Characteristics of Planning Planning can be defined as an action that is deciding today what and how to do in order to achieve the desired goals. Planning is an inevitable part of every organization. Being the first among management functions managers need to formulate effective plans to ensure effective functioning in the workplace and achievement…
What is Goal Formulation? A goal is the desired outcome of an individual or an organization. Goal formulation or goal setting is the process of specifying the desired goal. It is a complex as well as a unique process in the organization. Goals serve as the foundation of all organizational decisions and give a unified…
Every business is established to achieve a certain goal. Suppose you go to college, and your goal is scoring good grades and getting a good job, maybe. Similarly, organizations are established to achieve their desired goals which are known as organizational goals. Here we will discuss what the organizational goal is, its features, objectives, principles,…
Types of Organizational Goals The strategic objectives that serve as the focus of an organization’s actions are known as organizational goals. There are different types of organizational goals that can be found in organizations. Every organization’s goal is unique and different. Based on the business nature, the level of the hierarchy, and the time frame…
Arguments For and Against Social Responsibility The social responsibility of business has been an essential tool to enhance the living standards of society. However, there have been various arguments for and against social responsibility. Many argue that social responsibility is good for business and all of its stakeholders whereas others argue against it as it…
Importance of Business Ethics Why business ethics is important? The importance of business ethics is growing day by day since more people are responding positively to the organization which promotes ethical and social behavior. Studies show that almost 20% of people speak against the organization which is unethical in its operations. Business ethics is the…
What is Managerial Ethics? Managerial ethics or management ethics is a moral code of conduct that a manager assumes while performing organizational activities. It includes the set of principles that guide what is wrong and what is right conduct in the organization. In simple terms, ethics is the moral principle that guides an individual’s behavior…
It is said that business ethics is the supporting pillar for organizations to succeed and prosper in the long run. Due to globalization and ever-growing competition, no matter what the size and nature of the business, none of the organizations can sustain itself with a generosity of time, market situation, and its customers without ethical…
Components of Business Environment Components of business environment mean all the factors, forces, and institutions that could have a direct and indirect impact on the performance of an organization. Types of business environments include two – internal and external environments. The internal environment consists of factors that are controllable but externals are not by the…