1.3 KEY TERMS

CSR

Corporate social responsibility (CSR) refers to the consideration of ethical and environmental practices related to business activity. A business that adopts CSR acts morally towards its various stakeholder groups and the natural environment

Vision Statement

A vision statement outlines an organization’s aspirations (where it wants to be) in the distant future.

Mission Statement

A mission statement is a simple declaration of an organization’s purpose and core values. It aims to inform stakeholders what the business does, why it exists, and its overall goal.

Strategic Objectives

Strategic objectives are the longer-term goals of a business. They are used to help achieve the vision of the organization.

Tactical Objectives

Tactical objectives are the short-term goals that affect a section of the organization. They are guided by the strategic objectives.

Operational Objectives

Operational objectives are the day-to-day targets set for individual workers and teams to improve the efficiency of routine operations.

Ethical Objectives

Ethical objectives are the goals based on moral guidelines that determine acceptable business behaviour.

Aim

An aim is the general long-term goal of an organization.

Goal

A goal is a general statement of what a business intends to achieve. Goals provide a sense of direction, purpose, and motivation for the organization.