1.3

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