Topic 1.1

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Why do businesses exist?
Fill a gap in the market, satisfy customers, provide a service, make a profit, provide products, provide goods and services, create employment/wealth/new products/ enhance a country's reputation
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How do businesses exist?
Spotted a gap in the market, unique business idea, talent or skill they wish to use, be their own boss, make money, product/service not for profit
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Why businesses might fail
poor management, lack of planning, lack of capital, bad locating, expanding too fast, not understanding market
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Definition of mission
an organisations aims or long-term intentions, its ultimate purpose
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What is a mission statement?
qualitative statement, language intended to motivate, convince of businesses sincerity and commitment
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What are business objectives?
goals that must be achieved to realise the stated aims or mission of the organisation
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Other cards in this set

Card 2

Front

How do businesses exist?

Back

Spotted a gap in the market, unique business idea, talent or skill they wish to use, be their own boss, make money, product/service not for profit

Card 3

Front

Why businesses might fail

Back

Preview of the front of card 3

Card 4

Front

Definition of mission

Back

Preview of the front of card 4

Card 5

Front

What is a mission statement?

Back

Preview of the front of card 5
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