IB Business Management SL - 1.3. Organizational objectives

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Business aims

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20 Terms

1

Business aims

They define the firm’s purpose and long-term goals, often expressed in the mission statement

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2

Business objectives

Clearly defined and measurable targets on how to achieve the business’ aims, often expressed as SMART.

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3

SMART objectives

Specific: target a specific area for improvement. Measurable: quantify and indicator of progress to judge if the objective has been achieved. Agreed upon Realistic Time-constrained: specify the time period

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4

Strategic objectives

The senior leadership sets long-term goals. Affects the whole company.

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5

Tactical objectives

Middle management develops medium-term action plans. Affects departments.

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6

Operational objectives

Lower management develops short-term action plans. Affects teams.

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7

Mission statement

Specifies the aims and objectives of the business in the present. Describes core activities, moral and ethical issues, etc.

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8

Vision statements

Specifies the long term aspirations of a business, and describes how the organization wants to be perceived.

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9

Corporate social responsibility

The consideration of ethical and environmental issues relating to the business activity.

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10

Stakeholders

Individuals or groups that may hold interest in the business or may be affected by its decisions

<p>Individuals or groups that may hold interest in the business or may be affected by its decisions</p>
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11

Internal stakeholders

Directly involved in running the business. Shareholders, directos and senior management, employees.

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12

External stakeholders

Simply affected or interested in the activities of the business. Suppliers, customers, communities, pressure groups, competitors, and government.

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13

External factors

Outside influences that can impact a business, such as laws, market trend, or political changes.

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14

SWOT analysis

Aims to identify the key internal strength and weaknesses, and external opportunities and threats.

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15

PEST analysis

Evaluates opportunities and threats on Political, Economic, Social, and Technological Factors.

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16

STEEPLE analysis

The same analysis as PEST, but also includes Legal, Environmental and Ethical considerations

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17

Growth strategy

Should be adopted when the company believes it doesn't have weaknesses in other areas. In the quadrant of strength and opportunities

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18

Altruistic attitude

the company genuinely does it for social benefits, they actually care about the impact of the company

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19

Strategic attitude

businesses ought to be socially responsible only if such actions help them to become more profitable.

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20

Self-interest attitude

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