What is an objective
A goal a business aims to achieve
What does survival mean
Staying in business and covering costs (staying alive)
What is profit maximisation
Making as much profit as possible
What is provision of a service
Offering a service instead of a product
What is customer satisfaction
Keeping customers happy so they come back
What is enterpise
Being innovative and willing to take risks, the idea of the business
What is social responsibility
Acting ethically and helping society
What is a market share
Percentage of total sales in a market
How can business be ethical (3 ways)
Fair wages for employees
Ethical suppliers
Being environmentaly friendly
What is a mission statement
A short statement explaining a businesses purpose and goals
Why do businesses have a mission statement
To guide decisions, motivate staff and show values
