1.3 Organizational Objectives Flashcards

1
Q

Vision statement

A

A statement of the organization’s long term aspirations and what it would like to achieve or accomplish

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2
Q

Mission statement

A

A statement of the business’s core aims and overall purpose, phrased in a way to motivate employees and stimulate interest by outside groups

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3
Q

Aim / Strategical objectives

A

The long-term goals a business hopes to achieve (vague, qualitative, set by senior directors)

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4
Q

Tactical objectives

A

The medium-term action plans to achieve the strategic objectives of an organization, set by middle management

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5
Q

Operational objectives

A

The short term, day-to-day action plans to achieve the tactical objectives, set by lower management

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6
Q

Why would organizations need to change objectives?

A

Changes in the internal environment: leadership, HR, corporate culture, finances available
Changes to the external environment: state of the economy, government constraints, new technology, ethics (presence of pressure groups)

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7
Q

Ethical Objectives

A

Goals based on an established moral code of behavior for the business

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8
Q

Corporate social responsibility (CSR)

A

Businesses that accept its moral obligations to stakeholders other than investors and takes responsibility for the impact of their decisions on customers, employees, and the environment

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9
Q

SWOT Analysis

A

A form of strategic analysis that identifies the main internal strengths and weaknesses and external opportunities and threats to determine their current market position

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10
Q

Ansoff Matrix

A

A model used to show the degree of risk associated with the four growth strategies: market penetration, market development, product development, and diversification

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11
Q

Market penetration

A

The least risky growth strategy involving the sale of existing products in existing markets to achieve higher market shares through competitive prices and improved advertising

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12
Q

Product development

A

The growth strategy involving the sale of new products or developments of existing products in existing markets often involving a form of innovation

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13
Q

Market development

A

The growth strategy involving the sale of existing products in new markets or new market segments in the existing market

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14
Q

Diversification

A

The riskiest growth strategy involving the sale of new goods or services in new markets. Diversification may be unrelated, taking the business to a completely different industry, or related, backward/ forward integration in the existing industry

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