Section 1 - 1.3 Organizational Objectives Flashcards

1
Q

Aimed

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

The Ansoff matrix

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Corporate social responsibility (CSR)

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

An ethical code of practice

A

Is the documented beliefs and philosophies of an organization

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Ethics and morals

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

A mission statement

A

refers to the declaration of an organization order all purpose. It forms the foundation for setting the objectives of a business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Objectives

A

Are the relatively short term targets of an organization. They are often expressed as SMART objectives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

SMART objectives

A

Are targets that are Specific, Measurable, Achievable, Realistic and Time constrained

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Strategies

A

Are plans of action that businesses use to achieve their targets i.e. the long term plans of the whole organization

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

SWOT analysis

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Tactics

A

Are the short term plans for action that firms use to achieve their objectives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

A vision statement

A

Is an organizations long-term aspirations i.e. where it ultimately wants to be

How well did you know this?
1
Not at all
2
3
4
5
Perfectly