1.3: Business Objectives

Corporate Social Responsibility (CSR)

the conscientious consideration of ethical and environmental practices related to business activity. Businesses who adopt these practices act morally towards its various stakeholder groups and the well-being of society as a whole.

Ethics

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

Mission Statement

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

Objectives

the articulated, measurable targets that a business must meet to achieve the aims or long-term goals of the business

Strategies

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

Strategic Objectives

the long-term goals of a business that indicate how the business intends to fulfil its mission.

Tactical Objectives

the short-to-medium term targets that, if consistently met, will help a business reach its strategic goals.

Vision Statement

an organization's long-term aspirations (where it ultimately wants to be)

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.

Tactics

the short term plans of action that businesses use to achieve their objectives