Untitled Flashcard Set

mission statement: a statement of the business’s core aims, phrased in a way to motivate employees and to stimulate interest from outside groups.

vision statement: a statement of what the organisation would like to achieve or accomplish in the long term.

corporate aims: the long term goals which a business hopes to achieve.

business objectives: short or medium term goals or targets specific in nature which must be achieved in order for an organisation to attain its overall corporate aim.

market share: sales of the business as a proportion of total market size in a given period.

shareholder value: the financial gains received by the owners of a company’s shares.

ethics: moral guidelines that determine decision making.

ethical code/code of conduct: a document detailing a company’s rules and guidelines on staff behavior that must be followed by all employees.

strategic objective: a long term target for the whole organisation designed to achieve the corporate aim.

tactical objective: a short term target aimed at resolving a particular problem or meeting a specific part of a longer term strategic objective.

stakeholders: people or groups of people who can be affected by and therefore have an interest in any action taken by an organisation.

pollution levels health and safety record sources of supplies customer satisfaction and contribution to the community.

strategy: a plan of action designed to help achieve an objective.

strategic analysis: conducting research into the business environment and into the business itself to help identify future strategies.

SWOT analysis: a 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.

STEEPLE analysis: the strategic analysis of the macro environment in which a business operates including social technological economic environmental political legal and ethical factors.

Ansoff matrix: a model used to show the degree of risk associated with the four growth strategies of market penetration market development product development and diversification.

market penetration: achieving higher market shares in existing markets with existing products.

product development: the development and sale of new products or new developments of existing products in existing markets.

market development: the strategy of selling existing products in new markets.

diversification: the process of selling different unrelated goods or services in new markets.

stakeholder concept: a view that businesses and their managers have responsibilities to a wide range of groups not just shareholders

corporate social responsibility: 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: an independent report on the impact a business has on society. this can cover