BUS 101 1st Edition Lecture 19Outline of Previous Lecture- Section 18: Mission and Value Statements Statementso Mission Statemento Mantrao Value Statement Decisionso Constant review Nestle Caseo Make money, go against valueso Corporate WorldOutline of Current Lecture - Section 19: Mission & Value Statements Cont. Mission/ Valueso Intro Questionso Corporate culture is dictated through executive actionso Shared Values- Section 19: Mission & Value Statements Cont. Mission/ Valueso Intro Questions Mission and value statements are- Organic and flexible, subject to change- Guide for managers in marketing decisions Effective mission statements will address- The questions of “how?” They answer the answer of “how?” because mission statements need to be - Process-oriented- Dynamic and vitalo Corporate culture is dictated through executive actions Top down approach; reflected within the mission statement- Managers conflict with corporate cultureo You defraud client, you get blamed, sued, and fired- Email backupso Memorialize everything you do with meetings and conversationsThese 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.o “thanks for meeting today, this is what I got from today’s meeting, letme know if I misinterpreted anything” POF – person organizational fit- How do you change a culture?o When everyone involved is gone, you may start all over (college campus)- Business organizational culture refresho Clean house, rehire, rebuild culture Inefficient, costly, cannot doo Identify specific group causing the problem, identify ringleaders Adding good will not change environment, will only turn the good bad. Must get rid of bad peopleo People supervising are changed – comes from the top down Incorporate an ethics officer into business, reporting to the chairman of the board of directors Confidential, any employee may reporto Much easier to do nothing and pretend it doesn’t happen Mission statement helps create culture- If outside person comes in to be the catalyst for corporate change, they may convert their culture Corporate social responsibility- Ethical and profitable, Freeman and Friedman - CSR – Global, external stakeholders, primarily society- Ethics – internal ethics, decision making is employee and legalo Mission and value statements guide ethical decision makingo Are CSR and ethics one in the same?  Businesses must identify actions that will develop a culture promoting good values- Value statements and executiveso Tone of organization, system of communication, shared values, transparency o Shared values CSR and ethics – together form social responsibility- Higher standards of living without compromising Profitability - Large multicultural corporations are similar to governments- Ethics – means to incorporate into government, recognizes stakeholder, and encompasses