1.3 Business Objectives

Question 1

Corporate Social Responsibility (CSR)

Answer 1

The conscientious consideration of ethical and environmental practice related to business activity. A business that adopts CSR acts morally towards all of its various stakeholder groups and the well-being of society as a whole.

Question 2

Ethical Code of Practice

Answer 2

The documented beliefs and philosophies of an organization, so that people know what is considered acceptable or not acceptable within the organization

Question 3

Ethical objectives

Answer 3

Organizational goals based on moral guidelines, determined by the business and/or society, which direct and determine decision-making.

Question 4

Ethics

Answer 4

The moral principles that guide decision-making and business strategy. Morals are concerned with what is considered to be right or wrong, from society’s point of view.

Question 5

Mission Statement

Answer 5

Refers to the declaration of an organization’s overall purpose. It forms the foundation for setting the objectives of a business

Question 6

Objectives

Answer 6

Specify what an organization strives to achieve. They are the goals of an organization, such as growth, profit, protecting shareholder value and ethical objectives

Question 7

Strategic objectives

Answer 7

The long-term goals of a business, such as profit maximization, growth, market standing and increased market share.

Question 8

Strategies

Answer 8

The various plans of action that businesses use to achieve their targets. They are the long-term plans of the organization as a whole

Question 9

Tactical objectives

Answer 9

Short-temr goals that affect a unit of the organization. They are specific goals that guide the daily functioning of certain departments or operations.

Question 10

Tactics

Answer 10

Short-term plans of action that businesses use to achieve their objectives

Question 11

Vision Statement

Answer 11

An organization’s long-term aspirations, i.e. where the business ultimately wants to be