unit 3 aos 1 - vocabulary

Question 1

organisation

Answer 1

2 or more people working together in a formal or structured arrangement to achieve a common goal

Question 2

globalisation

Answer 2

effect of high tech communication, lower transport cost, and unrestricted trade and financial flows - turning the whole world into a single market, producing a more integrated global economic system

Question 3

vision statement

Answer 3

broadly expresses what the organisation hopes to become in the future

Question 4

mission statement

Answer 4

formally expresses the reasons for an organisations existence, its purpose and method of operation - usually references employees or customers

Question 5

ethical management

Answer 5

process of abiding by any moral standards and doing the right thing in the best interest of all stakeholders