Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Business Management > Topic 1.3: Organisational Objectives > Flashcards

Topic 1.3: Organisational Objectives Flashcards

1
Q

Vision Statement

A

Aims & Goals

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

Mission Statement

A

Purpose of business

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

Strategic Objectives

A

Long term goals (5 years)`

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

Tactical Objectives

A

Medium term goals (1-5 years) affecting a section of the organisation

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

Operational Objectives

A

Short term goals (day to day)

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

Profit Maximisation

A

Maximum difference between revenue and expenses

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

Dividends

A

A portion of the profits

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

Market share

A

The business’s share of the total market sales (greater the share the more profits made)

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

Internal growth

A

More employees, increasing sales, new products etc.

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

External growth

A

Merging or acquiring other businesses

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

Legal redress

A

Litigations

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

Ethical objectives

A

Company with fair business practices, ethical guidelines and established moral principles

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Corporate Social Responsibility

A

Practices and policies taken by corporations intended to have a positive influence on the world

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Market Penetration

A

Achieving high market share in existing markets with existing products

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Diversification

A

Selling different, key products into new markets

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Market Development

A

Selling existing products to new markets

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Product development

A

Sale of newly-developed or new products in existing markets

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Generic Strategies

A

Effects the company as a whole to reach its goals

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Corporate Stategies

A

Used to reach Strategic Objectives (Long-term)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Market Standing

A

The extent to which a business has presence in the industry

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Strategies

A

The medium to long-term plans of action to achieve the strategic objectives of an organisation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Tactics

A

Short-term methods used to achieve an organisation’s tactical objectives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Aims

A

General and long-term goals of an organisation/What an organisation wants

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Objectives

A

Short-to-medium-term and specific targets an organization sets in order to achieve its aims

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Corporate Culture

A

The accepted norms and customs of a business

26
Q

Internal Factos

A

Within the control of the organization

27
Q

External factors

A

Beyond the control of the organization

28
Q

Ethics

A

The moral principles that guide decision-making and strategy

29
Q

Business Ethics

A

The actions of people and organizations that are considered to be morally correct

30
Q

Ethical code of practice

A

Documented beliefs and philosophies of an organization, so that people know what is considered acceptable or not acceptable within the organisation

31
Q

Ansoff Matrix

A

An analytical tool that helps managers choose products and growth strategies

32
Q

Product Extension Strategies

A

Placing an established product’s brand name on a new product that is in the same category

33
Q

Brand Development

A

Ceating and distinguishing your company’s image, products and services from your competitors

34
Q

Related Diversification

A

When a firm moves into a new industry that has important similarities with the firm’s existing industry

35
Q

Unrelated Diversification

A

When a company enters an industry that bears no significant resemblance to the company’s current industry

36
Q

Holding Company

A

Companies that own the controlling amount of stocks of other companies

37
Q

Subsidiaries

A

Firms owned by a holding company

38
Q

Customer Loyalty

A

Trust of the customer to the business making them coming back often

39
Q

Litigation

A

Disadvantages faced legally causing business sebacks

40
Q

Competitors

A

Similar companies

41
Q

Suppliers

A

A person or a business entity that sells something

42
Q

Stakeholders

A

All people/groups of people who are interested in the business

43
Q

Stakeholders

A

All people/groups of people who are interested in the business

44
Q

Survival

A

For a business to stay open

45
Q

Sales Revenue Maximisation

A

The maximum amount of surplus that remains after all cost are paid

46
Q

Profit Maximisation

A

Maximum amount of profit earnable

47
Q

Growth

A

Increase in sales revenue or market share

48
Q

Market Standing

A

The extent to which a business has presence in the industry

49
Q

SWOT Analysis

A

A decision making tool for businesses: Strengths, Weaknesses, Opportunities and Threats

50
Q

Strengths

A

Internal factors that help the business to better achieve its objectives

51
Q

Weaknesses

A

Internal facts that prevent/delay businesses from achieving their goals

52
Q

Opportunities

A

External possibilities for future development

53
Q

Threats

A

External facts that hinder the prospects of the organisation

54
Q

Competitor Analysis

A

The threats posed by a rival or the strengths of a competitor

55
Q

Assessing Opportunities

A

The development & growth of the organisation

56
Q

Risk Assessment

A

The likely effects of investing in a certain project or location

57
Q

Reviewing Corporate Strategy

A

The market position or direction of the business

58
Q

Strategic Planning

A

The decision to diversify or expand overseas

59
Q

Internal factor

A

Strengths & Weaknesses, what the business is currently facing

60
Q

External factor

A

Opportunities & threats, what the business is likely to face in the near future

61
Q

SMART Objectives

A

Targets that are Specific, Measurable, Achievable, Realistic and Time constrained

62
Q

Them and us cuture

A

Exists in the workplace if there is a psychological divide between senior management and subordinates

Business Management (6 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions