1.3 Organizational Objectives Flashcards
1
Q
Vision statement
A
A statement of what the business would like to achieve in the long term.
2
Q
What do the mission and vision statements have to answer?
A
- For whom is it?
- What is the benefit?
- What do we do?
- Is it applicable to the business?
- Do my employees understand it?
- Can I convert it into genuine strategic actions?
3
Q
Advantages of the mission and vision statement
A
- motivates workers/staff
- help establish the understanding of the business by external groups
- helps guides employee’s behavior at work with ethical statements
4
Q
Disadvantages of the mission and vision statement
A
- too vague
- virtually impossible to analyze
- lacking specific detail
- doesn’t tell managers how to manage
5
Q
SMART Objectives
A
Smart Measurable Achievable Realistic Time specific
6
Q
Strategy
A
A long term plan of action for the whole organization, designed to achieve a particular goal.
7
Q
Tactic
A
A short term policy/decision aimed at resolving a particular problem of meeting a specific part of the overall strategy.
8
Q
Mission statement
A
A statement of the business’s core aims, phrased in a way to motivate employees and to stimulate interest by outside groups
9
Q
Types of objectives
A
- strategic objectives
- operational objectives
- ethical objectives
10
Q
Ethical objectives
A
- ethical code (define it)
-
11
Q
Ansoff’s Matrix
A
- a model used to show the degree of risk associated with the 4 growth strategies
- market penetration
- product development
- market development
- diversification
