A2 Business BUSS4

The Business Environment and Managing Change BUSS 4 The Business Environment and Managing Change UNIT 4

3.4 Unit 4 BUSS4 The Business Environment and Managing Change This unit is designed to be synoptic and draws upon all other units of the specification including the AS units. It considers the relationship between businesses and external factors. It examines how external factors can impact upon businesses, and the responses they may take. The unit also examines a number of themes which are important in the strategic management of businesses, for example, leadership and corporate culture. Candidates should consider how businesses can manage change successfully. This unit should be studied through a variety of real business contexts to allow candidates to understand how the impact and response to change varies.

BUSS4: Bus Environment & Managing Change Specification section Corporate Aims and Objectives: This section considers what the organisation is attempting to achieve, and how this helps to determine its strategies. Corporate Aims and Objectives Contents: Understanding Mission, Aims and Objectives • mission statements • corporate aims and objectives • corporate strategies • differing stakeholder perspectives. Amplification Candidates should understand the purpose and nature of corporate strategies and their relationship with aims and objectives. They should understand differing stakeholder perspectives and the potential for conflict and the pressure that stakeholders may bring to decision making.

Personal aims & objectives Write down two things you want to do with your life? How will you get there? What will you do if you realise you are not achieving these goals?

Understanding mission, aims & objectives Factors to consider in producing a mission statement? Shareholder vs stakeholder approaches? Differing stakeholder perspectives? Why use a mission statement? Stakeholders Mission Statements What stakeholders want? Problems with mission statements? Win-lose or win-win? Common interests vs conflicting interests Understanding mission, aims & objectives Corporate aims? Corporate objectives? Corporate aims & objectives Corporate strategies? Key corporate aims & objectives? LT & ST corporate objectives

MISSION STATEMENTS

MISSION STATEMENTS

Starbucks Mission Statement - Inspiration and Connection One Cup At a Time Starbucks' mission to "inspire the human spirit," is a something that can't be served in a cup with whipped cream. Starbucks Coffee Founder Facts and Trivia: The first Starbucks location opened in 1971 in Pike Place market in Seattle, WA. Eleven years later, Howard Schultz was hired by the company to be the director of retail operations and marketing. The first Starbucks with the current coffee house look and feel was opened in 1984 in downtown Seattle. Starbucks Coffee Mission Statement: "Our mission: to inspire and nurture the human spirit – one person, one cup and one neighbourhood at a time." To accomplish its mission, Starbucks has principles that guide all of its employees as they go about their daily business: Our Coffee – It has always been, and will always be, about quality. Our Partners – We always treat each other with respect and dignity. And we hold each other to that standard. Our Customers – When we are fully engaged, we connect with, laugh with, and uplift the lives of our customers – even if just for a few moments. Our Stores – It’s about enjoyment at the speed of life – sometimes slow and savored, sometimes faster. Always full of humanity. Our Neighbourhood – We can be a force for positive action – bringing together our partners, customers, and the community to contribute every day. Our Shareholders - We are fully accountable to get each of these elements right so that Starbucks – and everyone it touches – can endure and thrive.

Mission statements- what are they? Why use a mission statement? Factors to consider when producing a mission statement? Problems with a mission statement? FIND an example of a mission statement & explain how that company works to achieve that mission statement (Maybe you don’t think they do?)

What do you think makes a good mission statement?

Would these be suitable or appropriate for the businesses today? Microsoft: ‘A computer on every desk and in every home’ 1988 Coca Cola: ‘Our mission is to get more people to drink Coke than water’.

Key term What is meant by stakeholder? List 5 key stakeholders of Man Utd, Surbiton High School or John Lewis

Homework From a company of your own choice, find it’s mission statement, it’s corporate objectives and the corporate strategies they have put in place to meet the objectives.

Basically….. Corporate strategies are essentially about what the business wants to achieve. Business strategy is about how those corporate objectives are to be achieved.

Business strategy is concerned with deciding which markets and activities the business should be involved in; where it wants to be; and how it is going to get there. Strategy is about making high-level decisions and forms the management game plan for… Satisfying customers (meeting customer needs) Running the business (organising resources in the most efficient and effective way) Beating the competition (strategies and tactics to gain competitive advantage) Achieving corporate objectives Corporate (or business) objectives are set at the high level and are quite distinct from any more detailed functional objectives set for the functional areas of a business. Over to you….

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