Business objectives

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Mission statement

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17 Terms

1

Mission statement

States the business' purpose and why it exists. Specific and tends to not be changed.

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2

Vision statement

Forward looking and speaks to a long term aims and highest aspiration of a business. Tends to be broad and abstract.

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3

Business objectives

clearly defined and measurable targets of an organisation. Essential to know what they are striving to achieve. Give employees a sense of direction.

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4

Strategic objectives

Long-term. Targets the growth that the whole organisation is striving to achieve. Includes business survival, growth and profit maximisation.

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5

Tactical objectives

Short term. Easier to change or reverse. Specific targets with definitive timelines.

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6

Growth

Refers to an increase in the size of a business and its operations.

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7

Economies of scale

Cost saving benefits for firms as they grow larger (buy bulk)

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8

Internal growth

Organic growth. Organisation expands without the help of an external partner firm. Uses its own resources such as retained profits to invest in the production facilities.

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9

External growth

Inorganic growth. Expansion and evolution of a business by using a third party resources.

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10

Sales revenue

monetary value of the products that the business has sold

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11

Sales volume

Number of the products that the business has sold.

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12

Market share

firm's sales revenue as a proportion of the whole industry's sales revenue.

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13

Profits

Financial surplus. Difference between a firm's sales revenues and its total cost of productions. Provides internal soruces of finance.

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14

Protecting shareholder value

Company is owned by its shareholders. The responsibility of the company's CEO and board of directors, based on their strategic plans to earn a healthy return on the capital invested.

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15

Stability

to continue to operate at an optimum level, management must have certain objectives

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16

Ethical objective

Ethics is the academic discipline or study or moral philosophy. Business ethics are the guiding principles that provide moral guidelines for the conduct of business activities.

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17

CSR (corporate social responsibility)

Establishes the business organisation as a part of society and must actively reduce the negative impacts on society and maximise positive impacts.

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