1.3 Business objectives

Question 1

Corporate social responsibility

Answer 1

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

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 dicision-making

Question 4

Ethics

Answer 4

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

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 objectvies

Question 7

Strategic objectives

Answer 7

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

Question 8

Strategies

Answer 8

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-term 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 obejctives

Question 11

Vision statement

Answer 11

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