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Business 1.3 Glossary
N/A
20
Business
11th Grade
10/27/2011

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Term
Aims
Definition
The general long-term goals of an organization.
Term
Objectives
Definition
The short term and more specific goals of an organization, based on its aims.
Term
Strategy
Definition
The term used to refer to any plan or scheme to achieve the long-term aims of a business.
Term
Tactics
Definition
The short-term ways that firms can use to achieve their aims and objectives.
Term
Operational strategies
Definition
The day-to-day methods used to improve the efficiency of an organization (are aimed at trying to achieve the tactical objectives of a business)
Term
Generic strategies
Definition
The methods that affect the business as a whole.
Term
Corporate strategies
Definition
The methods that are aimed at the long-term objectives of a business (used to achieve the strategic objectives of an organization)
Term
Tactical objectives
Definition
Short-term objectives that affect a segment of the organization, such as a department.
Term
Strategic objectives
Definition
Longer-term aims of a business organization.
Term
Market standing
Definition
The extent to which a firm has presence in the marketplace.
Term
Ethics
Definition
The moral principles that guide decision-making and strategy.
Term
Morals
Definition
What is considered right or wrong, from a society's point of view.
Term
Ethical code of practice
Definition
The documented beliefs and philosophies of a business.
Term
Ethical dilemma
Definition
When ethical decision-making involves adopting a less profitable course of action.
Term
Corporate social responsibilities
Definition
A business's social responsibilities to act morally towards their stakeholders.
Term
Free market
Definition
An economist's belief that the role of businesses is to generate profits for their owners.
Term
Altruistic CSR attitude
Definition
To act in a humanitarian and unselfish manner (opposite of free-market)
Term
Strategic CSR attitude
Definition
The thought that businesses ought to be socially responsible only if such actions help the business to become more profitable.
Term
Social Audit
Definition
An independent assessment of how a firm's actions affect society.
Term
Environmental Audit
Definition
An independent review of a firm's activities that examines only the impacts on the environment.
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