BST- Chapter 3
- Created by: Kate.strongman
- Created on: 21-01-21 20:25
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- The Purpose of a Business
- MISSION
- MISSION STATEMENTS
- The mission written down
- Usually very brief- no timescale etc
- A successful mission statement should include:
- Purpose
- Strategy
- Policies
- Values
- Advantages
- Help resolve stakeholder conflict
- Set the direction of the organisation and so help formulate strategy
- Help communicate the values and direction of the organisation to stakeholders
- Disadvantages
- Often full of meaningless and ambiguous terms
- Often ignored by managers
- Often considered as a PR exercise
- The mission written down
- Definition
- The most generalised type of objective- the 'raison d'etre'
- ROLE OF MISSION
- Mission is the start point of a strategy formulation
- MISSION STATEMENTS
- ORGANISATIONAL OBJECTIVES
- SMART
- Specific
- Measurable
- Attainable
- Relevant
- Timed
- PROFIT MAKING ENTITIES
- Primary objective
- Maximise S/H wealth
- Secondary Objectives
- Customer satisfaction
- Social responsibility
- Innovation
- Primary objective
- NOT-FOR-PROFIT ENTITIES
- Primary objective
- Maximise benefit for target S/H
- Secondary objective
- Investing in staff
- Minimal impact on environment
- Economy, efficiency, effictiveness
- Primary objective
- SMART
- STAKEHOLDERS
- Definition
- Any individual with an interest in what the organisation does
- Mendelow's Matrix
- Identifies an appropriate response for stakeholders
- Low interest-minimal effort
- High interest- keep informed
- Identifies an appropriate response for stakeholders
- Definition
- MISSION
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