Business objectives Flashcards
Definitions
Business objective
A stated measurable target that a business plans to achieve.
Corporate social responsibility
When businesses consider the interests of society by taking responsibility for the impact of their decisions and activities on customers, employees,
Pressure group
Organisations created by people with a common interest or aim, who put pressure on businesses and governments to change policies so that an objective is reached.
Triple bottom line
The three objectives of social enterprises: economic, social and environmental.
SMART objectives
Aims that are specific, measurable, achievable, realistic and time-limited.
Business aim
A long-term goal that a business hopes to achieve.
Mission statement
A brief statement of the business’s core aims, phased in a way to motivate employees and to stimulate interest from outside groups.
Annual (company) report
A document that gives details of a company’s activities over the year, including its financial accounts.
Business strategy
A long-term plan of action for a business, designed to achieve a particular objective.
Tactic
A short-term action as part of an overall strategy.
Target
A short-term goal that must be reached before an overall objective can be achieve.
Budget
A detailed financial plan for the future.
Ethical code (code of conduct)
A document detailing a company’s rules and guidelines on staff behaviour that must be followed by all employees.
