Term
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Definition
| Aims are the long-term goals of a business, often expressed in the firm's mission statement. They are a general statement of a firm's purpose or intentions and tend to be qualitative in nature. |
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Term
Corporate social responsibility
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Definition
| CSR refers to the consideration of ethical and environmental issues relating to business activity. A business that adopts CSR will act morally towards its various stakeholder groups. |
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Term
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Definition
| Ethics are the moral values that determine and affect business behaviour and decion-making, such as taking actions that are in the best interest of the world's scarce resources. |
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Term
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Definition
| Mission statement refers to the declaration of an organisation's overall purpose. It forms the foundation for setting the objectives of a business. |
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Term
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Definition
| Objectives are the relatively shorter term targets of an organisation. They tend to be expressed as SMART objectives. |
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Term
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Definition
| Smart objectives mean that well-set objectives ought to be specific, measurable, agreed, realistic and timed. |
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Term
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Definition
| Social audit refers to an independent assessment of how an organisation's actions affect society. The audit is likely to include a review of the firm's environmental impact, staff management and contributions to society. |
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Term
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Definition
| Social responsibility refers to a business being conscientiously concerned about the well-being of the general public as a whole. Hence socially responsible organisations are likely to act in an ethical manner and consider the needs of all their stakeholders. |
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Term
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Definition
| Strategy refers to the various methods that businesses can use in an attempt to achieve theri mission or vision. Strategies then form the long-term plans for the whole organisation. |
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Term
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Definition
| Tactics refer to the short-term methods that firms can use to achieve their objectives. |
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Term
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Definition
| Vision statement refers to an organisation's long-term aspirations, i.e. where it ultimately wants to be. |
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