IB Business Management 1.3

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Grade 12 Business Studies Flashcards on IB Business Management 1.3, created by One Fish Two Fish on 01/18/2020.
One Fish Two Fish
Flashcards by One Fish Two Fish, updated more than 1 year ago
One Fish Two Fish
Created by One Fish Two Fish over 4 years ago
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Question Answer
Mission statement A statement of the business's core aims, phrased in a way to motivate employees and to stimulate interest by outside groups
Vision statement A statement of what the organization would like to achieve or accomplish in the long term
Corporate aims The long term goals which a business hopes to achieve
Divisional/operational objectives Short or medium term goals or targets- usually specific in nature- which must be achieved by an organization to attain its corporate aims
Strategy A long-term plan of action for the whole organization, designed to achieve a particular goal
Tactic Short-term policy or decision aimed at resolving a particular problem or meeting a specific part of the overall strategy
Characteristics of strategic decisions Long term, difficult to reverse once made, taken by directors and/or senior managers, cross-functional (involve all major departments of the business)
Characteristics of tactical decisions Short to medium term, reversible, taken by less senior managers and subordinates, impact of tactical decisions is often only on one department
Ethical code (code of conduct) a document detailing a company's rules and guidelines on staff behavior that must be followed by all employees
Corporate social responsibility (CSR) this concept applies to those businesses that consider the interests of society by taking responsibility for the impact of their decisions and activities on customers, communities and the environment
social audit an independent report on the impact a business has on society. This can cover pollution levels, health and safety record, sources of supplies, customer satisfaction and contribution to the community
Conflicts between corporate objectives -Growth vs profit -Short term vs. long term: lower profits need to be accepted in the short term for investment of new tech or new products -Stakeholder conflicts
Factors determining corporate objectives -corporate culture - size and legal form of the business - public sector vs private sector -well-established businesses
Evaluation of Ansoff's matrix -allows managers to analyze the risks, costs, potential gains of each option - only considers 2 factors, consider SWOT & STEEPLE - matrix does not suggest detailed marketing options
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