BUSINESS OBJECTIVES Aims Mission Statement Corporate Objectives Divisional
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 � What are the 8 common Corporate Objectives? 1. Market Standing 2. Innovation 3. Productivity 4. Financial & Physical Resources 5. Profitability 6. Management 7. Employees 8. Public Responsiblity
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.
� 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: 1. Using ethical or fair-trade based suppliers (Organic/Green) may increase the unit cost of a business. 2. Having limited or ethical based advertisement may cause sales to fall significantly. 3. Fixing price in order to increase profit or increasing price when the Government increases Tax.
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.
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