Business Objectives
A stated measurable target that a business plans to Achieve
Business Objective
Owner, customer, or a supplier is a what to a business
Stakeholder
Payment to a worker for each unit produced is called what
Piece rate
Fixed cost (over) Contribution per unit
Capacity Utilisation
This is the process of collecting data and annlysing data about the customer
Market Research
A key objective for most start-up businesses
Survival
What is the difference between an owner and a supplier in regards to being a stakeholder
One is internal one is external stakeholder
Selecting the right people for the job and Piece rate are from who's theory
Taylor
Contributions less overheads
Profit
The collection of first hand data that is directly collected by a business
Primary data
Name 2 of the three business aims for a social enterprise
Economic, Social, Environmental
As a stakeholder, what responsibility does a customer have
To be honest- To pay on time and for the goods or services received
Not to steal
Not to make false claims about poor service or items
What is the third step in Maslow's hierarchy of needs
Social Needs
Selling price X Quantity sold
Revenue
What is one advantage of secondary data vs. primary data
Collected quickly
Accessibility
Cost effective
The best objectives for any business is what
SMART objectives
Specific, Measurable, Achievable, Time-limited
As a stakeholder what role does a Lender have to a business
To provide finance to the business in different forms
What is one limitation of Maslow's theory
Not everyone has the same needs
Hard to identify the degree of each need and if it has been met
You have to not have any need in the category you're in before you can move to the next one
Current Assets less Current Liabilities
Working Capital
What is a limitation of secondary research
Time consuming to analyse
Not very accurate
May not have useful data
What is the difference between a tactic and a strategy
Strategy: Long term plan
Tactic: A short term action that is a part of the overall strategy
As an owner what rights do your have as a stakeholder
To receive a share in profits
To receive accurate reports on business
Respect from others, status, recognition, and achievement are from what step
Esteem Needs
Number of values + 1 (Over) 2
Median Value
What are two main sources of secondary data
Government
Local government
Agencies
internal company records