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Mission: A broadly framed but enduring statement of a firms intent (Pearce & Robbinson,
2013).
A statement of the purpose of an organization (Robbins & Coulter, 2007). An enduring
statement of purpose that distinguishes one organization from others (David, 2009)
I. FORMULATING A MISSION
a. The process of defining the mission of a company can be best understood by thinking about the
business at its inception.
b. A business normally begins with the beliefs, desires, and aspirations of a single entrepreneur. Such
missions are influenced by the following:
producing a product or service that can provide benefits at least equal to its price.
providing a product or service that can satisfy a customer need of specific segments that is currently
not being met adequately.
The technology that is to be used in production will provide a cost-and quality-competitive product or
service.
SOCIAL RESPONSIBILTY (SR)
Definition
SR is the obligation of an organization to seek actions that protect and improve the
welfare of society along with its own interest (Bartel & Martin, 1998).
In defining or redefining the company mission, strategic managers must recognize the
legitimate rights of the firms claimant. These include not only stockholders and
employees but also outsiders affected by the firms actions, often referred to as
stakeholders.
Approaches to Social Responsibility Inside stakeholder --- Company --- Outside
Stakeholders
Stakeholders Approach e,g, Exec officers -- mission ---- e.g. Customers etc
Suppliers: Timely consumption of trade credit obligation, dependable buyers, have the
opportunity to make fair profit
Customers: Want value for their money, want a sense of security in their jobs, clean,
orderly and safe working conditions etc.
Legal Responsibilities
The firms obligations to comply with the law that regulate business activities (Pearce
& Robinson,). The essence is to correct the balance of power between buyers and
sellers in the market place.
Ethical Responsibilities
By this, we are looking at things that stakeholders expect
organizations to do. It includes behaviors and activities that are
expected of businesses by society members. For instance, doing
business in an environment where roads are terrible. If you dont do it,
it doesnt mean you are unlawful but ethically you need to do it.
Discretionary Responsibilities
These are just voluntary contributions and they include voluntary
beneficial activities that are not strongly expected of business by
society members.
- SDs involve substantial allocations of people, physical assets, or money that either must be redirected from internal
- It is because they also commit the firm to actions over an extended period.
Strategic Issues are Future Oriented: SDs are based on what managers forecast, rather
than on what they know