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Statement: statement of what the organization would like to achieve or accomplish in the long term.
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Corporate aims: long-term goals which a business hopes to achieve.
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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.
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Difference between strategies and tactics
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Profit maximization: producing at the level of output where the greatest positive difference between total revenue and total costs is achieved.
Profits are essential for rewarding investors in a business and for financing further growth and are necessary to persuade business owners and entrepreneurs to take risks.
Profit satisficing: aiming to achieve enough profit to keep the owners happy, but to work flat out to make as much profit as possible.
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Ethics: moral guidelines that determine decision making.
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Ethical code (code of conduct): document detailing a company's rules and guidelines on staff behavior that must be followed by all employees.
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Stakeholders: people or groups of people who can be affected by, and therefore have an interest in, any action by an organization.
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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.
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