1.3 - 1.4 Organisational objectives and stakeholders Flashcards
1
Q
Mission statement
A
- Philosophy/vision/set of principles
* Steers the direction and behavior of an organisation
2
Q
Strategic objectives
A
- Long-run goal to achieve mission statement
- Specific, measurable, agreed, realistic, timely
- eg) Increase sales by 15% by 2016
3
Q
Operational objectives
A
- Goal for day-to-day operations
* eg) Cut production costs
4
Q
Purpose of objectives
A
- Provide a frame-work for decision making
- Unify staff
- Measure/improve efficiency
- Communicate to stakeholders
5
Q
Reasons for social responsibility
A
- Required by law
- Enhances the company’s images/reputation
- It’s moral/ethical
6
Q
Areas of social responsibility [4]
A
- General public - protect environment
- Customers - produce safe products
- Employees - equal opportunity for men/women
- Investors - stockholders
7
Q
Responsibilities for the general public [4]
A
- Public health issues
- Protecting the environmenairt - auairair po
- Quality of the workforce - training workers
- Corporate philanthropy - donation, volunterr
8
Q
Responsibilities for the general public [4]
A
- Public health issues - smoking, alcohol
- Protecting the environment - pollution
- Quality of the workforce - training workers
- Corporate philanthropy - donation, volunterr
9
Q
Responsibilities for customers [3]
A
- Right to be safe - product liability
- Right to be informed -
- Right to be heard - reviews, feed-back
10
Q
Responsibilities for employees [3]
A
- Safety
- Quality of life - family/medical leave
- Equal opportunities - disabilities, sexuality
11
Q
Stakeholder
A
• person/organisation who has an interest in the business
12
Q
Internal stakeholders
A
Owners, shareholders, employees, managers
13
Q
External stakeholders
A
Customers, competitors, suppliers, government, bankers
