BBA 1st Year Business Ethics Relationship Between Ethics & Corporate Excellence Long Question Answer : BBA First Semester Business Ethics Book Code 107 Most Important Questions With answer.
Section -C (Long Answer Questions) (BBA Notes)
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BBA 1st 2nd 3rd Year Study Material Notes
Q.1. What do you understand by the term corporate mission statement? What does it include? Explain with examples.
Ans. Corporate Mission Statement: A corporate mission statement is a statement about the purpose of the existence fora company and its long-term vision. The mission statement should guide in the actions of the organisation, spell out its overall goal, provide a path, and guide decision-making. It provides “the framework or context within which the company’s strategies are formulated. Historically, it is associated with Christian religious groups; indeed, for many years, a missionary was assumed to be a person on a specifically religious mission. The word “mission” has been taken from the latin word missum meaning ‘to sand’. Effective mission statements.
commonly clari1’ the organisation’s purpose.
The vision and the mission statements are often confused with one another and some organisations even use them. interchangeably. In simplest terms, the mission is the organisation’s reason for existence, and vision is what it wants to be in the future.
The first dimension is an inside-out description of what you do. It will describe the product or service you supply, and the activities you perform inside the walls of your company.
The second dimension of that statement is “Who buys it, and why?”, it is the the market- sided point of view.
Contents of Corporate Mission Statement: Corporate mission statements often include the following information:
(1) Purpose and aim(s) of the organisation.
(2) The organisation’s primary stakeholders: clients/ customers, shareholders, congregation etc.
(3) How the organisation provides value to these stakeholders, for example by offering specific types of products and/or services?
According to Bart, the commercial mission statement consists of three essential components:
(1) Key market — who is your target client/customer?
(2) Contribution — what product or service do you provide to that client?
(3) Distinction — what makes your product or service unique, so that the client would choose you?
Examples of mission statements that clearly include the three essential components:
McDonalds: “To provide the fast food customer food prepared in the same high-quality manner wrIdwide that is tasty, reasonably-priced and delivered consistently in a low-key decor and friendly atmosphere.”
(1) Key Market: The fast food customer worldwide.
(2) Contribution : Tasty and reasonably-priced food prepared in a high-quality manner.
(3) Distinction Delivered consistently (worldwide) in a low-key decor and friendly atmosphere.
Courtyard by Marriott: “To provide economy and quality minded travellers with a premier, moderate priced lodging facility which is consistently perceived as clean, comfortable, well-maintained, and attractive, staffed by friendly, attentive and efficient people.”
(1) Key Market: Economy and qualityminded travelers.
(2) Contribution : moderate-priced lodging.
(3) Distinction : Consistently perceived as clean, comfortable, well-maintained, and attractive, staffed by friendly, attentive and efficient people.