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1.3 -Terminology
Terminology under 1.3 - organisational objectives
| Term | Definition |
|---|---|
| aim | goal a business wants to achieve. |
| objectives | specific targets that are used to measure the performance of organizations, teams and individuals for a period of time |
| vision statement | reveals, at the highest levels, what an organization most hopes to be and achieve in the long term |
| mission statement | short statement of why an organization exists, what its overall goal is, |
| Business strategy | combination of all the decisions taken and actions performed by the business to accomplish the business goals and to secure a competitive position in the market. |
| Business tactics | quick, actionable plans that support an organization's overall strategy. |
| Business strategy | a coordinated and systematic way to develop a course and direction for a company. |
| strengths | describe what an organization excels at and what separates it from the competition |
| Weaknesses | areas where the business needs to improve to remain competitive |
| Internal environment of a business | elements within the control of the organization which may influence it's overall performance |
| External environment of a business | elements beyond the control of a business which may influence its overall performance |
| Ethical objectives | The goals set by an organization that fall within an established set of moral guidelines or fair business practices |
| Corporate social responsibility | a self-regulating business model that helps a company be socially accountable — to itself, its stakeholders, and the public. |
| Green washing | the practice of making an unsubstantiated or misleading claim about the environmental benefits of a product, service, technology or company practice. |
| Ansoff matrix | analytical tool used by firms to analyze and plan their strategies for growth through market development and or product development |
| Market penetration | increasing the market share of an existing product, |
| Market development | Growth strategy whereby a business sells existing products into new markets |
| Product development | Growth strategy whereby a business sells new products into existing markets |
| Diversification | Growth strategy whereby a business sells new products into new markets |
| Stakeholders | individuals or parties that have an interest in a company and can either affect or be affected by the business |
| Growth strategy | actions performed by the business in order to expand |
Created by:
Athman
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