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E3 CIMA > Chapter 2 - Objectives and Stakeholders > Flashcards

Chapter 2 - Objectives and Stakeholders Flashcards

1
Q

Ashridge College model of mission

A

links business strategy to culture and ethics

Purpose - why does co exist
Values - beliefs and morale principles
Strategy - commercial logic (resources
Policies + Standards of behaviour - how business should be conducted

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2
Q

Mission statement - Definition (by CIMA)

A

A published statement, apparently of the entity’s fundamental objectives.

A Mission is an entity’s fundamental objectives expressed in general terms.

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3
Q

Mission statement criticism

A
  • PR exercise
  • Generalization
  • may ignore formulation or implementation of strategy
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4
Q

Mission statement upsides

A
  • Inspires and informs
  • Screening
  • Implementation
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5
Q

Vision statement

A

Answers:

  • What do we want to achieve?
  • Where is the Org going?
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6
Q

Goals can be

A

Hierarchically: top mission, underneath are goals
Functionally: colleagues work on a project
Logistically: resources shared or used in sequence
In wider Org sense: set priorities

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7
Q

Objects should be SMART:

A 
Specific
Measurable
Achievable
Relevant
Timed
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8
Q

Functions of objectives are:

A

Planning (enables)
Responsibility (assigns)
Integration (consistent)
Motivation (what has to be done - in all areas)
Evaluation (performance vs objectives = control)

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9
Q

Examples of financial and non-financial objectives

A

profitability
market share
growth
cash flow

customer satisfaction
quality of products
HR
New products

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10
Q

Levels of objectives

A

Corporate: establish objectives and derive strategy
Department: Mfg or Mrkting Objectives
Operational level: Scheduling programs and action plans

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11
Q

Time horizon of objectives

A

Strategic: overall, long-term
Tactical: used for operational goals, mid term
Operational: day2day

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12
Q

Marketing goal samples:

A

Market leadership
Coverage
Positioning
Expansion

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13
Q

Product and service goal samples:

A

Labour productivity or output per employee
Capital productivity
Quality objectives
Technology

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14
Q

Methods for dealing with conflicting goals:

A 
rational evaluation
bargaining among managers
just satisfying some targets in order to achieve multiple goals
sequential
priority setting
exercise power
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15
Q

Critical success factors (CSF’s)

A

Elements of the org activity which are central to its success. CSF may change over time and may include: product quality, employee attitudes, mfg flexibility, brand awareness

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16
Q

Setting CSF’s

A

Identify them
Identify underlying competences
Ensure match between competences and CSF’s
develop performance std’s
ensure std’s cannot be match by competitors (to form competitive advantages)
Monitor competitors

17
Q

Short vs long term goals

A

trade-off between short vs long term objectives occur if they are in conflict or resources are scarce.

18
Q

Stakeholder definition

A

Persons or Org’s with an interest in the strategy of the Org. These include shareholders, customers, staff and local community.

19
Q

Mendelow’s stakeholder map

A

Interest vs Power

LOW LOW: minimal effort
HIGH LOW: keep informed
LOW HIGH: keep satisfied
HIGH HIGH: key player - communicate regularly

20
Q

Groups of stakeholders

A

Internal: managers, employees
Connected ones: Shareholders, Bankers, Suppliers, Customers
External ones: Government, Interest/Pressure Groups, Industry associates, trade unions, NGO’s

21
Q

Resolution of stakeholder issues

A

satisfying
sequential attention
side payments
exercise power

22
Q

Business ethics (by CIMA): 5

A 
integrity
objectivity
professional competence (and due care)
confidentiality
professional
23
Q

Threats to ethical prinicples

A 
self-interest: own benefit
self-review: revising own past decision
advocacy: promoting client or employer beyond objectivity
familiarity: too close relations
intimidation: by threaths
24
Q

Ethical safeguards

A

Public: professional bodies, legislation, regulation

In the work environment: complaint systems, draw attention to unprofessional or unethical behaviour.

25
Q

Resolve conflict of ethics: 9

A 
establish facts
establish ethical issues
identify fundamental ethical principles
follow internal procedures
investigate alternatives and consider consequences
determine action
consult with other people and/or line manager
professional advice or legal advisors
resign from current role
26
Q

Ethics pressure for: 4

from: 6

A

stakeholders
environmental issues
the disadvantaged
dealings with unethical countries or companies

by:
government
legislation
international treaties (ie Kyoto)
consumers
employers
pressure groups
27
Q

Corporate Social Responsibility (CSR) 4 main kinds:

A

Economic: shareholders, employees, customers
Legal: law-abiding citizen
Ethical: fair and just
Philanthropic: act based on societies desires not obligations

28
Q

Social responsiveness

A

Reaction: deny
Defense: accept only basic responsibility
Accommodation: social issues and reacts to stakeholders
Proaction: effort and actively addresses concerns

29
Q

CSR stances: 4

A

laissez-faire: short term interests of shareholders
enlightened self-interest: long term shareholder benefit
multiple stakeholder obligations: include other S.H. than shareholders
shaper of society: financial considerations are secondary to changing society or social norms

30
Q

CSR criticism: 3

A
  • people, not businesses have responsibilities
  • main goal is profit (according to social custom)
  • social responsible means against the interest of the employer
  • corporations are not supposed to act as governments

or

  • maximization of wealth is the best way to make society benefit from business activities
31
Q

CSR pro’s: 7

A 
customer expectations
brand name
lower environmental costs
trading opportunities (with everybody)
access to staff
investment and funding
sustainable business
32
Q

Triple bottom line

A

Social justice
Environmental quality
Economic prosperity

33
Q

Drivers of business sustainability

A

Regulatory requirements
Managing reputation risks
Cost.cutting and efficiency

34
Q

10 elements for sutainability

A

Strat and oversight:

  • Board and senior mgmt commitment
  • understand and analyse sustainability drivers
  • integrate sustainability in strategy

Execute and align

  • everybody’s responsibility
  • break down sustainability targets into sub org’s
  • implement process to integrate sustainability in day2day processes
  • sustainability training

Performance and reporting

  • targets and objectives
  • elect champions
  • monitor and report performance
35
Q

Not For Profit (NFP)

A 
targets:
max usage
match capacity
producer satisfaction
client satisfaction
special stakeholders:
target public
client public
donors and volunteers
local and national gov's

E3 CIMA (5 decks)

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