Introduction: Personal aims & objectives Write down two things you want to do with your life? How will you get there? What will you do if you realise you are not achieving these goals? What personal values support your goals and why are these important? Business operates in a similar manner…..

From last time…. In preparation for next lesson please search a definition of the following types of Corporate Objective: A “SMART” Objective A Mission Statement Corporate Core Values or Beliefs As an extension (if time) think about WHO such statements are aimed at and WHY such statements exist http://www.cellaconsulting.com/blog/three-things-you-cant-do-without-mission-vision-and-values-statements/ http://www.quickmba.com/strategy/vision/

Understanding mission, aims & objectives Factors to consider in producing a mission statement? Shareholder vs stakeholder approaches? Differing stakeholder perspectives? Why use a mission statement? Stakeholders Mission Statements What stakeholders want? Problems with mission statements? Win-lose or win-win? Common interests vs conflicting interests Understanding mission, aims & objectives Corporate aims? Corporate objectives? Corporate aims & objectives Corporate strategies? Key corporate aims & objectives? LT & ST corporate objectives

Mission statement – Levi Strauss People love our clothes and trust our company. We will market the most appealing and widely worn casual clothing in the world. We will clothe the world.

MISSION STATEMENTS

MISSION STATEMENTS

Starbucks Mission Statement - Inspiration and Connection One Cup At a Time Starbucks' mission to "inspire the human spirit," is a something that can't be served in a cup with whipped cream. Starbucks Coffee Founder Facts and Trivia: The first Starbucks location opened in 1971 in Pike Place market in Seattle, WA. Eleven years later, Howard Schultz was hired by the company to be the director of retail operations and marketing. The first Starbucks with the current coffee house look and feel was opened in 1984 in downtown Seattle. Starbucks Coffee Mission Statement: "Our mission: to inspire and nurture the human spirit – one person, one cup and one neighbourhood at a time." To accomplish its mission, Starbucks has principles that guide all of its employees as they go about their daily business: Our Coffee – It has always been, and will always be, about quality. Our Partners – We always treat each other with respect and dignity. And we hold each other to that standard. Our Customers – When we are fully engaged, we connect with, laugh with, and uplift the lives of our customers – even if just for a few moments. Our Stores – It’s about enjoyment at the speed of life – sometimes slow and savoured, sometimes faster. Always full of humanity. Our Neighbourhood – We can be a force for positive action – bringing together our partners, customers, and the community to contribute every day. Our Shareholders - We are fully accountable to get each of these elements right so that Starbucks – and everyone it touches – can endure and thrive.

Mission statements- what are they? Why use a mission statement? Factors to consider when producing a mission statement? Problems with a mission statement? FIND an example of a mission statement & explain how that company works to achieve that mission statement (Maybe you don’t think they do?)

What do you think makes a good mission statement?

Five characteristics of a good mission statement Contains a formulation of objectives that enables progress towards them to be measured Differentiates the business from its competitions Defines the markets or business in which the firm wants to operate Is relevant to all major stakeholders - not just shareholders and managers Excites, inspires, motivates & guides

Would these be suitable or appropriate mission statements for the businesses today? Microsoft: ‘A computer on every desk and in every home’ 1988 Coca Cola: ‘Our mission is to get more people to drink Coke than water’.

Key term What is meant by stakeholder? List 5 key stakeholders of Man Utd, Surbiton High School or John Lewis

Homework From a company of your own choice, find it’s mission statement, it’s corporate objectives and the corporate strategies they have put in place to meet the objectives. Are they credible i.e. are staff and customers likely to be inspired by them? Explain whether it is possible to have a SMART mission statement?

Basically….. Corporate strategies are essentially about what the firm wants to achieve. Business strategy is about how the firm’s objectives are to be achieved at the level of the business unit. This is the functional level shown in the previous slide. Example: A large car dealer’s Corporate Strategy is to be the largest in the north of England (to benefit from larger purchasing power). One of it’s dealerships is based in the countryside and is focussed on expanding sales of 4 wheel drives, while city dealerships focus on electric vehicles. Same Corporate Strategy – different Business Strategy.

Business strategy is concerned with deciding which markets and activities the business should be involved in; where it wants to be; and how it is going to get there. Strategy is about making high-level decisions and forms the management game plan for… Satisfying customers (meeting customer needs) Running the business (organising resources in the most efficient and effective way) Beating the competition (strategies and tactics to gain competitive advantage) Achieving corporate objectives Corporate (or business) objectives are set at the high level and are quite distinct from any more detailed functional objectives set for the functional areas of a business. Over to you….