IB BM Unit 1.3 Organisational Objectives

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13 Terms

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Aims

Long-term goals of a firm, often expressed in the firm's mission statement. They are a general statement of a firm's purpose or intentions and tend to be qualitative in nature

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Corporate social responsibility (CSR)

The conscientious consideration of ethical and environmental practices related to business activity

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Ethical code of practice

Documented beliefs and philosophies of an organisation

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Ethics

The moral principles that guide decision-making and strategy

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Holding company

A business that owns a controlling interest in other diverse companies, i.e. it owns enough shares to be able to take control of the other businesses

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Mission statement

Declaration of an organisation's overall purpose. It forms the foundation for setting the objectives of a business

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Objectives

Relatively short term targets of an organisation

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SMART objectives

Targets that are specific, measurable, achievable, realistic and time contrained

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Strategies

Plans of action that firms use to achieve their targets

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Subsidiaries

Firms that are partly or completely owned by another business (the 'parent' company) usually by holding 51% or more of the shares

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SWOT analysis

An analytical tool used to assess the internal strengths and weaknesses and the external opportunities and threats of a business decision, issue or problem

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Tactics

Short-term plans of action that firms use to achieve their objectives

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Vision statement

An organisation's long-term aspirations

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