
13 of 15
revenue
the income
14 of 15
profit
financial gain
15 of 15

Other cards in this set

Card 2

Front

it is a qualitative statement so uses words says the organisations aims the language used it meant to motivate employees

Back

mission statement

Card 3

Front

goals that must be achieved to realize the mission

Back

Preview of the back of card 3

Card 4

Front

goals for the whole organisation - based on the mission

Back

Preview of the back of card 4

Card 5

Front

objectives for each area or department - marketing, finance, operations, HR

Back

Preview of the back of card 5
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