Aims

These are the long-term aspirations of an organization.

Ansoff Matrix

This is a strategic management tool, used to devise product and market growth strategies for an organization.

Corporate social responsibility (CSR)

This is an organization’s decisions and actions that impact society in a positive way.

Diversification

A growth strategy in the Ansoff matrix, which involves a business launching new products in new markets, such as Honda (motor vehicles) manufacturing lawnmowers and jet planes.

Organizational goals based on moral guidelines that determine decision-making.

Ethics

Market development

A growth strategy in the Ansoff matrix which focuses on using customer loyalty to persuade them (and prospective customers) to buy a new product.

Market penetration

A growth strategy in the Ansoff matrix that focuses on developing existing markets with existing products to increase sales revenue and market share.

Mission statement

A succinct and motivating declaration of an organization’s purpose of existence, who they are, and what they do.

Objectives

These are the clearly defined targets of a business in order to achieve its aims. They are often based on the SMART acronym – specific, measurable, agreed, realistic and time specific. 

Product development

This growth strategy in the Ansoff matrix that involves introducing new products to existing customers by developing or replacing current products.

SMART objectives

Peter Drucker’s framework for setting organization objectives, which should be specific, measurable, agreed (or achievable), realistic (or relevant), and time bound.

Strategy

Strategies are the ways in which a business plans to reach its long-term organizational aims.

SWOT analysis

A strategic analysis tool that allows managers to assess the current situation facing an organization, including both internal factors and the external business environments.

Tactic

The short-term methods, often on a daily basis, used to implement business strategy.

Vision statement

An inspiring declaration of what an organization ultimately strives to be, or to achieve, in the distant future.