1.3 business objectives Flashcards
What do vision statements outline?
An organisation’s aspirations in the distant future
What is a mission statement?
A simple declaration of the underlying purpose of an organisation’s existence and its core values
What is the difference between vision and mission statements?
Vision statements outline aspirations for the future, while mission statements clarify the purpose and core values of the organization.
Fill in the blank: Corporate Social Responsibility is the conscientious consideration of _______ and environmental practices related to business activity.
[ethical]
What does the triple bottom line consist of?
- Profit
- Planet
- People
What are internal changes that can affect a business?
- Owners and Management
- Employees
- Company culture or vision
- Company structure
What are external changes that can affect a business?
- Macro Environment (Social, Technology, Environmental, Economic, Political, Legal, Ethical)
- Operating Environment (Suppliers, Customers, Competitors)
What is a SWOT analysis?
An analytical tool used by businesses for strategic planning.
What should strengths in a SWOT analysis focus on?
- Current/past and internal factors
- Unique Selling Proposition
- Positive consumer perception/reputation
- Low-cost resources
What should weaknesses in a SWOT analysis focus on?
- Current/past and internal factors
- Areas the company does not perform well in
- Consumer perceptions of weaknesses
- Factors contributing to a weaker brand image
What should opportunities in a SWOT analysis focus on?
- Future possibilities and external factors
- Good opportunities in the marketplace
- Market trends to capitalize on
- Changes in technology and lifestyle
What should threats in a SWOT analysis focus on?
- Future possibilities and external factors
- Obstacles faced by the company
- Competitors performing better
- Threats from changes in technology or social patterns
Fill in the blank: The Ansoff matrix is a decision-making _______ tool.
[analytical]
What activity can you do to understand the difference between vision and mission statements better?
Research the Vision and Mission statements of a few favorite organizations.
What is the purpose of ethical objectives in a business?
To implement and consider moral principles in decision-making and strategy.
True or False: SWOT analysis only considers internal factors of a business.
False
