1.3 and 1.4 bus obj and stakeholders

Question 1

what is a vision statement

Answer 1

a declaration os business aspirations
this does not change

Question 2

what is a vision statement

Answer 2

declaration of a business purpose - reason for being
can be revised over time.

Question 3

what are common business objectives

Answer 3

growth
profit
protecting shareholder value
ethical objectives

Question 4

what are the levels of management

Answer 4

strategic - senior management
tactical - middle management
operational - junior management

Question 5

GOST?

Answer 5

goals (what u wanna achieve in LT)
objectives (things to achieve)
strategies (long term plans - marketing mix)
tactics (day2day)

Question 6

common bus obj - profit

Answer 6

main obj for for profit O’s

Question 7

common bus obj - growth

Answer 7

increase:
market share
revenue
profit
capital employed
size of workforce
value of output

Question 8

common bus obj - shareholder value

Answer 8

businesses ability to increase market capitalization (increasing shareholder price/dividends).

Question 9

common bus obj - ethics

Answer 9

moral behavior of bus
sustainability - csr

Question 10

strategic objectives

Answer 10

refers to whole company - set by senior management.

Question 11

tactical objectives

Answer 11

refers to parts of a company (HR/Marketing etc) - set by middle-junior management.

Question 12

SMART GOAL?

Answer 12

evaluation tool
specific
measurable
attainable
relavent
timely

Question 13

SLAP GOAL/EVAL?

Answer 13

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.

Question 14

CSR

Answer 14

businesses commitment to benefiting (or at least not harming) society and the environment through ethical and sustainable objectives.

Question 15

+ of CSR

Answer 15

USP
good brand image
comp adv
guide bus Strat
increased customer and employee loyalty
attract skilled employees
low labour turnover.

Question 16

• of CSR

Answer 16

timely
expensive
hard to measure
can just be a PR trick
subjective

Question 17

def stakeholders

Answer 17

people or groups/organizations who affect or are affected by business decisions, and/or have an interest in the operations of a business.

Question 18

internal stakeholders

Answer 18

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.

Question 19

external stakeholders

Answer 19

suppliers - orders/trade credit shorter period.
media
local community - sustainability, job opps.
government - stable tax revenues, law compliance.

Question 20

examples of stakeholder conflict

Answer 20

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