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business management 4# - Coggle Diagram
business management 4#
mission statement
the statement used to describe the purpose of the business
it does not really change
vision statement
it should inspire people to work for the business
it is a statement to talk about what the company aspires for the future
it generally changes
it helps the business aim for certain goals
the vision statement helps to plan future actions
business objectives
profit maxmization
survival
to extract the cost of the business and check if the cost in inverted. This is called as survival.
growth
the expansion of the business can be internal or external
return to the shareholders
the divident (money) is given to the shareholders during the return investment period
the 2 business objectives
stratergical
long term goals for a long journey
the goals are laid out buy the board of directors
tactical
they are refered to the short term and specfic goals with a definite timeline
they are small goals and they are tangible.
What is a not good vision or mission statement
it is too vague or not understandable at all
the line is not seriously enough by the employees
the company is not able to prove their statement because the business is doing the exact opposite thing.
important characterstics of a business objective
R- relevant
S- specfic
M- measurable
A- acheivable
T- time bound
CSR
it stands for coorperate social responsibilities
it refers to making changes in the society as it is creating positive impact.
they are are very strong in their ethical objectives.
advantages of CSR
contains a positive image
loyalty
keeping people informed about social responsibilities
long term profitability
more superior than the others in terms of competing
disadvantages of CSR
in the beginning, they lose all their money
A lot of stake holder's conflict
cost increases because of high production cost
importance of CSR
positive impact
opinions change over time
increase in social expectations