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CCEA Business Studies A2 Unit 1 2024/2025 already graded A+
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CCEA Business Studies A2 Unit 1 2024/2025 already graded A+
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CCEA Business Studies A2 Unit 1Mission Statement - ANSA short statement defining the underlying aims and objectives of the
organisation. It provides the framework for running the business.
Aim - ANSLong-term plans of the business from which its corporate objectives are derived.
Corporate Strategy - ANSAn overall plan with clearly defined objectives that provides a clear
sense of direction and assists decision making with an organisation.
Business objectives - ANSA goal which a business is seeking to achieve.
Strategic Objectives - ANSThese are objectives set for the whole organisation by senior
management. They will have long-term implications and involve major uses of resources.
Functional Objectives - ANSThese are objectives designed to improve the efficiency of business
operations in areas such as production, marketing and sales, human resources, finance, and
research and development. They can only be effective if there is co-operation between the
business functions.
SMART Objectives - ANSObjectives set by the businesses which are specific, measurable,
attainable, realistic and time-based. This will allow for monitoring and evaluation of performance
by management.
Profit Maximisation - ANSProducing at a level of output which generates the most profit for a
business
Profit Satisfaction - ANSGenerating sufficient profit to satisfy owners and relevant stakeholders
such as management.
Growth - ANSAn objective chosen to allow the firm to become competitive, to dominate the
market, to diversify and reduce risks.
Survival - ANSA possible objective for a business during early stages of trading, during a
recession or in response to a threat from a takeover.
Corporate Image - ANSAn objective chosen to enhance the reputation of the business in
relation to ethics and social responsibility. It is the mental picture that springs up at the mention
of a firm's name.
Environment - ANSAn objective chosen when the firm is pursuing policies to reduce the
negative impact of its activities on the environment.
, Conflict - ANSThe contradiction of ideas or objectives, which generally mean that one objective
cannot be achieved or that it might be achievable at the expense of another objective.
Organisational Culture - ANSThis is the way a business does things and the way that people in
the business expects things to be done. It shapes staff behaviour and attitude and how they
make decisions.
Power Culture - ANSRefers to organisations where decision making is limited to one/or a small
number of people.
Role Culture - ANSRefers to bureaucratic firms where authority is defined by job title.
Person Culture - ANSRefers to a loose organisation of individual workers e.g. professional
partnerships such as accountants or solicitors.
Task Culture - ANSThis places an emphasis on tasks and getting things done.
Stakeholders - ANSIndividuals or groups who have a genuine interest in a particular business
and will be affected by or can affect the activities undertaken by that business. Stakeholders can
be internal or external to the business.
Stakeholders Objectives - ANSThese are the goals of people who have an interest in the
business.
Stakeholders Conflict - ANSThis can occur in business when stakeholders objectives are
different.
Communication - ANSThe passing on of ideas and information. For communication to be
effective, it must be transmitted, received and understood.
Channel of Communication - ANSThe route by which a message is communicated from sender
to the receiver.
Effective Communication - ANSThis occurs if the message is received and understood by the
receiver and there is appropriate feedback.
Barriers to Communication - ANSSomething that prevents effective communication from taking
place e.g. inappropriate choice of communication channel.
Methods of Communication - ANSThe written, oral or technological methods used to
communicate a message.
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