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The lecture provides descriptions of missions, values, objectives and the influence of stakeholders. The lecture will help students create and recognize a vision statement, mission statement, values of enterprisescompanies in business environment
MISSION, VALUES & OBJECTIVES AND INFLUENCE OF STAKEHOLDERS BUSINESS ENVIRONMENT_Task 1a MISSION AND VISION Vision Stateme nt Mission Stateme nt Goals PAGE 26 Objectiv es VISION STATEMENTS Short and inspiring statement of what your organisation intends to become and to achieve at some point in the future Strategic intentions of organization “animating the dream” Meant to inspire, not very helpful in the shorter term Sort of super-objective, it may never be attained What the organisation stands for May contain commitment to: Creating an outstanding value for customers and other stakeholders Developing a great new product or service Developing a great company Examples of VISION STATEMENTS Mercedes Benz “To be the best car company in terms of delivering quality products and services.” Weight Watchers “To build and exploit unique associations of dietary weight control and nutrition to gain a presence throughout the supermarket.” Virgin Records “To be the number entertainment and service provider.” Examples of VISION STATEMENTS General Electric (GE) “We bring good things to life.” Ford “To become the world’s leading consumer company for automotive products and services.” Microsoft “To enable people and businesses throughout the world to realise their full potential.” Google “The world’s perfect search engine.” MISSION STATEMENTS Mission describes the organisations basic function in society, in terms of the product and services it produces for its clients Mission Statements A road map Behaviour and actions for the present and immediate future Outline the specific role that the organisation plans to fulfil within society over the long term Limit the scope of operations by implicitly excluding areas outside its stated mission MISSION STATEMENTS Characteristics: Brevity – easy to understand and remember Flexibility – to accommodate change Distinctiveness – to make the firm stand out Examples of MISSION STATEMENTS Herr Haar (Hair and Beauty Salon) Our mission is to provide skilled services, through talented cosmetologists, that give our customers the dignity and self respect needed to be successful in the world today We are also committed to offering a range of complementary services for hair styling and bodycare in the same location, to give our customers the convenience of a single location for all their hair and bodycare needs Google Google's mission is to organize the world's information and make it universally accessible and useful More Examples: Course Book; page 27 Business Economics Modular Text Book; pages 146-147 WORKSHOP Instructions: Write your answers on your WORKSHOP NOTEBOOK Always keep your notebook neat and organized for easy reference when doing your assignments Select one organisation from the list: mission Identify the of your chosen organisation Explain each statement GOALS or AIMS Goals are the intentions behind decisions or actions, the states of mind that drive individuals or organisations to what they From the vision and mission, GOALS are derived Apply to shorter time frames than the more general mission statement but still non-specific and not quantified More understandable statements for the different groups of stakeholders Separate goals may be developed for customers, suppliers, employees and shareholders Categories of Stakeholders in terms of their INTEREST against their LEVEL OF INFLUENCE MINIMAL EFFORT low interest, low influence segment not have great ability to influence strategy & not have much interest in the organisation e.g indirect competitors KEEP SATISFIED low interest, high influence segment must be treated with care capable of being key players e.g large institutional shareholders KEEP INFORMED high interest, low influence segment not have great ability to influence strategy but their views can be very important in influencing more powerful stakeholders e.g charities, community representatives KEY PLAYERS high interest, high influence segment strategy must be acceptable to them HOW TO ASSESS THE INFLUENCE OF STAKEHOLDERS using Stakeholder Mapping STAKEHOLDERS MAPPING • • • • Key players - strategy must be acceptable to them, at least An example would be a major customer Stakeholders in ‘Keep satisfied’ segment must be treated with