1.3 - Business Objectives (Flashcards)

Front

Mission Statement

Back

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

Front

Vision Statement

Back

A statement of what the organisation would like to achieve or accomplish in the long term.

Front

Corporate Aims

Back

The long-term goals which a business hopes to achieve.

Front

Business Objectives

Back

Short- or medium-term goals or targets, usually specific in nature, which must be achieved in order for an organisation to attain its overall corporate aim.

Front

Market Share

Back

Sales of the business as a proportion of total market size, in a given period.

Front

Shareholder Value

Back

The financial gains received by the owners of a company's shares.

Front

Ethics

Back

Moral guidelines that determine decision-making.

Front

Ethical Code (Code of Conduct)

Back

A document detailing a company's rules and guidelines on staff behaviour that must be followed by all employees.

Front

Strategic Objective

Back

A long-term target for the whole organisation, designed to achieve the corporate aim.

Front

Tactical Objective

Back

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