Chapter 4: Business Objectives

Question 1

Define mission statement

Answer 1

Mission statement: a statement of the business’s core aims, phrased in a way to motivate employees and to stimulate interest by outside groups.

Question 2

Define corporate social responsibility

Answer 2

Corporate social responsibility: this concept applies to those businesses that consider the interests of society by taking responsibility for the impact of their decisions and activities on customers, employees, communities and the environment.

Question 3

Define management by objectives

Answer 3

Management by objectives: a method of coordinating and motivating all staff in an organisation by dividing its overall aim into specific targets for each department, manager and employee.

Question 4

Define ethical code of conduct

Answer 4

Ethical code(code of conduct): a document detailing a company’s rules and guidelines on staff behavior that must be followed by all employees.