1.3 Business Objectives Flashcards
Corporate Social Responsibility (CSR)
Corporate social responsibility (CSR) is 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.
Ethical code of practice
An ethical code of practice is the documented beliefs and philosophies of an organization, so that people know what is
considered acceptable or not acceptable within the organization.
Ethical objectives
Ethical objectives are organizational goals based on moral guidelines, determined by the business and/or society, which direct and determine decision-making.
Ethics
Ethics are 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.
Mission statement
A mission statement refers to the declaration of an
organization’s overall purpose. It forms the foundation for
setting the objectives of a business.
Objectives
Objectives specify what an organization strives to achieve. They are the goals of an organization, such as growth, profit, protecting shareholder value and ethical objectives.
Strategic objectives
Strategic objectives are the longer-term goals of a business, such as profit maximization, growth, market standing and
increased market share.
Strategies
Strategies are the various plans of action that businesses use
to achieve their targets. They are the long-term plans of the organization as a whole.
Tactical objectives
Tactical objectives are short-term goals that affect a unit of the organization. They are specific goals that guide the daily functioning of certain departments or operations.
Tactics
Tactics are the short-term plans of action that businesses use to
achieve their objectives.
Vision statement
A vision statement is an organization’s long-term aspirations, i.e. where the business ultimately wants to be.
