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BUSINESS OBJECTIVES

BUSINESS OBJECTIVES. Aims, Mission Statement, Corporate Objectives, Divisional Objectives, Departmental Objectives, Individual Targets. Page: 66-68. Check List: SMART – Specific, Measurable, Achievable, Realistic, Time Specific What is an Aim? Mission Statement? Corporate Objectives

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BUSINESS OBJECTIVES

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  1. BUSINESS OBJECTIVES Aims, Mission Statement, Corporate Objectives, Divisional Objectives, Departmental Objectives, Individual Targets Page: 66-68

  2. Check List: • SMART – Specific, Measurable, Achievable, Realistic, Time Specific • What is an Aim? • Mission Statement? • Corporate Objectives • What are the 8 common Corporate Objectives? • Market Standing • Innovation • Productivity • Financial & Physical Resources • Profitability • Management • Employees • Public Responsiblity

  3. There is an Ethical influence on the Business objectives and Decisions: When a business becomes socially responsible it adopts an ‘ethical code’ by which it must govern itself Ethics: These are the moral guidelines by which a business or even as individual govern the decisions we make and take. Ethical Code known also as Code of Conduct: is a full document which highlights the rules and regulation by which a business governs itself.

  4. What are examples of ethical problems that a business may face? • Keeping to a strict Ethical code can be quite costly to a business in the short term: • Using ethical or fair-trade based suppliers (Organic/Green) may increase the unit cost of a business. • Having limited or ethical based advertisement may cause sales to fall significantly. • Fixing price in order to increase profit or increasing price when the Government increases Tax.

  5. There is a long term benefit for using ethical Code in order to run the business: • A stronger and loyal consumer based would be formed. • A good image of the business would be created. • Government subsidies maybe given to the business in the long run • Highly skilled labour maybe attracted to work for a ethical business for a lower salary.

  6. Read the Chapter and if you have any questions please see me in your free time. Thank you

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