1.3 and 1.4 bus obj and stakeholders Flashcards
what is a vision statement
a declaration os business aspirations
this does not change
what is a vision statement
declaration of a business purpose - reason for being
can be revised over time.
what are common business objectives
growth
profit
protecting shareholder value
ethical objectives
what are the levels of management
strategic - senior management
tactical - middle management
operational - junior management
GOST?
goals (what u wanna achieve in LT)
objectives (things to achieve)
strategies (long term plans - marketing mix)
tactics (day2day)
common bus obj - profit
main obj for for profit O’s
common bus obj - growth
increase:
market share
revenue
profit
capital employed
size of workforce
value of output
common bus obj - shareholder value
businesses ability to increase market capitalization (increasing shareholder price/dividends).
common bus obj - ethics
moral behavior of bus
sustainability - csr
strategic objectives
refers to whole company - set by senior management.
tactical objectives
refers to parts of a company (HR/Marketing etc) - set by middle-junior management.
SMART GOAL?
evaluation tool
specific
measurable
attainable
relavent
timely
SLAP GOAL/EVAL?
stakeholders
LT-ST improvements (adv/disad - costs/benifits)
Adv and disas - pros and cons in any/all relevant perspectives.
Priorities - mission/vision/assumption - helps make final judgment.
CSR
businesses commitment to benefiting (or at least not harming) society and the environment through ethical and sustainable objectives.
+ of CSR
USP
good brand image
comp adv
guide bus Strat
increased customer and employee loyalty
attract skilled employees
low labour turnover.
- of CSR
timely
expensive
hard to measure
can just be a PR trick
subjective
def stakeholders
people or groups/organizations who affect or are affected by business decisions, and/or have an interest in the operations of a business.
internal stakeholders
managers - achieve obj at shorter cost and max output/effort.
employees - good conditions, min work, high pay.
shareholders - increase SH value/dividend value.
CEO - ensure SH r happy.
external stakeholders
suppliers - orders/trade credit shorter period.
media
local community - sustainability, job opps.
government - stable tax revenues, law compliance.
examples of stakeholder conflict
employees vs managers
achieving objectives
time
money
effort
suppliers and managers
trade credit period
buy in bulk
costs of material
employees and customers
reviews
perspectives
treatment of others
services
