IBDP Business Unit 1.3 Key Terms

The conscientious consideration of ethical and environmental practice related to business activity. A business that adopts CSR acts morally towards all of its various stakeholder groups and the wellbeing of society as a whole.

• Corporate Social Responsibility

• Corporate Wellbeing

• Corporate Stakeholder Responsibility

• Corporate Ethics

The documented beliefs and philosophies of an organisation, so that people know what is considered acceptable or not acceptable within the organisation.

• Ethics handbook

• Ethical code of practice

• Ethical mission

• Ethical vision

Organisational goals based on moral guidelines, determined by the business and/or society, which direct and determine decision-making.

• Ethical code of practice

• Ethical guidelines

• Ethical objectives

• Ethics

The moral principles that guide decision-making and business strategy. Morals are concerned with what is considered to be right or wrong, from society's point of view.

• Ethics

• Morals

• Mission

• Vision

A _______ statement refers to the declaration of an organisation's overall purpose. It forms the foundation for setting the objectives of a business.

What an organisation strives to achieve. They are the goals of an organisation, such as growth, profit, protecting shareholder value and ethical objectives.

• Ideas

• Goals

• Objectives

• Strategies

The longer-term goals of a business, such as profit maximization, growth, market standing and increased market share.

• Mission

• Vision

• Objectives

• Strategic objectives

The various plans of action that businesses use to achieve their targets. They are the long-term plans of the organisation as a whole.

• Tactics

• Strategies

• Goals

• Objectives

Short-term goals that affect a unit of the organisation. They are specific goals that guide the daily functioning of certain departments or operations.

• Tactical objectives

• Strategic objectives

• Ethics

• Objectives

Short-term plans of action that businesses use to achieve their objectives.

• Goals

• Tactics

• Strategies

• Ethics