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Business Management > Topic 1.3: Organisational Objectives > Flashcards

Topic 1.3: Organisational Objectives Flashcards

(62 cards)

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1
Q

Vision Statement

A

Aims & Goals

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2
Q

Mission Statement

A

Purpose of business

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3
Q

Strategic Objectives

A

Long term goals (5 years)`

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4
Q

Tactical Objectives

A

Medium term goals (1-5 years) affecting a section of the organisation

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5
Q

Operational Objectives

A

Short term goals (day to day)

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6
Q

Profit Maximisation

A

Maximum difference between revenue and expenses

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7
Q

Dividends

A

A portion of the profits

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8
Q

Market share

A

The business’s share of the total market sales (greater the share the more profits made)

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9
Q

Internal growth

A

More employees, increasing sales, new products etc.

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10
Q

External growth

A

Merging or acquiring other businesses

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11
Q

Legal redress

A

Litigations

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12
Q

Ethical objectives

A

Company with fair business practices, ethical guidelines and established moral principles

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13
Q

Corporate Social Responsibility

A

Practices and policies taken by corporations intended to have a positive influence on the world

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14
Q

Market Penetration

A

Achieving high market share in existing markets with existing products

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15
Q

Diversification

A

Selling different, key products into new markets

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16
Q

Market Development

A

Selling existing products to new markets

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17
Q

Product development

A

Sale of newly-developed or new products in existing markets

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18
Q

Generic Strategies

A

Effects the company as a whole to reach its goals

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19
Q

Corporate Stategies

A

Used to reach Strategic Objectives (Long-term)

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20
Q

Market Standing

A

The extent to which a business has presence in the industry

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21
Q

Strategies

A

The medium to long-term plans of action to achieve the strategic objectives of an organisation

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22
Q

Tactics

A

Short-term methods used to achieve an organisation’s tactical objectives

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23
Q

Aims

A

General and long-term goals of an organisation/What an organisation wants

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24
Q

Objectives

A

Short-to-medium-term and specific targets an organization sets in order to achieve its aims

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25
Corporate Culture
The accepted norms and customs of a business
26
Internal Factos
Within the control of the organization
27
External factors
Beyond the control of the organization
28
Ethics
The moral principles that guide decision-making and strategy
29
Business Ethics
The actions of people and organizations that are considered to be morally correct
30
Ethical code of practice
Documented beliefs and philosophies of an organization, so that people know what is considered acceptable or not acceptable within the organisation
31
Ansoff Matrix
An analytical tool that helps managers choose products and growth strategies
32
Product Extension Strategies
Placing an established product's brand name on a new product that is in the same category
33
Brand Development
Ceating and distinguishing your company's image, products and services from your competitors
34
Related Diversification
When a firm moves into a new industry that has important similarities with the firm's existing industry
35
Unrelated Diversification
When a company enters an industry that bears no significant resemblance to the company's current industry
36
Holding Company
Companies that own the controlling amount of stocks of other companies
37
Subsidiaries
Firms owned by a holding company
38
Customer Loyalty
Trust of the customer to the business making them coming back often
39
Litigation
Disadvantages faced legally causing business sebacks
40
Competitors
Similar companies
41
Suppliers
A person or a business entity that sells something
42
Stakeholders
All people/groups of people who are interested in the business
43
Stakeholders
All people/groups of people who are interested in the business
44
Survival
For a business to stay open
45
Sales Revenue Maximisation
The maximum amount of surplus that remains after all cost are paid
46
Profit Maximisation
Maximum amount of profit earnable
47
Growth
Increase in sales revenue or market share
48
Market Standing
The extent to which a business has presence in the industry
49
SWOT Analysis
A decision making tool for businesses: Strengths, Weaknesses, Opportunities and Threats
50
Strengths
Internal factors that help the business to better achieve its objectives
51
Weaknesses
Internal facts that prevent/delay businesses from achieving their goals
52
Opportunities
External possibilities for future development
53
Threats
External facts that hinder the prospects of the organisation
54
Competitor Analysis
The threats posed by a rival or the strengths of a competitor
55
Assessing Opportunities
The development & growth of the organisation
56
Risk Assessment
The likely effects of investing in a certain project or location
57
Reviewing Corporate Strategy
The market position or direction of the business
58
Strategic Planning
The decision to diversify or expand overseas
59
Internal factor
Strengths & Weaknesses, what the business is currently facing
60
External factor
Opportunities & threats, what the business is likely to face in the near future
61
SMART Objectives
Targets that are Specific, Measurable, Achievable, Realistic and Time constrained
62
Them and us cuture
Exists in the workplace if there is a psychological divide between senior management and subordinates

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