1.3 - Business objectives Flashcards
long term goals of a business, stated in the mission statement; general statement of a firm’s purpose/intentions, qualitative
aims
analytical tool to devise product and market growth strategies
Ansoff matrix
conscientious consideration of ethical and environmental practices related to business activity
corporate social responsibility (CSR)
growth strategy, new products in new markets
diversification
documented beliefs and philosophies of an organization
ethical code of practice
organizational goals based on moral guidelines
ethical objectives
moral principles that guide decision making and strategy
ethics
growth strategy, using customer loyalty to persuade them (and prospective customers) to purchase a new product
market developement
growth strategy, developing existing markets with existing products
market penetration
declaration of an organization’s overall purpose
mission statement
short term targets of an organization, SMART
objectives
growth strategy, new products to existing customers
product development
specific, measurable, achievable, realistic and time constrained
SMART objectives
longer-term goals of a business, such as profit maximization, growth
strategic objectives
plans of action that businesses use to achieve their targets
strategies
analytical tool used to assess the internal strengths and weaknesses, and the external opportunities and threats of a business decision
SWOT analysis
short term goals that affect a section of the organization - specific goals
tactical objectives
short term plans of action that firms use to achieve their objectives
tactics
psychological divide between senior management and subordinates
them and us culture
organization’s long-term aspirations, where it ultimately wants to be
vision statement
