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Business AS > Chapter 4 > Flashcards

Chapter 4 Flashcards

1
Q

Nature and importance of business objectves at corporate, departmental and individual levels

A

.

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2
Q

Corporate social responsibility as a business objective

A

Corporate social responsibility is when businesses consider the concerns of the society and the impact their business has socially, as well as environmentally. This is show by taking responsibility for their actions’ impact on stakeholders and going out their way to keep clean.

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3
Q

CSR disadvantages

A
  • Expensive
  • can lower profits in short term
  • non profitable as its easier to pay lower wages but business has to raise them
  • buying from local communities over cheaper sources
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4
Q

CSR advantages

A
  • Clean slate
  • Get to prove they’re ethical
  • Better reputation
  • More trustworthy
  • Positive publicity of being green
  • CSR might be able to pay for itself through PR, marketing, motivation
  • avoid legal issues with environmental laws
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5
Q

Relationship between mission statements, objectives, strategy, and tactics

A

.

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6
Q

What are the different stages of business decision making?

A
  1. Set objectives
  2. Asses the problem of the situation
  3. Gather data about the problem and potential solutions
  4. Look at all decision options
  5. Make the strategic decision
  6. Plan and carry out the decision
  7. Review its success and more detailed goals than aims and objectives that are SMART
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7
Q

The role of objectives in the stages of decision making

A

‘

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8
Q

How objectives might change over time

A

;

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9
Q

How ethics may influence business objectives and activities

A

//

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10
Q

What are aims?

A

Aims are long term views for the company

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11
Q

What are targets?

A

Goals that are smaller than objectives and short-term

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11
Q

What is a mission statement used for?

A

Motivating employees and making employees aware of what they are supposed to do

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12
Q

What are strategies? But

A

Long term plans of action of a business that focuses on achieving the business’ aims

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13
Q

What do objectives have to be?

A 
Specific
Measurable 
Achievable
Relevant/Realistic
Time-phases
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14
Q

Why are corporate objectives important?

A

A

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15
Q

Why are individual objectives important?

A

L

16
Q

Why are departmental objected important?

A

E

17
Q

What are examples of a few corporate objectives?

A
  • profit maximisation
  • profit satisficing
  • growth
  • increasing market share
  • survival
  • maximising short term sales revenue
  • maximising shareholder value
  • CSR
18
Q

How does the corporate objectives change with the size and form of a business?

A

Smaller business might be more interested in objectives like profit satisficing for more free time and less working overtime

A larger businesses might want to profit maximise if they’re already developed

Larger business that want more status or power might be concerned with growth

19
Q

How does whether the business is in the the public or private sector affect the corporate objective of the business?

A

Public sector business aren’t profit driven and focus on providing public services

Private sector businesses are profit driven

20
Q

How does the age of the business affect its corporate objective?

A

New business often lean towards objectives like survival as the first 3 years have a high failure risk

Established business will have bigger objectives, like growth or profit

21
Q

Objectives important in decision making

A

A

22
Q

How do budgets work when we are talking about objectives?

A

A

23
Q

How does the communication of objectives affect the workforce?

A
  • employees better understand the bigger picture
  • shares employee responsibility
  • managers and employees achieve more through understanding the goals
24
Q

Why is corporate culture important?

A

It is important because it influences the working style of the employees and the business itself, the code of behaviour of staff, their attitudes and therefore performance too, as well as the decision making style of a business

25
Q

What is profit satisfying>

A

4

26
Q

What is profit maximising?

A

3

27
Q

What should be taken into consideration when talking about a business’ objectives?

A

Their size and legal structure

Private or public sector

The age of the business

28
Q

Merit goods effect on… (class test q)

A

77

29
Q

What are the benefits of good communication with employees about target setting and objectives?

A
  • achieve more through better understanding
  • recognise overall plan
  • linking of goals with others to form shared employee responsibility
30
Q

What should the ethical code of conduct do?

A

It should explain the way in which employees should behave and make decisions in morally questionable situations

31
Q

What are the benefits or short, medium and long term objectives?

A

T

32
Q

How can you make tasks and objectives specific to each department, manager and employee?

A

Management by objectives

Business AS (16 decks)

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