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Chapter 2.PPT

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2 -1 Chapter 2: Stakeholders and the Corporate Mission Text by Charles W. L. 2 -1 Chapter 2: Stakeholders and the Corporate Mission Text by Charles W. L. Hill Gareth R. Jones Multimedia Slides by Milton M. Pressley Univ. of New Orleans Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

2 -2 Preview 4 Stakeholders 4 The Mission Statement 4 Corporate Governance and Strategy 2 -2 Preview 4 Stakeholders 4 The Mission Statement 4 Corporate Governance and Strategy 4 Strategy and Ethics Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

2 -3 Figure 2. 1: Stakeholders and the Enterprise External Stakeholders • Customers • 2 -3 Figure 2. 1: Stakeholders and the Enterprise External Stakeholders • Customers • • • Suppliers Governments Unions Local Communities General Public The Firm Contributors Inducements Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

Figure 2. 1: Stakeholders and the Enterprise External Stakeholders • Customers • • • Figure 2. 1: Stakeholders and the Enterprise External Stakeholders • Customers • • • Suppliers Governments Unions Local Communities General Public 2 -4 The Firm Contributors Inducements Internal Stakeholders • Stockholders • Employees • Managers • Board Members Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

2 -5 Stakeholder Impact Analysis • • • Identify Stakeholders’ Interests and Concerns Identify 2 -5 Stakeholder Impact Analysis • • • Identify Stakeholders’ Interests and Concerns Identify Resulting Claims Stakeholders Are Likely to Make • Identify Most Important Stakeholders (From Organization's Perspective) • Identify the Resulting Strategic Challenges Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

2 -6 Mission Statement • Defined • Built Around Three Main Elements: – Overall 2 -6 Mission Statement • Defined • Built Around Three Main Elements: – Overall “Vision” or “Mission” – Key Philosophical Values Management Is Committed to and That Influence the Decisions They Make – Statement of Key Goals Necessary to Attain the Mission That Are Consistent With the Values Above Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

2 -7 Mission Statement of Seattle City Light* Vision To be the most customer-focused, 2 -7 Mission Statement of Seattle City Light* Vision To be the most customer-focused, competitive, efficient, innovative, and environmentally responsible community owned utility in the United States by the year 2000 *Adapted from Figure 2. 2 Continued on next slide. . . Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

2 -8 Mission Statement of Seattle City Light (Continued) Values Customer First 4 Investment 2 -8 Mission Statement of Seattle City Light (Continued) Values Customer First 4 Investment in Employees 4 Safety 4 Financial Responsibility 4 Accountability 4 Community 4 Environmental Stewardship 4 Excellence 4 Integrity 4 Continued on next slide. . . Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

2 -9 Mission Statement of Seattle City Light (Continued) Goals 4 Customer Satisfaction 4 2 -9 Mission Statement of Seattle City Light (Continued) Goals 4 Customer Satisfaction 4 Employee Satisfaction 4 Safety 4 Financial Responsibility Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

2 -10 The Mission Statement (Continued) • • • Vision or Mission Strategic Intent 2 -10 The Mission Statement (Continued) • • • Vision or Mission Strategic Intent Customer Orientation and Business Definition • Consumer-oriented vs. Product-oriented 1 # Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

Figure 2. 3: Abell’s Framework for Defining the Business Who is being satisfied? What Figure 2. 3: Abell’s Framework for Defining the Business Who is being satisfied? What is being satisfied? Customer Groups 2 -11 Customer Needs Source: Derek F. Abell, Determining the Business: the Starting Point of Strategic Planning (Englewood Cliffs, N. J. : Prentice. Hall) 1980. p. 17. Definition of Business How are customer needs satisfied? Distinctive Competencies Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

2 -12 The Mission Statement (Continued) • Values 1 # Copyright ã 1998 by 2 -12 The Mission Statement (Continued) • Values 1 # Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

2 -13 Johnson & Johnson Credo* • First Responsibility Is to Those Who Use 2 -13 Johnson & Johnson Credo* • First Responsibility Is to Those Who Use J&J Products • Next Come Its Employees • Next, the Communities in Which the Employees Live and Work • Its Final Responsibility Is to Its Stockholders *Adapted from Figure 2. 4 Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

2 -14 The Mission Statement (Continued) • • Values Goals 1 # Copyright ã 2 -14 The Mission Statement (Continued) • • Values Goals 1 # Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

2 -15 The Mission Statement (Continued) • Goal Characteristics – Precise and Measurable – 2 -15 The Mission Statement (Continued) • Goal Characteristics – Precise and Measurable – Address Important Issues – Challenging, but Realistic – Time Period Specified 1 # Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

