Business Objectives Flashcards
What are the categories of Ferrero’s CSR goals?
Philanthropy, Animal Welfare, Fair trade, Environmental Issues, Employment issues, Survival
What does ‘satisficing’ mean?
Decide on and pursue a course of action that will satisfy the minimum requirements necessary to achieve a particular goal
What is market share?
Percentage of total sales in a market that a business has
Who is considered the market leader?
The business that has the most sales in a market
What does it mean to maximise profits?
Make as much profit as possible
What are general objectives in a business?
Determined by the top layer of management and outline the general goals and aims of the organisation
What are specific objectives?
They identify how the general objectives can be achieved through the performance of each department
Define an objective
An objective is something you plan to achieve
What is the difference between managerial objectives and other objectives?
Managerial objectives vary depending on what individual managers want to achieve
What is sales maximisation?
Where an organisation tries to achieve the highest volume of sales as possible
What is Corporate Social Responsibility (CSR)?
Refers to organisations aiming to act in an ethical way or in any way that benefits either society or the environment
What is a mission statement?
A company must state what its overall aim is, expressed in a simple and informal way
What can cause objectives of an organisation to change?
External or internal factors
What is one example of CSR?
Reducing carbon footprint
What are the success criteria for understanding objectives?
Describe what an objective is, compare and describe objectives for different types of organisations
