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Business aims
They define the firm’s purpose and long-term goals, often expressed in the mission statement
Business objectives
Clearly defined and measurable targets on how to achieve the business’ aims, often expressed as SMART.
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
Strategic objectives
The senior leadership sets long-term goals. Affects the whole company.
Tactical objectives
Middle management develops medium-term action plans. Affects departments.
Operational objectives
Lower management develops short-term action plans. Affects teams.
Mission statement
Specifies the aims and objectives of the business in the present. Describes core activities, moral and ethical issues, etc.
Vision statements
Specifies the long term aspirations of a business, and describes how the organization wants to be perceived.
Corporate social responsibility
The consideration of ethical and environmental issues relating to the business activity.
Stakeholders
Individuals or groups that may hold interest in the business or may be affected by its decisions
Internal stakeholders
Directly involved in running the business. Shareholders, directos and senior management, employees.
External stakeholders
Simply affected or interested in the activities of the business. Suppliers, customers, communities, pressure groups, competitors, and government.
External factors
Outside influences that can impact a business, such as laws, market trend, or political changes.
SWOT analysis
Aims to identify the key internal strength and weaknesses, and external opportunities and threats.
PEST analysis
Evaluates opportunities and threats on Political, Economic, Social, and Technological Factors.
STEEPLE analysis
The same analysis as PEST, but also includes Legal, Environmental and Ethical considerations
Growth strategy
Should be adopted when the company believes it doesn't have weaknesses in other areas. In the quadrant of strength and opportunities
Altruistic attitude
the company genuinely does it for social benefits, they actually care about the impact of the company
Strategic attitude
businesses ought to be socially responsible only if such actions help them to become more profitable.
Self-interest attitude
Note
Flashcard