Vision/Mission Statements, Goals, and Objectives (Grade 10 NSC Matric Business Studies): Flashcards
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Vision statement time focus
Vision statement time focus
Long-term future goals, 5-10 years ahead
Mission statement time focus
Mission statement time focus
Present-focused, why business exists today
Remuneration definition
Remuneration definition
Pay/financial compensation for employee services performed
Fringe benefits definition
Fringe benefits definition
Extra benefits beyond salary, e.g., company car, healthcare
Market research purpose
Market research purpose
Understand customers & make informed business decisions
Target market definition
Target market definition
Specific group most likely to buy the product/service
The 7Ps of marketing framework
The 7Ps of marketing framework
Product, Price, Place, Promotion, People, Process, Physical env
Patents protect what?
Patents protect what?
Unique inventions or processes
Trading licence definition
Trading licence definition
Official permission from local govt to operate legally
Goals & objectives characteristic
Goals & objectives characteristic
Specific, measurable stepping stones from mission to vision