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break-even
when a business generates just enough revenue to cover its total costs
corporate aim
specific goal a corporation hopes to achieve
corporate objectives
objectives of a medium to large- sized business as a whole
departmental and functional objectives
objectives of a department within a business
hierarchy
order or levels of responsibility in an organisation
mission statement
brief statement written by the business describing its purpose and objectives
objective
target of a business that allows it to achieve its aims
shareholder
omebody who owns shares in a company or business
SMART
Specific, Measurable, Agreed, Realistic and Time specific
stakeholder
somebody who has invested money ni a business or has an important connection with it
vision
view of what the corporation wants to be like in the future
corporate strategy
plans and policies developed to meet a company's objectives
customer base
group of customers that make continual repeat purchases from a business
diversification
developing new products in new markets
market development
marketing of existing products in new markets
market penetration
using tactics such as the marketing mix to increase the growth of existing products in an existing market
portfolio analysis
method of categorising all the products of a firm to decide where each one fits within the strategic plans
product development
marketing new or modified products in existing markets
theoretical model
situation that could exist but doesn't really
external audit
audit of the external environment in which a business finds itself
flotation
sale of company shares to the public for the first time
internal audit
analysis of the business itself and how ti operates
strategic planning
process which involves making the vision for the future of a business easier to understand
SWOT analysis
analysis of the internal strengths and weaknesses of the business and the opportunities and threats presented by its external environment
trade association
organisation whose members are all involved in the same industry or trade
cartel
group of businesses that act together to reduce competition in a market
monopoly
market dominated by a single business
oligopoly
market dominated by a few large businesses
peer-to-peer lending (P2PL)
providing loans to individuals or businesses through online services that match lenders with borrowers
PESTLE analysis
analysis of the external political, economic, social, technological, legal and environmental factors affecting a business
predatory pricing
setting a low price to force rivals out of business
rivalry
competition that exists between businesses operating in the same market