Chapter 2 - Analysis - Mission, Vision and Stakeholders

Question 1

What is a mission statement and what does it look like

Answer 1

MS is “a published statement of entitys fundamental objective, this may r may bot summarise the true mission of the entity”

Outlines orgs mission and sumarrises the reasoning and values that underpin its operations.

Question 2

Drucher - Charateristics of a mission statement

Answer 2

Asked fundatmental questions

1) What is out business
2) What is valued by our customers
3) What will our bus be
4) What should our business be

Question 3

mission - puporse

Answer 3

1) Communicate to all stakeholders
2) Help developed a desired corporate culture
3) to assist in strategic planning

Question 4

Id Crititicisms of a mission statement

Answer 4

1) May not show actual values
2) oftern vaugues
3) can become outdated
4) often ignored

Question 5

Vision Statements are longer term aspirations. What are issues

Answer 5

Same as mission statement

1) May not show actual values
2) oftern vaugues
3) can become outdated
4) often ignored

Question 6

Objectives

Answer 6

Mission are open ended, objs are more specific

- Seek to translate mission into mileposts - should be SMART

Question 7

What are the key issues with objective setting

Answer 7

• Ensure congruence with strategy
• prioritising objectives
• quantifying some (e.g environmental impact
• danger of short termism
• conflicting stakeholder objectives

Question 8

What are primary and secondary objectives

Answer 8

primary (corp objs) - overiding objectives relate to org as a whole
Secondary - strategies set to meetin above then objectives of those strategies

Question 9

MA’s role in objective setting

Answer 9

1) Help set objectives
2) monitor outcomes
3) Define SMART
4) Updating
5) seeing big picture (ensure congruence)

Question 10

Consider Stakeholders and mission and objectives. What two interests must one keep in mind ?

Answer 10

• Need to be set with two interests in mind 1) those who carry them out 2) thos who focus on outcome
• Difficult to meet needs of all so must priortise based on power and interest

Question 11

Actors (Braithwate and Drahos)

Answer 11

• Consider actors who may have an infleuence

e. g Orgs of states, states, orgs by firms (e,g chambers), NGO’s, mass public, etc

Question 12

Mendelows Matrix - Draw it

Answer 12

image

Question 13

Mendelows - sources of power

Answer 13

positional - position in org

2) Resource -
3) System 0- stakeholder with high visibility / political access
4) Expert - info, knowledge, expertise VIP to org
5) Personal - good comms / reputation

Question 14

Applying mendelows matrix

Answer 14

Min effort - likely to accept what are told

• keep informed - need to convinve plans are right as risk joining parties with higher power
  3) Keep satisfied
  4) Key Players - participation is key

Question 15

Resolving Competing Stakeholder Objectives (cyet and March)

Answer 15

1) Satisficing - negotiation between stakeholders
2) Seqential Attention - Focus on needs in turn
3) Side Payments - Where objectives cannot be met they are compensated
4) Exericse of power

Question 16

Stakeholder Aliances

Answer 16

If via stakeholder analysis then match needs (must both benefit if to work)

Question 17

What does non market strategy refer to

Answer 17

To relationship with non market environment e.g gov/ reg/ charities etc.

• Social and poliitcal considerations are nt just economic
• VIP to scan environment (Pest useful)
• May also with to be proactive via corporate political activity

Question 18

Porters - how govs can influence an industry

Answer 18

1) capacity expansion
2) demand
3) divestment / exit
4) Emerging industries
5) Entry barries
6) competition policy
7) new product adoption (e.g drugs)

Question 19

Johnson, Scholes and Whittington identified five styles of change management:

Answer 19

Education and collaboration - approach based on persuasion. Top-down approach. Appropriate when change is incremental. This style is time-consuming. It is suitable for dealing with Keep Informed.

Collaboration/participation - by using this style, you can bring in those affected by change. Through collaborations, the quality of the decision-making process may improve. This could also be time-consuming. It is suited for incremental changes and is suitable for dealing with Key Players.

Intervention - the change agent delegates some aspects of the change process to teams while providing guidance and retaining overall control. This builds commitment and a sense of ownership. It is suitable for dealing with Keep Satisfied.

Direction - a top-down style using a managerial authority. Suited for transformational change. It most likely brings resistance. It is suitable for dealing with Minimal Effort.

Coercion - an extreme form of direction based on the use of power.

Question 20

Stakeholder types what are they

Answer 20

Managers and employees are internal stakeholders.

Shareholders, bankers, suppliers and customers are connected stakeholder groups.

Government and regulatory agencies, interest/pressure groups, industry associations and trade unions, and NGOs are external stakeholders.