Defining the Firm’s Mission and Social Responsibility.

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Presentation transcript:

Defining the Firm’s Mission and Social Responsibility

What is a Company Mission? The fundamental purpose that sets a firm apart from other firms of its type and identifies the scope of its operations in product and market terms

Characteristics of a Mission Statement Embodies the business philosophy / image May Indicate firm’s principal product or service areas primary customer needs the firm will attempt to satisfy

Example: Mission Statement Intel’s core mission is being the building block supplier to the Internet economy and spurring efforts to make the Internet more useful. Being connected is now at the center of people’s computing experience. We are helping to expand the capabilities of the PC platform and the Internet.

Example: Mission Statement Our mission is to connect more people and organizations to information in more innovative, simple, and reliable ways than any other networking company in the world.

Newest Trends in Mission Components Sensitivity to customer wants “The customer is our top priority!” Emphasis on extensive product safety programs Concern for quality “Quality is job one!” (Ford) New philosophy – quality is the norm …

Newest Trends in Mission Components Statements of company vision… “Management’s job is not to just see the company as it is….but as it can become.”

Example: Mission and Vision Statement Our mission is to connect more people and organizations to information in more innovative, simple, and reliable ways than any other networking company in the world. Our vision of pervasive networking is of a world where connections are simpler, more powerful, more affordable, more global, and more available to all.

Responsibilities of the Board of Directors To establish and update the company mission To elect the company’s top officers … CEO … To set broad company policy and set company objectives » BUT … problems can arise …

Agency Theory Involves separation of owners (principals) and managers (agents) of a firm Potential exists for owners’ wishes to be ignored Involves delegation of decision-making authority by owners to managers Potential agency costs can include Agency problems Actions taken to minimize agency problems

Corporate Social Responsibility’ s Effect on the Mission Statement In developing mission statements, managers must identify all stakeholder groups and weigh their relative rights and abilities to affect the firm’s success Some companies are proactive in their approach to CSR, making it an integral part of their mission (e.g., Ben and Jerry’s ice cream) Others are reactive, adopting socially responsible behavior only when they must (e.g., Exxon after the Valdez incident) exxonexxon