1: Intro to Business Flashcards
The four features of organisations?
Social arrangement
Collective goals
Controlled performance
Boundary (physical or social)
What is the primary objective of a business and an organisation?
Business - maximise owner wealth (make profit)
Organsation - maximise benefit to beneficiaries
Everything else is a secondary objective
They can choose other objectives
What are primary and secondary stakeholders?
Primary - shareholders or owners
Secondary - everyone else
What is satisficing?
When someone chooses an acceptable options instead of the best one
Changes course of action a lot
What is a mission and what four things should it communicate?
Most generalised type of objective - reason to exist
Should communicate:
- purpose
- strategy
- policies
- values
What is a vision and goals?
Vision - how an org sees itself in the future
Goals - desired end result
Difference with aims and objectives?
Aims - qualitative and non-operational
Objectives - quantitative and operational
Need to be SMART
Specific
Measurable
Achievable
Relevant
Time constrained
What are plans and standards/targets?
Plans - what should be done to achieve the objectives
Standards - specify the desired level of performance
Physical
Cost
Quality
Define sustainability
Meeting the needs of the present without affecting the ability of future generations to meet their needs
Three external factors that orgs should consider in the SEE framework?
Social
Environmental
Economic
What is the triple bottom line?
Encourage organisations to consider performance in relation to social and enviro practices
People
Planet
Profit
What is the ESG framework?
Environmental
Social
Governance
Looks at both enterprise value and social value
What are the different types of emissions?
Scope 1 - directly caused
Scope 2 - indirect electricity
Scope 3 - indirect
Upstream: manufacture
Downstream: use and disposal
What are the key UN SDG?
End poverty
Fight inequality
Stop climate change
Decent work and economic growth
Industry innovation and infrastructure
Responsible consumption and production
What are the four R’s of recycling?
Reduce
Reuse
Recycle
Replace
