Mission Statements and Stakeholders Discussion Please help me finish it on time and make sure no plagiarism. The discussion doesn’t need to be to long, jus | Homework Answers
Mission Statements and Stakeholders Discussion Please help me finish it on time and make sure no plagiarism. The discussion doesn’t need to be to long, just one paragraph is fine, thank you so much!
Chapter 3. This week you should either read the chapter, if you have the book, or look at the Power point slides and Google whatever terms you do not know.This chapter is very important to understanding the big picture of strategic
management
This chapter includes a discussion of mission and vision statements? Do you know the difference? The two are very different. If you have a job do you know your employers mission or vision statements? Do you know the mission and vision statements for the hotel college. Mission and vision statement set up guidelines for what the culture and strategy of an organization is going to be. Without them, you could not have a strategic plan. Mission statements also convey all kinds of message to employees. The direction a mission statement provides helps managers choose which decisions best fit the organizations. They organize the company. Without a mission statement organizations would not perform very wellAnd if you have one, you better follow it!
Mission statements set objectives of all kinds. Consider the mission statement of Patagonia (the outdoor clothing company)
Patagonia’s mission statement combines both the values that bring them market success (building safe, high-quality products) and the values that contribute to a better world (philanthropic efforts to help the environment). For the people behind the brand (Links to an external site.)Links to an external site., “a love of wild and beautiful places demands participation in the fight to save them.” In the name of this cause, the company donates time, services, and at least 1% of its sales to hundreds of grassroots environmental groups around the world.
Each mission statement tells managers, employee, customers and other stakeholders who they are. (Vision statements tell everyone who they want to become).
Mission statement from Warby Parker, an online glasses/frames company.
Warby Parker: To offer designer eyewear at a revolutionary price, while leading the way for socially conscious businesses.
Consider going to war or into battle without a plan how likely is it that you will be successful. Many people compare strategic management and planning for war to be very similar processes and for similar purposes.
In this chapter you learn the key questions that managers should ask to create a strategic plan. We are entering an election cycle in the US. In 2020 we will elect a President, House of Representatives and lots of US Senators, plus people at lower levels. If you were running for office would you have a strategic plan? Dont each of those people running describe a plan to you (in brief) when they announce to run.
When Alice from Alice in Wonderland came to a Y in the road she saw a hooka- smoking caterpillar. She asked that caterpillar which fork in the road she should go, ie, which road to take and the caterpillar said to her that depends and where you want to go and you cant even answer that without a plan. You should each have plans for yourself (You.Inc) and develop a plan. I know not all college students do this, in fact the ones from Liberal Arts, Languages, Math etc and lots of other degrees never consider developing a plan. But they are not business people. You are.
You will also learn the components of social responsibility and five different ethical frames of reference. Consider which one you would follow.
Major topics include:
Strategic managers provide long-term direction for their organizations, while at the same time balancing the competing interests of stakeholders
Mission statements communicate ideals and a sense of direction and purpose to internal and external stakeholders
A mission is what a company is and its reasons for existing, while a vision is a forward-looking view of what the organization
wants to become
Businesses are defined in terms of customers, needs satisfied, capabilities and technologies, and products and services
Organizational values guide organizational decisions and help determine the firms attitude towards social responsibility and the
treatment of various stakeholder groups (enterprise strategy).
A code of ethics can communicate the values of the organization to employees and other stakeholders
Globalization makes dealing with values and ethics even more difficult
YOUR ASSIGNMENT: Pick one of the above topics and tell us something you know about it from your work, your family, your country or any other perspective. It doesnt have to be long. © 2010 John Wiley & Sons, Inc.
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?
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Know the key questions managers must ask and answer to
create a strategic direction.
Understand the challenge of structural inertia and how it
limits organizations.
Explain the difference between a vision and mission
statement, and why values are important to organizational
decision-makers.
List the five different components of social responsibility
Define enterprise strategy and give examples of firms that
link ethics and strategy.
Explain the five ethical frames of reference and how they
shape values.
