Entrepreneurs and Leaders (Edexcel A-Level Business): Flashcards
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Practise the cards
10 cards from this deck
Diff. between aims & objectives
Diff. between aims & objectives
Aims: long-term/broad; Objectives: specific/measurable targets
What does SMART stand for?
What does SMART stand for?
Specific, Measurable, Agreed, Realistic, Time-specific
3 purposes of business objectives
3 purposes of business objectives
Employee motivation, owner motivation, strategic direction
When survival becomes primary objective
When survival becomes primary objective
New businesses, increased competition, difficult trading
Define profit maximisation
Define profit maximisation
Making as much profit as possible
Define profit satisficing
Define profit satisficing
Seeking satisfactory rather than maximum profits
Define sales maximisation
Define sales maximisation
Selling as much as possible in a time period
Define market share
Define market share
Proportion of total market sales held by a business
Define cost efficiency objective
Define cost efficiency objective
Finding ways to reduce business costs
Objective progression: start-up → growth → established
Objective progression: start-up → growth → established
Survival → market share → profit maximisation