Organization Objectives &Stakeholders
Chapter 3 & 4
1.3 Organizational Objectives
1.4 Stakeholders
Vision Statement
A statement of what the organizationwould like to achieve or accomplish inthe long term.
McDonald’s Vision Statement:
“Where the world buys moreMcDonald’s than any otherfast food.”
Mission Statement
A statement of the business’s core aims,phrased in a way to motivateemployees and stimulate interestby outside groups.
McDonald’s Mission Statement:
“McDonald’s aims to be the world’s best quickservice restaurant experience. Being thebest means providing outstanding quality,service, cleanliness and value so that wemake every customer in every restaurantsmile.”
Difference of Vision vs Mission
Vision statement describes the future if themission is accomplished.
Mission statement outlines the purpose ofthe organization.What we doFor whom we do itWhat is the benefit
MPHS Mission Statement
We exist to inspire students with apassion for learning and a commitmentto personal integrity and academicexcellence. Students will beempowered to become self-confident,creative, socially responsible andglobally aware for learning.We exist to inspire students with apassion for learning and a commitmentto personal integrity and academicexcellence. Students will beempowered to become self-confident,creative, socially responsible andglobally aware for learning.
Objectives
Contain the details of how a company isgoing to achieve its mission.
Strategic Objectives
Tactical Objectives
Strategic Objectives
Broadly defined targets, high-risk, long-term, set by board of directors or seniormanagement, difficult to reverse course
Tactical Objectives
Short or medium-term goals that must beachieved for an organization to meet itsstrategic objectives
SMART
Effective objectives are SMART
Specific
Measurable
Achievable
Realistic or Relevant
Time Specific
Ethical Objectives
Objectives based upon a moral code for abusiness. “Doing the right thing” whileconducting business.
Is a business being socially responsibleand at what cost?
Does ethics guide thebusiness decisions?
Stakeholders
Not to be confused with Shareholders.
Shareholders own a share in thecompany.
Stakeholder is anyonewith an interest in thebusiness activity.
Stakeholders
Internal Stakeholders:EmployeesManagersShareholders
External Stakeholders:SuppliersCustomersGovernmentSpecial Interest GroupsBanks and creditors, pressure groups
Corporate Responsibility
Environmental Audit:pollution generationenergy userecycling programs
Social Audit:health and safety recordscontributions to community & charitiesconducting business with ethical sourcesemployee benefit schemes
Not included: Financial concerns
Activity
1. Select a corporate mission statement
2. Evaluate its usefulness
Does it address/answer:
What do we do
For whom do we do it
What is the benefit
3. How will it affect or impact three differentstakeholder groups?