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What is a Company Mission? The fundamental purpose that sets a firm apart from other firms of its type and identifies the scope of its operations in product and market terms.
Key components specifies product or service, primary market, technology for production or delivery, concern for survival, philosophy, self-concept, concern for public image
Trends in Mission Components sensitivity to customer wants, concerns for quality
Responsibilities of the Board of Directors Establish and update company mission , Elect company’s top officers, including CEO ,Establish compensation levels of top officers ,Set company objectives and authorize managers to implement agreed on long-term strategies
Success Factors of Effective Boards of Directors . Represent stockholders’ interests by monitoring actions of senior executives,Composed of 8 to 12 highly qualified members, Evaluate CEO’s performance on an annual basis, Pay special attention to composition
Concepts of Agency Theory Involves separation of owners (principals) and managers (agents) of a firm , Involves delegation of decision-making authority by owners to managers
How Can Agency Problems Occur? Moral hazard problem , Adverse selection
Potential Agency Relationship Problems Executives pursue growth in company size rather than in earnings, Executives avoid risk , Executives act to protect their status
Solutions to the Agency Problem Define agent’s responsibilities in a contract,Create teams of executives across different organizational units to focus on overall organizational performance
Why Should Managers be Concerned About Social Responsibility? government threats to increase regulations, social policy for long term viability, company right to exist depends on the external envirorment
What are the 4 e's? easy to go green, establish credibility, empower customers with decision, enlist support
What are cost benefits of being social responsible? some activities are free of cost, some activities make saving inquiring into more porfit
What are the general benefits of social responsibility? discouraging gov. regulations, improves image, attracts social responsibility investors
Created by: jnartig