Topic 1 PPE Revision

What is meant by a 'stakeholder'?

• Anyone who is in control of the business

• Anyone who affects the running of a business

• Anyone who wants to own a business

what is the definition of a Business Aim?

• A broad statement that the business owner wants to achieve
• A general target the business works towards
• A specific target a business sets

What is a Business Objective?

• A statement the business uses to gain customers
• A specific target the business sets to achieve their aim
• A general Goal a business wants to achieve

What does SMART objectives stand for?

• Specific, Measurable, Agreed, Realistic, Time
• Specific, Measurable, Achievable, Reliable, Time
• Shared,Measurable, Agreed, Responsible, Time
• Specific, Measurable, Available,Realistic, Time

Give two reasons why a business objective might change?

• Launching a new product

• Manager leaves

• Business becomes more established in the market

• Customer complaints

outline one possible objective of suppliers

• increase sales

• increase the value of their shares

• launch a new product

what is a shareholder?

• someone who invests and owns a share of the business

• someone who affects the running of the business

• someone who purchases items from the business

• someone who supplies raw materials to the business

Someone who purchases a new car is called a .....

• Consumer
• Customer

Someone who drives a new car is called a...

• Consumer
• Customer

A dynamic business is one which...

• Is the market leader
• Is efficient in hiring and firing staff
• adapts to external influences