15 terms

Unit 4 & Unit 5 Terms

Corporate Aims
The overall purpose of a business
Behavioral Theories
Theories which state that business objective are determined jointly by groups of interested parties
Mission Statement
a brief summary of a firm's aims and objectives
the goals or outcomes a business wants to achieve
Profit Maximization
Producing a level of output which generates the most profit for a business
Sales Revenue Maximization
Producing a level of output where sales revenue is greatest
generating sufficient profit to satisfy the owners, not necessarily at an output which gives greatest profit
Shareholder Value
the benefit to shareholders of a rising share price and rising dividends
SMART Objectives
goals which are specific, measurable, agreed realistic and time specific
Competitive Advantage
the advantage that a business has over rivals. It can be gained in a number ways
Corporate Culture
the values, beliefs and norms that are shared by people and groups in an organization
PEST-G analysis
an analysis of the political, economic, social, technological and green factors affecting a business
the process of deciding, in advance, what is to be done and how it is to be done
the pattern of decisions and actions that are taken by the business to achieve its objectives
SWOT Analysis
an analysis of the internal strengths and weaknesses and the external threats and opportunities facing a business