Business - Unit 1.3: Business objectives

Corporate social responsibility (CSR)

The conscientious consideration of ethical and environmental practice related to business activity. A business that adopts CSR acts morally towards all of its various stakeholder groups and the well-being of society as a whole.

Ethical code of practice

The documented beliefs and philosophies of an organization, so that people know what is considered acceptable or not acceptable within the organization.

Ethical objectives

Organizational goals based on moral guidelines, determined by the business and/or society, which direct and determine decision-making.

Ethics

Moral principles that guide decision-making and business strategy. Morals are concerned with what is considered to be right or wrong, from society’s point of view.

Mission statement

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

Objectives

Specify what an organization strives to achieve; they are the goals of an organization.

Strategic objectives

The longer-term goals of a business.

Strategies

Various plans of action that businesses use to achieve their targets. They are the long-term plans of the organization as a whole.

Tactical objectives

Short-term goals that affect a unit of the organization. They are specific goals that guide the daily functioning of certain departments or operations.

Tactics

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

Vision statement

An organization’s long-term aspirations; where the business ultimately wants to be.