AICE Business Ch. 4 & 5 Vocab

business objectives

a stated measurable target that a business plans to achieve

business strategy

a long-term plan of action for a business

profit maximization

output level where total revenue exceeds total costs by the highest possible amount

profit satisficing

aiming to achieve enough profit to keep owners satisfied

corporate social responsibility (CSR)

when a business takes responsibility for its impacts on society and the environment

ethical code

a document detailing a companyʼs rules and guidelines on staff behavior

triple bottom line

the objectives of social enterprises: economic, social, and environmental

SMART objectives

specific, measurable, achievable, realistic, time-limited

business aim

a long-term goal that a business hopes to achieve

mission statement

a brief statement of the business's core aims to motivate employees and attract outside interest

tactic

a short-term action part of an overall strategy

budget

a detailed financial plan for the future

stakeholders

anyone affected by or interested in a business's actions

internal stakeholder

people inside the business who are affected by its operations

external stakeholder

people outside the business who are affected by or interested in its operations

trade union

an organization that supports workers to improve their pay, legal rights, and working conditions

stakeholder concept

businesses and managers have responsibilities to a wide range of groups, not just shareholders