Intro to Business - Business Objectives

Question 1

Corporate Social Responsibility

Answer 1

The view that businesses should govern themselves and act in a way that enhances society and businesses’ stakeholders.
The idea that businesses should be held accountable for any of their actions that affect individuals, communities or the environment.

Question 2

Ethical Objectives

Answer 2

The declaration of an objectives overall purpose. Forms the foundation for setting the objectives of a business.

Question 3

Objectives

Answer 3

Specify what an organization strives to achieve. Goals of an organization, such as growth, profit, protecting shareholder value and ethical objectives.

Question 4

Strategic Objectives

Answer 4

Longer-term goals of a business such as profit maximisation, growth, market standing and increased market share.

Question 5

Tactical Objectives

Answer 5

Short-term goals that affect a unit of the organisation. They are specific goals that guide the daily functioning of certain departments or operations.

Question 6

Vision

Answer 6

An organisation’s long-term aspirations, where the business ultimately wants to be.