1.3 Business Objectives

Vision Statement

A long-term goal, a dream or an understanding of what the future looks like

Mission Statement

A short statement that discuss what the business is doing right now in order to achieve its goal in the vision statement

Value

All the benefits that a business creates for the stakeholders involved

Objectives

Stated outcomes that a business aims to achieve.

Tactics

Smaller actions that a business takes in order to reach its goals

Strategies

Long -term plan that sets out the ways a business is going to achieve its cooperate aims

Ethical Objectives

Objectives that are being influenced by moral values.

The document where a business’ Ethical Values can be found

Code of Conduct

Linear Production

taking resources from the Earth, making products and disposing them off. This process is also known as: take-make-waste strategy

Circular Production

reducing waste by making sure that the outputs of the production system feedback into the system as inputs

Stakeholder

A person that either affects or is affected by a business or organisation

SMART criteria

Specific

Measurable

Attainable

Relevant

Time-focused

Investment

Spending by a business on non-current assets

Growth

Maximizing of profit for shareholders (main goal for a business)

Cooperate Social Responsibility (CSR)

When businesses actively seek ways to improve society and the environment through core business activities & business designs

Social Audits

This is a way to report on how well a company’s “social performance”- how their ethical behaviour matches up to their ethical objectives

SWOT

Strengths

Weaknesses

Opportunities

Threats

Strengths & Weaknesses of the business are classified as __________

Internal Factors

Opportunities & Threats of the business are classified as ___________

External Factors

4 Key Objectives of Circular Models

1. Growth

2. Profit

3. Protecting shareholders value

4. Ethical Objectives

Donut Economics

• Sociocultural Sustainability → The people

• Environmental Sustainability → The planet (only SO much, we over-use)

• Economic Sustainability → The profit

Over-shoot

When resources are being overused

The 5 R’s cycle

Refuse

Reform

Reduce

Reuse

Recycle

Resource Recovery Models

Materials are broken into their constituent parts and it’s reusable parts are being taken out

Product Life Extension Models

This is when the products have a new life somewhere else.

Sharing Models

Where products are being shared amongst the community

Product Services Models

The provision of a marketable set of products and services, designed to be economically, socially, and environmentally sustainable