Chapter 1.3 - Organizational Objectives Flashcards
Aims
Are the long-term goals of a business, often expressed in the firm’s mission statement. They are a general statement of a firm’s purpose or intentions and tend to be qualitative in nature.
Ansoff Matrix (1957)
Is an analytical tool to devise various product and market growth strategies, depending on whether businesses want to market new or existing products in either new or existing markets.
Corporate Social Responsibility (CSR)
Is the conscientious consideration of ethical and environmental practises related to business activity. A business that adopts CSR acts morally towards its various stakeholder groups and the wellbeing of society as a whole.
Ethical Code of Practise
Is the documented beliefs and philosophies of an organization
Ethics
are the moral principles that guide decision-making and strategy. Morals are concerned with what is considered to be right or wrong, from society’s point of view.
Mission statement
Refers to the declaration of an organization’s overall purpose. It forms the foundation for setting the objectives of a business.
Objectives
Are the relatively short term targets of an organization. They are often expressed as SMART objectives.
SMART Objectives
Are targets that are specific, measurable, achievable, realistic and time constrained
Strategies
Are plans of action that businesses use to achieve their targets, I.e., the long-term plans of the whole organization.
SWOT Analysis
Is an analytical tool used to assess the internal strengths and weaknesses and the external opportunities and threats of business decision, issue or problem.
Tactics
Are the short-term plans of actions that firms use to achieve their objectives.
Vision Statement
Is an organization’s long-term aspirations, i.e., where it ultimately wants to be.
