Lecture 2 Organisation: A group of people who work together with a shared purpose to meet a shared goal Company: An organisation that sells goods and services to make money Corporation: A large company, or a group of many companies who sell goods and services to make money, controlled by a single organisation. Business: A specific company the buys and sells goods & services Stakeholder: Anyone with a vested interest in an organisation – competitors, neighbours etc etc… Key issues with stakeholders: Who is a stakeholder exactly? Are stakeholders, stakeholders, my stakeholders? Mission: A statement of the aims of an organisation and why it exists-Must not be impersonal -Can’t focus on what an organisation already achieves, but rather what it wants to achieve in the future -Aim to to better than what you already do Vision: A statement of what an organisation wants to achieve in the future Values: Principles of an organisation that guide what is right and wrong and helpwith decision-making. Mission, vision and values Create organisation culture. CSR Corporate social responsibility – Involves having an open and transparentbusiness practises, which revolves around satisfying the triple bottom line rather than purely the bottom line. It involves going above and beyond what is required by law. Developed as a result of shifting community values, with consumers forever demanding ‘more value e.g. Philanthropy – Warren Buffet Critiques: -Separate the mission therefore not a main focus -Who decides what is CSR, and how much counts -CSR can turn into poor financial management -In some nations spending money on things other than those that help reach a companies mission, vision and values is illegal therefore limits success.