An organisation's aims or long-term intentions, it's ultimate purpose. Sometimes the same as its corporate aims
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Mission Statement
A qualitative statement of an organisation's aims that uses language to motivate employees and convince those outside the firm of its sincerity and commitment
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Business objectives
Goals that must be achieved in order to realise the stated aims of an organisation, department or individual team. Business objectives tend to be medium or long-term. They can be corporate or functional objectives
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Corporate objectives
Goals of the whole organisation rather than of different elements of the organisation. Set in order to co-ordinate the activities, give a sense of direction to and guide the actions of the whole organisation. Directed by the mission or corporate aims
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Functional objectives
Goals of each of the functional areas of business(eg;marketing,finance,HR). They are there to ensure the business achieves its corporate objectives and its overall aims and objectives. Set in order for the same reason as corporate objectives
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Strategy
The medium- to long- term plans through which an organisation intends to achieve its objectives
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Cash-flow
The amounts of money flowing into and out of a business over a period of time
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Price
The amount paid by a consumer to purchase one unit of a product
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Total Revenue, AKA; income, revenue, sales revenue, sales turnover, turnover
The income recieved from an organisation's activities. (total revenue=price per unit x quantity of units sold)
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Profit
The difference between the income of a business and its total costs
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Fixed costs
Costs that do not vary directly with output in the short run (e.g. rent.)
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Variable costs
Costs that vary directly with output in the short run (e.g. raw materials)
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Total costs
The sum of fixed costs and variable costs
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Other cards in this set
Card 2
Front
A qualitative statement of an organisation's aims that uses language to motivate employees and convince those outside the firm of its sincerity and commitment
Back
Mission Statement
Card 3
Front
Goals that must be achieved in order to realise the stated aims of an organisation, department or individual team. Business objectives tend to be medium or long-term. They can be corporate or functional objectives
Back
Card 4
Front
Goals of the whole organisation rather than of different elements of the organisation. Set in order to co-ordinate the activities, give a sense of direction to and guide the actions of the whole organisation. Directed by the mission or corporate aims
Back
Card 5
Front
Goals of each of the functional areas of business(eg;marketing,finance,HR). They are there to ensure the business achieves its corporate objectives and its overall aims and objectives. Set in order for the same reason as corporate objectives
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