Untitled Flashcard Set

Mission Statement

A statement of the business’s core aims, phrased in a way to motivate employees and to stimulate interest from outside groups.

Vision Statement

A statement of what the organisation would like to achieve or accomplish in the long term.

Corporate Aims

The long term goals which a business hopes to achieve.

Business Objectives

Short or medium term goals or targets specific in nature which must be achieved in order for an organisation to attain its overall corporate aim.

Market Share

Sales of the business as a proportion of total market size in a given period.

Shareholder Value

The financial gains received by the owners of a company’s shares.

Ethics

Moral guidelines that determine decision making.

Ethical Code/Code of Conduct

A document detailing a company’s rules and guidelines on staff behavior that must be followed by all employees.

Strategic Objective

A long term target for the whole organisation designed to achieve the corporate aim.

Tactical Objective

A short term target aimed at resolving a particular problem or meeting a specific part of a longer term strategic objective.

Stakeholders

People or groups of people who can be affected by and therefore have an interest in any action taken by an organisation.

Corporate Social Responsibility

Concept that applies to businesses considering the interests of society by taking responsibility for the impact of their decisions and activities.

Social Audit

An independent report on the impact a business has on society, covering pollution levels, health and safety records, and customer satisfaction.

Strategy

A plan of action designed to help achieve an objective.

Strategic Analysis

Conducting research into the business environment and into the business itself to identify future strategies.

SWOT Analysis

A form of strategic analysis that identifies and analyzes the main internal strengths and weaknesses and external opportunities and threats.

STEEPLE Analysis

The strategic analysis of the macro environment including social, technological, economic, environmental, political, legal, and ethical factors.

Ansoff Matrix

A model used to show the degree of risk associated with the four growth strategies: market penetration, market development, product development, and diversification.

Market Penetration

Achieving higher market shares in existing markets with existing products.

Product Development

The development and sale of new products or new developments of existing products in existing markets.

Market Development

The strategy of selling existing products in new markets.

Diversification

The process of selling different unrelated goods or services in new markets.