BUSS1000 Lecture Notes - Lecture 5: Meritocracy, Feedback, Joint Venture

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Week2 the nature, role and purpose of the business: vision, mission, value. Vision: where & what/general: aspired to be; the direction in which the organisation needs to move. Mission: how & why/specific; aim to accomplish benefits/services. Value: right or wrong: corporate social responsibility. Csr is the notion that corporations have the obligation to society to take into account not just their economic impact but also their social and environmental impact. Instrumental theories: achieving economic goal (maximising shareholder"s value, strategies for achieving competitive advantages, cause related marketing) Political theories: focus on the relationship between society and organisations and its responsibilities. (corporate constitutionalism business social institution and must use power responsibly, integrative social contract theory, corporate citizenship) Integrative theories: looks at organisations response to social demands. Business needs society for existence, continuity and growth. Ethical theories: based on the ethical contract between business and society (universal rights human rights, labour and environment, corporate social performance)

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