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Mission
Mission is a short or a medium term statement that introduces the purpose of the organisation.
Vision
states the long term aspirations of a business
Ethics and Morals
Ethics are set of rules that are applicable to a certain group or culture.
Morals refer to behavior a certain individual believes to be right or wrong.
Ethical business
business that is responsible for takes responsibility for a fair treatment of their workers, customers, shareholders, and environment. e.g paying employees fairly, using environmentally friendly products.
Unethical business
corruption within the workplace, environmental neglect, exploitation of workers, customers, or suppliers.
Needs and wants
Needs are things we require for survival
Wants are things we desire but do not necessarily need for survival
Opportunity cost
loss of an alternative due to an alternative you chose
9 factors to consider before starting a business
the idea, finances, human resources, skills, fixed assets, suppliers, customers, marketing, legalities.
customer vs consumer
customer is a person or an organization that purchases the product
consumer is the one who actually uses the products
Aims and objectives, strategies and tactics.
aims are general goals of an org
objectives are short or medium term targets of an organization to achieve its aims
strategies are to meet objectives
tactics are short term actions to meet its objectives
