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1.3 -Terminology

Terminology under 1.3 - organisational objectives

TermDefinition
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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