chapter3 bm

Corporate social responsibility (CSR)

The consensus consideration of ethical and environmental practice related to business activity.

Ethical code of practice

Documented beliefs and philosophies of an organization that outline acceptable and unacceptable behaviors.

Ethical objectives

Organizational goals based on moral guidelines that direct and guide decision making.

Ethics

Moral principles that guide decision making and business strategy.

Morals

Concerns regarding what is considered right or wrong from society's point of view.

Mission statement

The declaration of an organization's overall purpose, forming the foundation for its objectives.

Objectives

The goals of an organization, such as growth, profit, protecting shareholder values, and ethical objectives.

Strategic objectives

Long-term goals of a business, including profit maximization, growth, and market standing.

Tactics

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

Vision statement

An organization's long-term aspirations, indicating where the business ultimately wants to be.

Internal factors

Elements within the control of the organization.

External factors

Elements beyond the control of the organization.

Market share

Measured by expressing a firm's sale revenue as a percentage of the industry's total sales.

Growth of a business

Usually measured by an increase in sales revenue or by its market share.

Main business objective of most private sector organizations

To maximize profits.