2 -16 The Mission Statement (Continued) • Maximizing Shareholder Returns • Short-Term Problem • 2 -16 The Mission Statement (Continued) • Maximizing Shareholder Returns • Short-Term Problem • Long-Term Goals 1 # Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

2 -17 The Corporate Governance Problem • On-the-Job Consumption Copyright ã 1998 by Houghton 2 -17 The Corporate Governance Problem • On-the-Job Consumption Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

2 -18 The Corporate Governance Problem (Continued) • Excessive Pay Copyright ã 1998 by 2 -18 The Corporate Governance Problem (Continued) • Excessive Pay Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

2 -19 The Corporate Governance Problem (Continued) • Empire Building Copyright ã 1998 by 2 -19 The Corporate Governance Problem (Continued) • Empire Building Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

Figure 2. 5: Tradeoff Between Profitability and Growth Rate 2 -20 PMAX Profitability P Figure 2. 5: Tradeoff Between Profitability and Growth Rate 2 -20 PMAX Profitability P 1 P 2 G 0 G 1 Growth Rate G 2 Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

The Corporate Governance Problem (Continued) 2 -21 • Corporate Governance Mechanisms – Board of The Corporate Governance Problem (Continued) 2 -21 • Corporate Governance Mechanisms – Board of Directors Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

The Corporate Governance Problem (Continued) 2 -22 • Corporate Governance Mechanisms – Stock-Based Compensation The Corporate Governance Problem (Continued) 2 -22 • Corporate Governance Mechanisms – Stock-Based Compensation ST OC K CK ST O Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

The Corporate Governance Problem (Continued) 2 -23 • Corporate Governance Mechanisms – Corporate Takeovers The Corporate Governance Problem (Continued) 2 -23 • Corporate Governance Mechanisms – Corporate Takeovers • Takeover Constraint • Corporate Raiders • Greenmail Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

The Corporate Governance Problem (Continued) 2 -24 • Corporate Governance Mechanisms BO N DS The Corporate Governance Problem (Continued) 2 -24 • Corporate Governance Mechanisms BO N DS – Exchange of Equity for Debt in a Leveraged Buyout K C TO S Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

2 -25 Strategy and Ethics • Purpose of Business Ethics • Shaping the Organization’s 2 -25 Strategy and Ethics • Purpose of Business Ethics • Shaping the Organization’s Ethical Climate • Thinking Through Ethical Problems Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

2 -26 Figure 2. 6: Model of Ethical Decision Making STEP 1 Evaluate Decision 2 -26 Figure 2. 6: Model of Ethical Decision Making STEP 1 Evaluate Decision From Ethical Standpoint. Identify Affected Stakeholders. Are Stakeholder Rights Violated Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

2 -27 Figure 2. 6: Model of Ethical Decision Making STEP 1 STEP 2 2 -27 Figure 2. 6: Model of Ethical Decision Making STEP 1 STEP 2 Evaluate Decision From Ethical Standpoint. Identify Affected Stakeholders. Are Stakeholder Rights Violated Evaluate Decision From Ethical Standpoint. Moral Principles Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

2 -28 Figure 2. 6: Model of Ethical Decision Making STEP 1 STEP 2 2 -28 Figure 2. 6: Model of Ethical Decision Making STEP 1 STEP 2 STEP 3 Evaluate Decision From Ethical Standpoint. Identify Affected Stakeholders. Are Stakeholder Rights Violated Evaluate Decision From Ethical Standpoint. Moral Principles Establish Moral Intent Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

2 -29 Figure 2. 6: Model of Ethical Decision Making STEP 1 STEP 2 2 -29 Figure 2. 6: Model of Ethical Decision Making STEP 1 STEP 2 STEP 3 STEP 4 Evaluate Decision From Ethical Standpoint. Identify Affected Stakeholders. Are Stakeholder Rights Violated Evaluate Decision From Ethical Standpoint. Moral Principles Establish Moral Intent Engage In Ethical Behavior Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

2 -30 Strategy and Ethics (Continued) • Purpose of Business Ethics • Shaping the 2 -30 Strategy and Ethics (Continued) • Purpose of Business Ethics • Shaping the Organization’s Ethical Climate • Thinking Through Ethical Problems • Corporate Social Responsibility Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.

Chapter Summary 2 -31 4 STAKEHOLDERS THE MISSION STATEMENT 4 RATE GOVERNANCE AND 4 Chapter Summary 2 -31 4 STAKEHOLDERS THE MISSION STATEMENT 4 RATE GOVERNANCE AND 4 CORPO STRATEGY AND ETHICS 4 Copyright ã 1998 by Houghton Mifflin Company. All rights reserved.