20588735
Description
Flashcards by One Fish Two Fish, updated more than 1 year ago
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Created by One Fish Two Fish
over 4 years ago
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| Question | Answer |
| Mission statement | A statement of the business's core aims, phrased in a way to motivate employees and to stimulate interest by outside groups |
| Vision statement | A statement of what the organization would like to achieve or accomplish in the long term |
| Corporate aims | The long term goals which a business hopes to achieve |
| Divisional/operational objectives | Short or medium term goals or targets- usually specific in nature- which must be achieved by an organization to attain its corporate aims |
| Strategy | A 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 |
| Characteristics of strategic decisions | Long term, difficult to reverse once made, taken by directors and/or senior managers, cross-functional (involve all major departments of the business) |
| Characteristics of tactical decisions | Short to medium term, reversible, taken by less senior managers and subordinates, impact of tactical decisions is often only on one department |
| Ethical code (code of conduct) | a document detailing a company's rules and guidelines on staff behavior that must be followed by all employees |
| 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, communities and the environment |
| social audit | an 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 |
| Conflicts between corporate objectives | -Growth vs profit -Short term vs. long term: lower profits need to be accepted in the short term for investment of new tech or new products -Stakeholder conflicts |
| Factors determining corporate objectives | -corporate culture - size and legal form of the business - public sector vs private sector -well-established businesses |
| Evaluation of Ansoff's matrix | -allows managers to analyze the risks, costs, potential gains of each option - only considers 2 factors, consider SWOT & STEEPLE - matrix does not suggest detailed marketing options |
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