Unit 1.3 (Business objectives)

Question 1

Corporate social responsibility (CSR)

Answer 1

The consideration of ethical and environmental practice related to business activity

Question 2

Ethical code of practice

Answer 2

The documented beliefs and philosophies of an organization

Question 3

Ethics

Answer 3

The moral principles that guide decision making and business strategies

Question 4

Ethical objectives

Answer 4

Goals based on moral guidelines

Question 5

Mission statement

Answer 5

The declaration of an organization’s overall purpose

Question 6

Objectives

Answer 6

Specific things an organization strives to achieve (measurable)

Question 7

Strategies

Answer 7

Long-term plans of action (1-5 years)

Question 8

Strategic objectives

Answer 8

Long-term goals of a business

Question 9

SMART objectives

Answer 9

Specific, measurable, achievable, relevant, time-bound

Question 10

Tactics

Answer 10

Short-term plans of action (12 months)

Question 11

Tactical objectives

Answer 11

Short-term goals of a business (guides daily functioning)

Question 12

Vision statement

Answer 12

An organization’s long-term and almost impossible aspirations