Chapter 3 (Business objectives) Flashcards

1
Q

Corporate social responsibility (CSR)

A

The consideration of ethical and environmental practice related to business activity

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2
Q

Ethical code of practice

A

The documented beliefs and philosophies of an organization

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3
Q

Ethics

A

The moral principles that guide decision making and business strategies

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4
Q

Ethical objectives

A

Goals based on moral guidelines

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5
Q

Mission statement

A

The declaration of an organization’s overall purpose

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6
Q

Objectives

A

Specific things an organization strives to achieve (measurable)

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7
Q

Strategies

A

Long-term plans of action (1-5 years)

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8
Q

Strategic objectives

A

Long-term goals of a business

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9
Q

SMART objectives

A

Specific, measurable, achievable, relevant, time-bound

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10
Q

Tactics

A

Short-term plans of action (12 months)

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11
Q

Tactical objectives

A

Short-term goals of a business (guides daily functioning)

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12
Q

Vision statement

A

An organization’s long-term and almost impossible aspirations

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