corporate social responsibility
TRANSCRIPT
SYLLABUS 3
CORPORATE SOCIAL
RESPONSIBILITY
3.1.1
Evaluate the role and scope of corporate objectives
and goals
CORPORATE OBJECTIVES
Objectives represent a managerial commitment to achieve
specified result in a specified period, of time They clearly
spell out the quality of performance to be achieved, the
time period and the person who is responsible for the
achievement of the objectives.
Objectives are more specific and narrower
Objectives are always measurable and particular
It vary with the hierarchical level in the organization,
becoming more focused and short term going down from
top level to front line managers.
Objectives are critical for organizations effectiveness and
efficiency
CHARACTERISTICS OF
OBJECTIVES
Specific and unambiguous
Time horizon
Flexible
Attainable
Measurable
Multiple objectives
IMPORTANCE OF OBJECTIVES
Objectives helps to define the organization in its
environment
Objectives helps in coordinating decisions and decision
maker
It also helps in formulating strategies
It provides standards for assessing organizational
performance
3.1.2
Evaluation of ‘mission’, ‘vision’ and ‘strategic
intent’ statements.
MISSION STATEMENT
“It is a statement of the overriding direction and
purpose of an organization”
It is the statement showing the overriding purpose of the business
It should provide overall framework for the objectives and strategies of
the organization
Assist in establishing difference from its competitors and creating
competitive advantage
It provides a way of defining the business
Should be motivational in nature and provide direction and purpose
It should underpin and guide the plans for the future actions of the
company
VISION
“An aspirational description of what an organization
would like to achieve or accomplish in the mid-term
or long-term future”
Help you communicate your company's goals to employees and management in a single sentence or a few concise paragraphs.
It shows the future state of the organization
Where the business wants to be
Helps organisation to remain focused and protects from drifting away for the set course
Acts as a motivational factor for employees and also as a means of strategy selection
STRATEGIC INTENT
It is the concept of strategic intent makes clear WHAT AN
ORGANISATION .
Hamed and Prahalad coined the term strategic intent. A
few aspects about strategic intent are as follows:
It is an obsession with an organization.
This obsession may even be out of proportion to their
resources and capabilities
3.1.3
Evaluate the concepts of ‘strategic stubbornness’ and
‘strategic drift’.
STRATEGIC DRIFT
Strategic drift is where strategies progressively fail to
address the strategic position and performance
deteriorates.
It can waste time, money and valuable resources
It will increase the total operating cost
It will lead to far away from achieving competitive
advantage
HOW TO AVOID STRATEGIC
DRIFT?
Develop a flexible environment within the organization
Managers needs to be willing to listen to the views and
opinions of their subordinates
Managers need to be able to clearly identify the nature of
new challenges.
Organizations must have to plan a comprehensive, well-
focused, and clearly stated set of strategies
3.1.4
Critically evaluate the role of ‘gap analysis’ in setting
objectives.
GAP ANALYSIS
It is the comparison of actual performance with
desired performance.
Gap analyze is a formal study of what a business is
doing currently and where it wants to go in the
future.
It helps the business to set realistic objectives and
as a basis for identifying the extent to which existing
strategies will fail to meet performance objectives in
the future.
MERITS OF GAP ANALYSE
It forces management to be forward-thinking.
It encourages an analysis to be made of the forces which may either help or hinder the achievement of future objectives.
It can be used as a dampening device to convert either over-optimistic or over-pessimistic objectives to more realistic ones.
It encourages management to think about the strategies they can use in order to close gaps; which is probably the most important advantage from a strategic planning point of view.