Unit 1.3-Business Objectives Flashcards
What does a Vision Statement describe?
The long-term aspirations of a business.
What is the primary focus of a Vision Statement?
What the company wants to achieve in the future.
Give an example of a Vision Statement.
Tesla – ‘To create the most compelling car company of the 21st century by driving the world’s transition to electric vehicles.’
What does a Mission Statement explain?
The purpose and objectives of the business.
What is the primary focus of a Mission Statement?
What the company does right now.
Give an example of a Mission Statement.
Google – ‘To organize the world’s information and make it universally accessible and useful.’
What is a common business objective related to Growth?
Expanding the size of the business, increasing sales, entering new markets.
Provide an example of a business objective related to Growth.
A retail company opening new stores worldwide.
What does the Profit objective in business aim for?
Making more revenue than costs (profit maximization).
Provide an example of a business objective related to Profit.
A tech company increasing software sales to boost earnings.
What does protecting Shareholder Value entail?
Ensuring shareholders receive good returns (dividends & share price growth).
Provide an example of a business objective related to protecting Shareholder Value.
A company focusing on steady revenue growth to increase stock value.
What are Ethical Objectives in business?
Business goals based on ethical values such as sustainability and fairness.
Provide an example of an Ethical Objective.
Reducing carbon emissions, fair trade policies, avoiding child labor.
What is the difference between Strategic and Tactical Objectives?
Strategic objectives focus on long-term goals, while tactical objectives focus on short-term actions.
What does Corporate Social Responsibility (CSR) entail?
A business’s commitment to acting ethically and contributing to social, economic, and environmental well-being.
List some examples of CSR Practices.
- Reducing carbon footprint.
- Paying fair wages and ensuring good working conditions.
- Supporting charities and community projects.
- Ethical sourcing of raw materials.