2
Broad
Environment
Feedback that Guides
Impressions,
Expectations and
Behavior
External
Stakeholders
Strategic Direction
Vision Mission
Business Definition
Growth Orientation
Organizational Ethics
Internal
Stakeholders
History and
Inertia
Organizational
Actions
Organizational
Outcomes
Feedback that Guides
Impressions,
Expectations and
Behavior
3
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Used for Decision Making and Resource
Allocations
? Managers and employees are targeted
? Mission statements should use terms that are
understandable to internal stakeholders
? Communicate mission to internal stakeholders on a
regular basis
?
Used to Inspire Higher Levels of Performance
and Pride in Association
? Also targets managers and employees
? Should be inspiring
? However, organization must act accordingly
4
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Communicates Organizational Purpose and Values
? Targets primarily managers, employees, shareholders and potential
investors
? Helps managers and employees resolve dilemmas when faced with tradeoffs
? Helps external stakeholders know what to expect from the organization in
particular situations
?
Enhances Organizational Reputation
? Targets society and most external stakeholder groups, especially
customers and potential venture partners
? Carefully articulated to enhance reputation
? Catchy slogans (but not cliché) are helpful
? Should be short enough so that external stakeholders will attempt to read
them
? Widely dispersed to media sources and apparent in public settings
5
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A sense of what the organization will be in the
future
? CEO has primary responsibility for defining vision
?
Microsoft Vision Statement
? Empowering people through great software any
time, any place and on any device
? Bill Gates wants Microsoft to dominate the
software systems that link all digital
transactions and communications
Source of Microsoft Vision: http://www.microsoft.com/mscorp/, July 16, 2002
6
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The underlying philosophies that guide decisions
and behavior in a firm
? Also called core values OR organizational
ethics
CEO and other top managers have the most
influence on organizational values
Also a reflection of societal values
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? Integrity and fairness
? Respect and caring
? Diversity
? Always learning —- always teaching
? Being of service
? Teamwork
? Excellence
Our Core Values communicate the behaviors and attitudes
we cherish as we strive to deliver Dardens Core Purpose,
which is To nourish and delight everyone we serve.
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Economic Responsibilities
Legal Responsibilities
Moral Obligations
Discretionary Responsibilities
9
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Joins ethical and strategic thinking
Best possible reason for the actions it takes
Focused on which stakeholder needs are given
priority
Mission statements often provide clues
regarding the enterprise strategy of a firm
? We focus on satisfying customer needs
? Our goal is to provide a satisfying work environment
in which our employees can grow and develop
? Our primary purpose is to maximize shareholder
returns
? We focus on giving back to the communities in which
we operate
10
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Economic Theory
? The purpose of business organizations is to maximize
profits
?
Legal Theory
? Compliance with laws ensures ethical behavior
?
Religious Theory
? Everyone should act in accordance with religious
teachings
?
Utilitarian Theory
? Focus on outcomes from decisions. Everyone should act
in a way that generates the greatest benefits for the
largest number of people
?
Universalist Theory
? Focus on the intent of the decision. Would I be willing for
everyone else in the world to make the same decision?
11
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Communicate the values of the corporation to
employees and other stakeholders
Ethics systems are sometimes established to
ensure compliance
Formal systems may not be enough to ensure
ethical behavior
? Often people dont personalize ethical behavior
?
Ethical issues are even more difficult for firms
working in more than one country
12
?
?
?
?
Strategic managers provide long-term direction
for their organizations, while at the same time
balancing the competing interests of
stakeholders
Mission statements communicate ideals and a
sense of direction and purpose to internal and
external stakeholders
A mission is what a company is and its reasons
for existing, while a vision is a forward-looking
view of what the organization wants to become
Businesses are defined in terms of customers,
needs satisfied, capabilities and technologies,
and products and services
13
?
?
?
Organizational values guide organizational
decisions and help determine the firms attitude
towards social responsibility and the treatment
of various stakeholder groups (enterprise
strategy).
A code of ethics can communicate the values of
the organization to employees and other
stakeholders
Globalization makes dealing with values and
ethics even more difficult
14
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