care While often passive, they are capable of being key players Large institutional shareholders might fall into this segment Stakeholders in ‘Keep informed’ segment not have great ability to influence strategy, but their views can be important in influencing more powerful stakeholders, perhaps by lobbying Community representatives and charities might fall into this segment Minimal effort is expended on this segment WORKSHOP Instructions: Write your answers on your WORKSHOP NOTEBOOK Always keep your notebook neat and organized for easy reference when doing your assignments Use the same organisation that you have selected in Workshop Assess the influence of ALL stakeholders using Stakeholder Mapping/ Provide proof and evidences EXTENT TO WHICH ORGANIZATION ACHIEVES THE OBJECTIVES OF THREE STAKEHOLDERS BUSINESS Three Broad Types of Stakeholders Stakeholders are the many different groups and individuals whose interests are affected by the activities of a firm Three (3) Broad Types of Stakeholders Internal - employees, management Connected - shareholders, customers, suppliers, financiers, lenders, competitors External - community, movement, pressure groups, special interest groups, national and world society ACHIEVING STAKEHOLDERS’ OBJECTIVES INTERNAL STAKEHOLDERS Managers and individuals have individual interests and goals: Security of income Increases in income A safe and comfortable working environment A sense of community Interesting work Skills and career development A sense of doing something worthwhile ACHIEVING STAKEHOLDERS’ OBJECTIVES CONNECTED STAKEHOLDERS Shareholders/Owners Return on investment Ethical performance Growth of investment funds Bankers Firm’s overall condition Keen to minimise the risk of interest not being paid, or of its security being eroded ACHIEVING STAKEHOLDERS’ OBJECTIVES CONNECTED STAKEHOLDERS Customers Want products and services Large customers have significant power over prices and procedures Determine what is produced, what quality is needed, what price is charged and what development is needed Failure to listen to customers = no sales, no market Main Ways that Customers Affect Businesses is Through: Feedback Complaints Suggestions Choosing whether or not to buy Filing out questionnaires ACHIEVING STAKEHOLDERS’ OBJECTIVES CONNECTED STAKEHOLDERS Suppliers Will expect to be paid Will be interested in future business Competitors ACHIEVING STAKEHOLDERS’ OBJECTIVES EXTERNAL STAKEHOLDERS Central government Passing laws to protect workers and customers Collecting taxes (income tax, corporation tax, VAT) Supporting businesses in socially or economically deprived areas Subsidising activities Aiding exporters Local authorities Local employment Increasing road traffic ACHIEVING STAKEHOLDERS’ OBJECTIVES EXTERNAL STAKEHOLDERS Professional bodies Ensure that members who work for companies comply with professional ethics and standards Pressure groups Interest in particular issues ACHIEVING STAKEHOLDERS’ OBJECTIVES EXTERNAL STAKEHOLDERS Professional bodies Ensure that members who work for companies comply with professional ethics and standards Pressure groups Interest in particular issues WORKSHOP Instructions: Write your answers on your WORKSHOP NOTEBOOK Always keep your notebook neat and organized for easy reference when doing your assignments Use the same organisation that you have selected in Workshop Evaluate the extent to which selected organization achieves the objectives of three stakeholders Identify whether achieved/not achieved Present in tabular form Explanation MUST be written below the table Provide facts and figures Example of Explanation: One of the employees’ objectives is to receive a high salary The company is able to achieve this objective because the amount of salary (3million VND) that they give to all employees is much higher than the minimum requirement HOW TO ASSESS THE INFLUENCE OF STAKEHOLDERS? (some examples) ... influence of ALL stakeholders using Stakeholder Mapping/ Provide proof and evidences EXTENT TO WHICH ORGANIZATION ACHIEVES THE OBJECTIVES OF THREE STAKEHOLDERS BUSINESS Three Broad Types of Stakeholders. .. Stakeholder mapping is used to assess the influence of stakeholders page Categories of Stakeholders in terms of their INTEREST against their LEVEL OF INFLUENCE MINIMAL EFFORT low interest, low... Workshop objectives Identify the of your chosen organisation Explain whether each objective follow the SMART technique ASSESSING THE INFLUENCE OF STAKEHOLDERS USING: STAKEHOLDER MAPPING BUSINESS ENVIRONMENT_ Task