1.3 vocab

Question 1

Corporate Social Responsibility (CSR)

Answer 1

An organisation’s decisions + actions that impact society in a POSITIVE way.

• The conscientious consideration of ethical + environmental practice related to business activity

Question 2

Ethical Code of Practice

Answer 2

Formal, documented philosophies + values of a business
(stakeholders know what is considered acceptable / unacceptable)

Question 3

Ethical Objectives

Answer 3

Organisational goals based on MORAL guidelines that determine decision-making

Question 4

Ethics

Answer 4

Moral guidelines/codes of practice that govern good organisational behaviour

Question 5

Mission statement

Answer 5

A SUCCINCT + motivating declaration of an organisation’s purpose of existence

Question 6

Vision statement

Answer 6

An inspiring declaration of what an organisation ultimately strives to achieve (long-term / distant future)

Question 7

Objectives

Answer 7

Clearly defined targets of a business in order to achieve its aims. Qualitative statements.
-SMART objectives (specific, measurable, achievable, relevant/realistic and time bound)

Question 8

Strategic objectives

Answer 8

Long-term goals of a business
Could include:
-Profit maximisation
-Growth
-Increased market share

Question 9

Strategies

Answer 9

Various LONG-term plans of action + approaches used by a business to achieve its goals

Question 10

Tactic

Answer 10

Various SHORT-term methods used to implement business strategies
(often on a daily basis)

Question 11

Tactical Objectives

Answer 11

SHORT-term + specific goals of a business
-used to guide DAILY functioning of an organisation