Week 1

What does business mean?

• Business refers to an organisation or enterprise that provides goods or services in order to generate profit.

• An organisation that makes money?

• Creating goods or services to make profits

• For personal gain

What is SMART

• Specific Measurable Reliable Timely

• Specific Measurable Attainable Relevant Timely

• Specific Measure Attainable Reliant Timely

• SMART

Business objectives are the specific goals and targets that a business organisation seeks to accomplish.

What are the common objectives

• Profitability, Growth, Market share, Customer acquisition, Customer retention

• Profitability, Growth, Market share, Customer acquisition, Customer retention, Operational efficiency, innovation, Corporate Social Responsibility and Talent Development

• Customer acquisition, Customer retention, Operational efficiency, innovation, Corporate Social Responsibility and Talent Development

• Profits, Operational efficiency, innovation, Corporate Social Responsibility and Talent Development

Biggest motivation for starting a business

• Money

• Power

• Joy of achievement

• Social power

Passing this module is it human or individual objective or is it both?

• Individual

• Human

• Both

What website can you not use?

• Daily Mail

• BBC News

• Wikipedia

• Google

What are the key elements of the internal business environment

• Organisational culture, leadership, organisational structure, staff and skills, financial resources

• Organisational culture, leadership, organisational structure, staff and skills, financial resources, physical assets, intellectual resources, technology infrastructure

• Organisational culture, leadership, organisational structure, staff and skills, financial resources, physical assets, intellectual resources, technology infrastructure and processes and systems

What areas come under ​Macro environment

• Political, Environmental, Social, Technological

• Political, Climate change, Society, Technology

• Stakeholders, Competitors, Suppliers, Materials

• Cash flow, suppliers, political, technology

What is SWOT

• Strength Weakness Opportunities Threats

• Strength Weakness Options Threats