Unit 1.3 Business objectives Flashcards
Mission statement
A statement of the business’s core aims, phrased in a way to motivate employees and to stimulate interest from outside groups
Vision statement
A statement of what the organisation would like to achieve or accomplish in the long term
Corporate aims
The long-term goals which a business hopes to achieve
Business objectives
Short or medium term goals or targets which must be achieved in order for an organisation to attain its overall corporate aim
SMART
Specific
Measurable
Achievable
Realistic and relevant
Time specific
Market share
Sales of the business as a proportion of total market size, in a given period
Shareholder value
The financial gains received by the owners of a company’s shares
Ethics
Moral guidelines that determine decision making
Ethical code (code of conduct)
A document detailing a company’s rules and guidelines on staff behaviour that must be followed by all employees
Strategic Objective
A long term target for the whole organisation, designed to achieve the corporate aim
Tactical objective
A short term target aimed at resolving a particular problem or meeting a specific part of a longer term strategic objective
Stakeholders
People or groups of people who can be affected by, and therefore have an interest in, any action taken by an organisation
Corporate social responsibility
This concept applies to those businesses that consider the interests of society by taking responsibility for the impact of their decisions and activities on customers, employees, communities and the environment
Social audit
An independent report on the impact a business has on society
Strategy
A plan of action designed to help achieve an objective
