Business 1.3 - Business objectives

Question 1

long term goals of a business, stated in the mission statement; general statement of a firm’s purpose/intentions, qualitative

Answer 1

aims

Question 2

analytical tool to devise product and market growth strategies

Answer 2

Ansoff matrix

Question 3

conscientious consideration of ethical and environmental practices related to business activity

Answer 3

corporate social responsibility (CSR)

Question 4

growth strategy, new products in new markets

Answer 4

diversification

Question 5

documented beliefs and philosophies of an organization

Answer 5

ethical code of practice

Question 6

organizational goals based on moral guidelines

Answer 6

ethical objectives

Question 7

moral principles that guide decision making and strategy

Answer 7

ethics

Question 8

growth strategy, using customer loyalty to persuade them (and prospective customers) to purchase a new product

Answer 8

market developement

Question 9

growth strategy, developing existing markets with existing products

Answer 9

market penetration

Question 10

declaration of an organization’s overall purpose

Answer 10

mission statement

Question 11

short term targets of an organization, SMART

Answer 11

objectives

Question 12

growth strategy, new products to existing customers

Answer 12

product development

Question 13

specific, measurable, achievable, realistic and time constrained

Answer 13

SMART objectives

Question 14

longer-term goals of a business, such as profit maximization, growth

Answer 14

strategic objectives

Question 15

plans of action that businesses use to achieve their targets

Answer 15

strategies

Question 16

analytical tool used to assess the internal strengths and weaknesses, and the external opportunities and threats of a business decision

Answer 16

SWOT analysis

Question 17

short term goals that affect a section of the organization - specific goals

Answer 17

tactical objectives

Question 18

short term plans of action that firms use to achieve their objectives

Answer 18

tactics

Question 19

psychological divide between senior management and subordinates

Answer 19

them and us culture

Question 20

organization’s long-term aspirations, where it ultimately wants to be

Answer 20

vision statement