1.3 Organizational objectives

Stakeholders

: 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