Chapter 1: Strategic Management, Creative Competitive Advantages (Dess, Lumpkin, Eisner) Application Questions Exercises #2 & #4
Chapter 1: Strategic Management, Creative Competitive Advantages (Dess, Lumpkin, Eisner)
Application Questions Exercises
2. Select a company that competes in an industry in which you are interested in. What are some of the recent demands stakeholders have placed on this company? Can you find examples of how the company is trying to develop ‘symbiosis’ (interdependence and mutual benefit) among its stakeholders? Use the internet and library resources.
First of all, understand who stakeholders are. Stakeholders refer to multiple individuals or groups who have a stake in or can influence an organization’s performance. A company’s top management will have to take into consideration and interest the satisfaction of the needs of shareholders and other stakeholders such as customers, suppliers, employees, creditors, government, and community as a whole. In satisfying the needs of stakeholders, it would be quite essential for a company to exploit the triple-bottom-line pillars. A good example is The Honesty Company co-founded by one of Hollywood’s famous actresses, Jessica Alba. This company focuses on providing healthy, non-toxin baby diapers in consideration of social and environmental issues. As a company, the latter is deeply committed to this framework and believes that by approaching business through this lens it can provide the highest possible value to clients, teams, and communities.
4. Look up the vision statements and/or mission statements for a few companies. Do you feel that they are constructive and useful as a means of motivating employees and providing a strong strategic direction? Why? Why not? (Note: annual reports, along with the internet may be good source of information).
Here are some well-known companies and their vision and mission statements. McDonald’s brand mission statement is “to be our customers' favorite place and way to eat and drink.” It’s vision statement is a quotation from Ray Kroc, “None of us is as good as all of
Application Questions Exercises
2. Select a company that competes in an industry in which you are interested in. What are some of the recent demands stakeholders have placed on this company? Can you find examples of how the company is trying to develop ‘symbiosis’ (interdependence and mutual benefit) among its stakeholders? Use the internet and library resources.
First of all, understand who stakeholders are. Stakeholders refer to multiple individuals or groups who have a stake in or can influence an organization’s performance. A company’s top management will have to take into consideration and interest the satisfaction of the needs of shareholders and other stakeholders such as customers, suppliers, employees, creditors, government, and community as a whole. In satisfying the needs of stakeholders, it would be quite essential for a company to exploit the triple-bottom-line pillars. A good example is The Honesty Company co-founded by one of Hollywood’s famous actresses, Jessica Alba. This company focuses on providing healthy, non-toxin baby diapers in consideration of social and environmental issues. As a company, the latter is deeply committed to this framework and believes that by approaching business through this lens it can provide the highest possible value to clients, teams, and communities.
4. Look up the vision statements and/or mission statements for a few companies. Do you feel that they are constructive and useful as a means of motivating employees and providing a strong strategic direction? Why? Why not? (Note: annual reports, along with the internet may be good source of information).
Here are some well-known companies and their vision and mission statements. McDonald’s brand mission statement is “to be our customers' favorite place and way to eat and drink.” It’s vision statement is a quotation from Ray Kroc, “None of us is as good as all of