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AQA Business Notes - AS content (Book 1)

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These AS notes have been written based on the textbook provided by AQA and came be a very useful study guide when revising for your exams. The notes provide an in-depth and a broad range of key terms, theories and application which are extremely useful when learning business at A level. I have cons...

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  • June 5, 2019
  • 101
  • 2018/2019
  • Study guide

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Business Notes
Unit 1

Chapter 1 – Understanding the Nature and Purpose of Business
Businesses essentially exists to provide customers with goods and services. These
businesses are set up by Entrepreneurs which develop business ideas

Mission – An organisation’s aims or long-term intentions, its ultimate purpose; a business
mission is sometime the same as its corporate aims.

Mission Statement – A qualitative statement of an organisations aims that uses language
intended to motivate employees and convince customers, suppliers and those outside the
firm of its sincerity and commitment.

Business objectives are designed to enable a business to achieve its aims or its mission.
Corporate objectives are company objectives and functional objectives are each separate
department objectives. Businesses set objectives to remain focused on their aim.

They have to be SMART:

Specific
Measurable
Achievable
Realistic
Time Bound

Strategy – The medium to long-term plan through which an organisation intends to achieve
its objectives

Common Business Objectives:

• Profit
• Growth
• Survival
• Cash Flow
• Social and Ethical

Cash Flow – The amounts of money flowing into and out of the business over a period of
time.

Price – The amount paid by the consumer to purchase one unit of product.




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