Topic 1.3 - Organizational objectives Flashcards
Advantages of ethical behavior
Improved corporate image, increased customer loyalty, cost cutting, improved staff morale and motivation
Disadvantages of ethical behavior
compliance costs, lower profits, stakeholder conflict, ethics and CSR are subjective
Aims
the long-term goals of a business, often expressed in the firms mission statement
A ansoff matrix
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
Corporate social responsibility (CSR)
the conscientious considerations of ethical and environmental practices related to business activity
Diversification
a growth strategy in the Ansoff Matrix, which involves an organization launching new products in new markets
Ethical code of practices
the documented beliefs and philosophies of an organization, so that people know what is considered acceptable or not acceptable within the organization
Ethical Objectives
organizational goals based on moral guidelines, determined by the business and/or society, which direct and determine decision-making
Ethics
Moral principles that guide decision-making and strategy
Market development
a growth strategy in the ansoff matrix, which focuses on using customer loyalty to persuade them to purchase a new product from the business
Market penetration
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
Mission statement
to the declaration of an organization’s overall purpose
Objectives
the relatively short term targets of an organization
Product Development
a growth strategy in the ansoff matrix that involves introducing new products to existing customers, by developing or replacing current products
SMART objectives
targets that are specific, measurable, achievable, realistic and time constrained
Strategies
plans of action that businesses use to achieve their targets
SWOT Analysis
an analytical tool used to access the internal strengths and weaknesses and the external opportunities and threats of a business decision, issue or problem
Strategic objectives
the longer term goals of a business
Tactical objectives
short term goals that affect a section of the organization
Tactics
the short-term plans of action that forms use to achieve their objectives
vision statement
an organization’s long term aspirations
