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1.3 Glossary of Key terms

1.3 Glossary of Key terms

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Unit 1.3 - Glossary of Key terms: Business objectives

Key term	Definition
Corporate social responsibility (CSR)	This is an organization’s decisions and actions that impact society in a positive way.
Ethical code of practice	The formal documented philosophies and values of a business, so that stakeholders know what is considered acceptable or not acceptable within the organization.
Ethical objectives	Organizational goals based on moral guidelines that determine decision-making.
Ethics	These are moral guidelines or codes of practice which govern good organizational behaviour.
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.
SMART objectives	Peter Drucker’s framework for setting organization objectives, which should be specific, measurable, agreed (or achievable), realistic (or relevant), and time bound.
Strategic objectives	The long-term goals of a business, which could include profit maximization, growth, and increased market share.
Strategies	The various long-term plans of action and approaches used by a business to achieve its goals.
Tactic	The short-term methods, often on a daily basis, used to implement business strategy.
Tactical objectives	The relatively short-term and specific goals of a business. These targets are used to guide the daily functioning of the organization.
Vision statement	An inspiring declaration of what an organization ultimately strives to be, or to achieve, in the distant future.

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