1.4 Flashcards
1
Q
Business Objective
A
A stated measurable target that a business tries to achieve
2
Q
Departmental Objectives
A
Targets of the functional department of the business which need to be aligned with business goals
3
Q
Objectives (5)
A
- Profit Maximization
- Profit Satisficing - keep shareholder happy
- Growth - economies of scale, sale and output max
- Increase Market share
- Survival - new business, just cover cost
- Max Shareholder value - plc, max dividend
- Coporate Social Responsibility - stakeholder obj
4
Q
Advantages of setting objectives (3)
A
- effective plans can be developed
- Business is focused
- Evaluate performance of workers
5
Q
Disadvantages of setting objectives (3)
A
- Unrealistic - demotivate employees
- Need to change with environment - not loose focus
- Communicated properly
6
Q
Cooperate Social Responsibly
A
When business considers interest of society by taking responsibility of the impact of tier decisions and activities on customers, employees , communities and environment
7
Q
Ethics
A
Principles that are thought to be morally correct and not necessarily profitable
8
Q
Ethical code
A
A document detailing a company’s rules and guidelines on staff
9
Q
Ways to implement CSR (5)
A
- Higher wages
- Improve working conditions
- improve safety standard
- cut waste and pollution
- support worker security
10
Q
Advantages of CSR (4)
A
- Attract quality workers - loyal
- Better waste management - Gain gov supp and brand image
- Green technology - USP
- No window dress- Invesments
11
Q
Disadvantages of CSR (4)
A
- Exp methods - high prices
- Loss of contracts - no bribes
- Customers are not concerned - weak law and order market
- Low prices - no fixing prices
