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Business > 1.3 Business Objectives > Flashcards

1.3 Business Objectives Flashcards

1
Q

What is a tactic objective?

A

Short-term goals that affect a section of the organization

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2
Q

What is a strategy objective?

A

Short-term goals that affect a section of the organization

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3
Q

What is a mission statement?

A

Declaration of the underlying purpose of an organization’s existence.
its core values. Medium to long-term.

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4
Q

What is a vision statement?

A

Outline of an organization’s aspirations in the distant future. Very long-term.

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5
Q

What is a business objective?

A

Objectives are the goals or targets an organization strives to achieve.

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6
Q

Why do we use business objectives?

A
  1. To measure and control
  2. To motivate
  3. To control
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7
Q

Examples of business objectives

A
  1. Growth
  2. Profit
  3. Protecting shareholder value
  4. Ethical objectives
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8
Q

What is the order of objectives in the pyramid?

A

Vision
Mission
Strategies
Tactics

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9
Q

Advantages of ethical business practices

A
  1. Improved corporate image
  2. Increased customer loyalty
  3. Improved staff morale and motivation
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10
Q

Disadvantages of ethical business practices

A
  1. Lower profits
  2. Compliance cost
  3. Stakeholder conflict
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11
Q

What is corporate social responsibility (CSR)?

A

The practices and policies undertaken by corporations to have a positive impact on society and the environment beyond their financial obligations.

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12
Q

What are examples of CSR policies

A
  1. Be conscious of impacts to the environment
  2. Be fair to employees
    3 Provide accurate product labelling
  3. Contribute to communities through charity work
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13
Q

What are internal factors?

A

The factors that are in within the control of the organization.

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14
Q

What are external factors?

A

The factors that are beyond the control of the organization.

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15
Q

Examples of internal factors include…

A
  1. Type and size of the organization
  2. Whether the company is private or public
  3. Risk Profile
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16
Q

Examples of external factors include…

A
  1. New technologies
  2. State of the economy
  3. Government constraints
17
Q

What is a stakeholder?

A

A stakeholder is defined as any individual or group that has an interest in, or is affected by, the activities and decisions of a business.

18
Q

What is an external stakeholder?

A

Any individual or group outside of an organization that has an interest in or is affected by the activities and decisions of that organization.

19
Q

What is an internal stakeholder?

A

An individual or group within an organization that has a direct interest in its operations and performance.

20
Q

Examples of external stakeholders..

A
  1. Government
  2. Suppliers
  3. Competition
  4. Customers
21
Q

Examples of internal stakeholders….

A
  1. Employees
  2. Owners/Shareholders
  3. Managers
22
Q

What is a shareholder?

A

A shareholder is an individual or institution that owns shares in a corporation.

23
Q

What is an external shareholder?

A

An external shareholder refers to individuals or entities that own shares in a company but are not directly involved in its day-to-day operations.

24
Q

What is an internal shareholder?

A

Internal shareholder refers to individuals or entities that own shares in a company and are also involved in its operations and management.

25
Q

An example of an external shareholder would be….

A

an investor

26
Q

An example of an internal shareholder would be…..

A

employees, managers, board of directors

27
Q

In what ways does the government have a significant influence on business activity?

A
  1. Avoid unfair business practices
  2. Ensure that corporate tax is paid
  3. Ensure that health and safety is met
28
Q

What is a stakeholder conflict?

A

A stakeholder conflict occurs in situations where people disagree with each other due to differences in their opinions or values, thus creating tension between different stakeholder groups of the organization.

29
Q

Different causes of stakeholder conflict

A

Remuneration of the company’s directors
Fair distribution of dividends

30
Q

What is dividends?

A

A portion of a company’s profits distributed to its shareholders as a reward for their investment.

31
Q

What is stakeholder mapping?

A

INSERT PICTURE

32
Q
A

Business (3 decks)

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