BUS 101 1st Edition Lecture 18Outline of Previous Lecture- Section 17: Social Responsibility v. Philanthropy Society as a stakeholdero Philanthropyo Social Responsibility Perspectiveso Financialo Legalo Ethical Malden Mills Exampleo Bad Business Balance Businesso Can be ethical and profitableOutline of Current Lecture - Section 18: Mission and Value Statements Statementso Mission Statemento Mantrao Value Statement Decisionso Constant review Nestle Caseo Make money, go against valueso Corporate World- Section 18: Mission and Value Statements Statementso Mission Statement Mission statement - Dynamic, non-legally binding document that tells you howyou will reach your goals. You may state goals, but these are secondary to the verbs and actions- Use concrete wording and talk about the why – what makes you care? o Mantra Mantras – state the final output and end result of the company o Value StatementThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute. Value Statement - Focuses on the priorities and centers the company Decisionso Values and mission statements under constant review Incorporate mission and value statements into all decisions made within the company. - Does it make money? Is it legal? How does it advance of adhere to our values statement? Generally not written in anticipation of events, but rather to create a business culture that can deal with events Nestle Caseo Make a lot of money, but go against value statement Infant formula, market to poor Africa. Kids began dying from malnutrition, didn’t have enough money for more formula and not using recommended amount. Nestle stepped in to correct the problem, sending nurses to Africa to help mothers care for babies and get them healthy (also healthy drinking water)- Positive internal discussion, aligning with values to correct the problem that they created o Corporate world Not necessarily positive or negative Discussion should never stop within a company- Negative problems occur when discussion is shut down Easily quantify financial and legal, hard to quantify
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