Chapter 3 (Business objectives) Flashcards
Corporate social responsibility (CSR)
The consideration of ethical and environmental practice related to business activity
Ethical code of practice
The documented beliefs and philosophies of an organization
Ethics
The moral principles that guide decision making and business strategies
Ethical objectives
Goals based on moral guidelines
Mission statement
The declaration of an organization’s overall purpose
Objectives
Specific things an organization strives to achieve (measurable)
Strategies
Long-term plans of action (1-5 years)
Strategic objectives
Long-term goals of a business
SMART objectives
Specific, measurable, achievable, relevant, time-bound
Tactics
Short-term plans of action (12 months)
Tactical objectives
Short-term goals of a business (guides daily functioning)
Vision statement
An organization’s long-term and almost impossible aspirations