Organization Objectives & Stakeholders

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Presentation transcript:

Organization Objectives & Stakeholders Chapter 3 & 4 1.3 Organizational Objectives 1.4 Stakeholders

Vision Statement A statement of what the organization would like to achieve or accomplish in the long term. McDonald’s Vision Statement: “Where the world buys more McDonald’s than any other fast food”

Mission Statement A statement of the business’s core aims, phrased in a way to motivate employees and stimulate interest by outside groups. McDonald’s Mission Statement: “McDonald’s aims to be the world’s best quick service restaurant experience. Being the best means providing outstanding quality, service, cleanliness and value so that we make every customer in every restaurant smile.”

Difference of Vision vs Mission Vision statement describes the future if the mission is accomplished. Mission statement outlines the purpose of the organization. What we do For whom we do it What is the benefit

MPHS Mission Statement We exist to inspire students with a passion for learning and a commitment to personal integrity and academic excellence. Students will be empowered to become self-confident, creative, socially responsible and globally aware for learning.

Objectives Contain the details of how a company is going to achieve its mission. Strategic Objectives Tactical Objectives

Strategic Objectives Broadly defined targets, high-risk, long-term, set by board of directors or senior management, difficult to reverse course

Tactical Objectives Short or medium-term goals that must be achieved for an organization to meet its strategic objectives

Specific Measurable Achievable Realistic or Relevant Time Specific SMART Effective objectives are SMART Specific Measurable Achievable Realistic or Relevant Time Specific

Ethical Objectives Objectives based upon a moral code for a business. “Doing the right thing” while conducting business. Is a business being socially responsible and at what cost? Does ethics guide the business decisions?

Stakeholders Not to be confused with Shareholders. Shareholders own a share in the company. Stakeholder is anyone with an interest in the business activity.

Stakeholders Internal Stakeholders: Employees Managers Shareholders External Stakeholders: Suppliers Customers Government Special Interest Groups Banks and creditors, pressure groups