Section 1 - 1.3 Organizational Objectives Flashcards
Aimed
Are the long term goals of a business, often expressed in the firms mission statement. They are quite a general statement of a firms purpose or intentions and tend to be qualitative in nature
The Ansoff matrix
Is an analytical tool to devise various product and market growth strategies, depending on wether businesses want to market new or existing products in either new or existing markets
Corporate social responsibility (CSR)
Is the conscientious consideration of ethical and environmental practices related to business activity. A business that adopts CSR acts morally towards its various stakeholder groups and the wellbeing of society as a whole
An ethical code of practice
Is the documented beliefs and philosophies of an organization
Ethics and morals
Ethics are the moral principles that guide decision-making and strategy. Morals are concerned with what is considered right or wrong from society’s point of view
A mission statement
refers to the declaration of an organization order all purpose. It forms the foundation for setting the objectives of a business
Objectives
Are the relatively short term targets of an organization. They are often expressed as SMART objectives
SMART objectives
Are targets that are Specific, Measurable, Achievable, Realistic and Time constrained
Strategies
Are plans of action that businesses use to achieve their targets i.e. the long term plans of the whole organization
SWOT analysis
Is an analytical tool used to asses the internal strengths and weaknesses and the external opportunities and threats of a business decision, issue or problem
Tactics
Are the short term plans for action that firms use to achieve their objectives
A vision statement
Is an organizations long-term aspirations i.e. where it ultimately wants to be
