An organisations aims or long term intentions, its ultimate purpose.
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Mission Statement
A qualitative statement of an organisations aims that uses language intended to motivate employees and convince stakeholders of its sincerity and commitment.
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Business Objectives
Goals that must be achieved in order to realise the stated aims of an organisation, department or individual team.
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Corporate Objectives
Goals of the whole organisation rather than of different elements of the organisation. Set to give a sense of direction.
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Functional Objectives
Goals of each function area, including marketing, finance, operations and HR.
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Strategy
The medium to long term plans through which an organisation intends to achieve its objectives.
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Cash Flow
The amounts of money flowing into and out of a business over a period of time.
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Price
The amount paid by a consumer to purchase one unit of a product.
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Total Revenue
Price per unit x quality of units sold
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Fixed Costs
Costs that do not vary directly with output.
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Variable Costs
Costs that vary directly with output.
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Total Costs
The sum of fixed costs and variable costs.
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Profit
The difference between the income of a business and its total costs.
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Other cards in this set
Card 2
Front
A qualitative statement of an organisations aims that uses language intended to motivate employees and convince stakeholders of its sincerity and commitment.
Back
Mission Statement
Card 3
Front
Goals that must be achieved in order to realise the stated aims of an organisation, department or individual team.
Back
Card 4
Front
Goals of the whole organisation rather than of different elements of the organisation. Set to give a sense of direction.
Back
Card 5
Front
Goals of each function area, including marketing, finance, operations and HR.
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