Topic 1.3 - Organizational objectives

Question 1

Advantages of ethical behavior

Answer 1

Improved corporate image, increased customer loyalty, cost cutting, improved staff morale and motivation

Question 2

Disadvantages of ethical behavior

Answer 2

compliance costs, lower profits, stakeholder conflict, ethics and CSR are subjective

Question 3

Aims

Answer 3

the long-term goals of a business, often expressed in the firms mission statement

Question 4

A ansoff matrix

Answer 4

an analytical tool to devise various product and market growth strategies, depending on whether businesses want to market new or existing products in either new or existing markets

Question 5

Corporate social responsibility (CSR)

Answer 5

the conscientious considerations of ethical and environmental practices related to business activity

Question 6

Diversification

Answer 6

a growth strategy in the Ansoff Matrix, which involves an organization launching new products in new markets

Question 7

Ethical code of practices

Answer 7

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

Question 8

Ethical Objectives

Answer 8

organizational goals based on moral guidelines, determined by the business and/or society, which direct and determine decision-making

Question 9

Ethics

Answer 9

Moral principles that guide decision-making and strategy

Question 10

Market development

Answer 10

a growth strategy in the ansoff matrix, which focuses on using customer loyalty to persuade them to purchase a new product from the business

Question 11

Market penetration

Answer 11

a growth strategy in the ansoff matrix that focuses on developing existing markets with existing products, in order to increase the organization’s sales revenue and market share

Question 12

Mission statement

Answer 12

to the declaration of an organization’s overall purpose

Question 13

Objectives

Answer 13

the relatively short term targets of an organization

Question 14

Product Development

Answer 14

a growth strategy in the ansoff matrix that involves introducing new products to existing customers, by developing or replacing current products

Question 15

SMART objectives

Answer 15

targets that are specific, measurable, achievable, realistic and time constrained

Question 16

Strategies

Answer 16

plans of action that businesses use to achieve their targets

Question 17

SWOT Analysis

Answer 17

an analytical tool used to access the internal strengths and weaknesses and the external opportunities and threats of a business decision, issue or problem

Question 18

Strategic objectives

Answer 18

the longer term goals of a business

Question 19

Tactical objectives

Answer 19

short term goals that affect a section of the organization

Question 20

Tactics

Answer 20

the short-term plans of action that forms use to achieve their objectives

Question 21

vision statement

Answer 21

an organization’s long term aspirations