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BUSS 1000 FINAL NOTESThings to rememberRead the question carefully and unpack the questionPlan brieflyPace yourself, allocate appropriate time for each questionUse keywordsMake reference to readings and lecturesEvaluate, justify and discuss, positives and negatives Link megatrends, think about connections between conceptsCOURSE SUMMARYROLE OFBUSINESSMission- the aims of a businessVision- what a company or an organization would like to achieve in the futureValues- the principles that determine how the business will act in various situationsOrganisational culture- the types of attitudes and ways of working shared by the employees of a company Theory & Fundamentals(understandings of ways of comprehending and examining business)Trends, Challenges & Opportunities(what is happening in the world)Generating Solutions(how to take action)
Together these elements provide the context for the purpose of the business, decision making and shapes organisational structure.Stakeholder:an organisation or person who is involved with or impacted by an organisation and therefore has responsibilities towards it and an interest in its success. E.g. owners, customers, employees, industry, environment, governmentStockholder - a person who owns shares in a company and therefore gets part of the company's profits and the right to vote on how the company is controlledThe Role of Business in SocietyProfit MaximisationThis view is embedded in classical economics. While it is not the most popular, it is still very prevalent. Throughout the 1900s there was increasing scepticism of towards this motive. Human’s impact on the world was entering public consciousness and so was organisation’s direct impact on the lives of individuals.Corporate Social ResponsibilityBecause of the increasing scepticism, increasing dissatisfaction and critiques of the role of business in society, firms have been influenced to engage more with social issues. CSR refers to actions which are beyond the interests of the firm undertaken to further some social good. CSR activities include donations, sponsorships and funding community projects. One example (Lecture 2) of this is Cadbury’s partnership with Fairtrade in introducing a program named Cocoa life. Cadbury invests to empower cocoa farming communities through education, healthcareand infrastructure. Another example (Lecture 2) is Warren Buffet’s pledge of 99% of his fortune to philanthropic causes.The critiques of CSR:
Difficult to define what counts and how much contribution is needed to be considered a CSRCSR activities may not have a lasting sustainable impactCSR may turn to poor financial management of firm as they spend shareholders’ money on ventures unrelated to profitability and performanceCreating Shared ValueIn organisations which create shared value, the relevance and emphasis of social programs is related to their mission and these activities are more integrated into their business operations. This approach to business is said by

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