Studied by 3 peopleStakeholders
________: people or groups of people who can be affected by, and therefore have an interest in, any action by an organization.
Ethics
________: moral guidelines that determine decision making.
Ansoffs matrix
________: model used to show the degree of risk associated with four growth strategies:
pollution levels
This can cover ________, health and safety record, sources of supplies, customer satisfaction and contribution to the community.
Tactic
________: short- term policy or decision aimed at resolving a particular problem or meeting a specific part of the overall strategy.
Corporate aims
________: long- term goals which a business hopes to achieve.
Diversification
________: process of selling different, unrelated goods or services in new markets.
Divisional
________ /operational objectives: short- term goals /targets or medium- term goals /targets usually specific in nature which must be achieved for an organization to attain its corporate aims.
whole organization
Strategy: long- term plan of action for the ________, designed to achieve a particular goal.
Social audit
________: independent report on the impact a business has on society.
Corporate social
________ responsibility (CSR): this concept applies to those businesses that consider the interests of society by taking responsibility for the impact of their decisions and activities on customers, employees, communities and the environment.
Ethical code
________ (code of conduct): document detailing a company's rules and guidelines on staff behavior that must be followed by all employees.
SWOT analysis
________: form of strategic analysis that identifies and analyses the main internal strengths and weaknesses and external opportunities and threats that will influence the future direction and success of a business.
Mission statement
statement of the businesss core aims, phrased in a way to motivate employees and to stimulate interest by outside groups vision
Statement
statement of what the organization would like to achieve or accomplish in the long term
Corporate aims
long-term goals which a business hopes to achieve
Divisional/operational objectives
short-term goals/targets or medium-term goals/targets usually specific in nature which must be achieved for an organization to attain its corporate aims
S
Specific
M
Measurable
A
Achievable
R
Realistic and relevant
T
Time-specific
Strategy
long-term plan of action for the whole organization, designed to achieve a particular goal
Tactic
short-term policy or decision aimed at resolving a particular problem or meeting a specific part of the overall strategy
Ethics
moral guidelines that determine decision making
Ethical code (code of conduct)
document detailing a company's rules and guidelines on staff behavior that must be followed by all employees
Stakeholders
people or groups of people who can be affected by, and therefore have an interest in, any action by an organization
Corporate social responsibility (CSR)
this concept applies to those businesses that consider the interests of society by taking responsibility for the impact of their decisions and activities on customers, employees, communities and the environment
Social audit
independent report on the impact a business has on society
SWOT analysis
form of strategic analysis that identifies and analyses the main internal strengths and weaknesses and external opportunities and threats that will influence the future direction and success of a business
Ansoffs matrix
model used to show the degree of risk associated with four growth strategies
Market penetration
achieving higher market shares in existing markets with existing products
Product development
development and sale of new products or new developments of existing products in existing markets
Market development
strategy of selling existing products in new markets
Diversification
process of selling different, unrelated goods or services in new markets
Mission statement
Statement of the business's core aims, phrased in a way to motivate employees and to stimulate interest by outside groups vision
Statement
Statement of what the organization would like to achieve or accomplish in the long term
Corporate aims
Long-term goals which a business hopes to achieve
Divisional/operational objectives
Short-term goals/targets or medium-term goals/targets usually specific in nature which must be achieved for an organization to attain its corporate aims
Specific, measurable, achievable, realistic and relevant, time-specific
Operational objectives should be "SMART"
Strategy
Long-term plan of action for the whole organization, designed to achieve a particular goal
Tactic
Short-term policy or decision aimed at resolving a particular problem or meeting a specific part of the overall strategy
Ethics
Moral guidelines that determine decision making
Ethical code (code of conduct)
Document detailing a company's rules and guidelines on staff behavior that must be followed by all employees
Stakeholders
People or groups of people who can be affected by, and therefore have an interest in, any action by an organization
Corporate social responsibility (CSR)
This concept applies to those businesses that consider the interests of society by taking responsibility for the impact of their decisions and activities on customers, employees, communities and the environment
Social audit
Independent report on the impact a business has on society. This can cover pollution levels, health and safety record, sources of supplies, customer satisfaction and contribution to the community
SWOT analysis
Form of strategic analysis that identifies and analyses the main internal strengths and weaknesses and external opportunities and threats that will influence the future direction and success of a business
Ansoff's matrix
Model used to show the degree of risk associated with four growth strategies: market penetration, product development, market development and diversification
Profit maximization
Producing at the level of output where the greatest positive difference between total revenue and total costs is achieved
Profit satisficing
Aiming to achieve enough profit to keep the owners happy, but to work flat out to make as much profit as possible
Increasing market share
Increasing market share indicates that the marketing mix of the business is proving to be is more successful than that of its competitors.
Market penetration
Achieving higher market shares in existing markets with existing products
Product development
Development and sale of new products or new developments of existing products in existing markets
Market development
Strategy of selling existing products in new markets
Diversification
Process of selling different, unrelated goods or services in new markets
Note 
Flashcard (35)