The Business Idea (VCE SSCE Business Management): Flashcards

Decision-making definition

Selecting one option from multiple alternatives available

Status quo meaning

The existing state of affairs

First 3 steps of decision-making

1. Identify decision 2. Gather info 3. Identify alternatives

Business goals definition

Broad, aspirational statements about future direction

Goal setting definition

Identifying desired aims & steps to achieve them

Values statement purpose

Outlines priorities & principles important to business

Mission statement purpose

Defines core purpose & reason for business existence

Vision statement purpose

Defines long-term aspirations of the business

Business objectives definition

Specific, measurable steps to reach goals

SMART framework components

Specific, Measurable, Attainable, Relevant, Timebound