Mission Statements and Objectives (AQA A-Level Business): Flashcards
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Practise the cards
10 cards from this deck
Mission statement definition
Mission statement definition
Formal written declaration of a business's core purpose & focus
Objective (business context)
Objective (business context)
A specific goal that helps a business achieve its mission
SMART objectives acronym
SMART objectives acronym
Specific, Measurable, Achievable, Realistic, Time based
Variable costs
Variable costs
Costs that vary directly with output (e.g. raw materials)
Fixed costs
Fixed costs
Costs that don't change in short term (e.g. rent, rates)
Revenue calculation formula
Revenue calculation formula
Units sold × price per unit
Profit calculation formula
Profit calculation formula
Total revenue - total cost
Corporate Social Responsibility (CSR)
Corporate Social Responsibility (CSR)
Commitment to behave ethically to workforce, community & society
Three key common business objectives
Three key common business objectives
Survival, Growth, Profit
Hierarchy of objectives (top to bottom)
Hierarchy of objectives (top to bottom)
Mission → Corporate aims → Corporate obj. → Functional obj.