The Differences Between Firms In The Private Sector And Those In The Public Sector
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Post Requirements:
Required for all: Provide an answer to question one. Everyone must answer the first question. For questions 2-5, choose two of the prompts to answer in your initial posts. Please include the question numbers in your thread title (Wilson – Questions 2 and 4).
1. After reviewing the definition of strategic management, and the chapter as a whole, identify five concepts that stand out to you. Then, in your own words, provide your own definition of strategic management.
Additional prompts:
2. Consider the section of the text which discusses the role of the mission and vision of an organization. Below is another example of a well-known firm—Komatsu—which faltered when it missed opportunities because it placed too much focus on its vision. Read the example and answer the questions to follow.
Example How Komatsu “Encircled” Caterpillar
Faced with the challenge of rival Caterpillar’s entry into Komatsu’s protected home market, Ryoichi Kawai, then CEO of Komatsu, focused the whole company on beating Caterpillar. “Maru-C” became the rally cry, which meant “Encircle Caterpillar.” And, to make the enemy visible and omnipresent, Kawai purchased the largest Caterpillar bulldozer available and placed it on the roof of Komatsu headquarters. The story is well-known of how Kawai leveraged his aggression against Caterpillar into a highly disciplined and effective process of building up Komatsu’s strengths and market position. (In fact, it became the most-used Harvard case study.)
However, there was a lesser-known downside. The two decades of focusing on a “life-and-death battle” with Caterpillar prevented Komatsu from identifying new opportunities in related areas of business and from pursuing genuine breakthrough innovations in its core earthmoving-equipment business. Eventually, Tetsuya Katada took over and formally abolished the “Maru-C” slogan and removed all the symbols Kawai had built to represent the Caterpillar battle. The result was successful expansion into related areas, such as robotics, and several fundamentally different and highly innovative products, such as earthmoving equipment for undersea operations.
Source: Bruch, H. & Ghoshal, S. 2004. A bias for action. Boston: Harvard Business School.
What are some effective (or ineffective) organization mission and vision statements with which you are familiar? This can be a company you have worked for, or an institution you’ve attended.
What makes them effective, or ineffective?
3. Using the Internet or library sources, select four organizations—two in the private sector and two in the public sector. Find their mission statements. Complete this prompt by identifying the stakeholders that are mentioned. Evaluate and outline the differences between firms in the private sector and those in the public sector. What implications stand out to you from this research? Include your sources.
4. Managers must consider the needs of the broader community-at-large and act in a socially responsible manner. Social responsibility is the expectation that businesses or individuals will strive to improve the overall welfare of a society. One example is the increase of companies publicly advocating for social justice surrounding police brutality. This following excerpt summarizes some of the central points in the debate as to whether significant resources devoted to corporate social responsibility has value for an organization.
Example: Stakeholders Versus Shareholders
Although corporate social responsibility may appear to be an “apple-pie virtue,” it is quite controversial. Below are some of the chief arguments for and against it:
Proponents will claim that it…
BURNISHES A COMPANY’S REPUTATION. In the wake of corporate scandals, corporate social responsibility builds goodwill—and can pay off when scandals or regulatory scrutiny inevitably arise.
ATTRACTS TALENT. Many young professionals expect their employers to be active in social issues. Membership in Netimpact.org, a network of socially-conscious MBA graduates, jumped from 4,000 in 2002 to 10,000 in 2004.
On the other hand, Detractors will argue that it…
COSTS TOO MUCH. Giving by corporate foundations reached an all-time high of $3.6 billion last year. However, it can come at the expense of other priorities, such as research and development, and is rarely valued by Wall Street.
IS MISGUIDED. Many corporate executives believe, as economist Milton Friedman does, that the role of business is to generate profits for shareholders—not to spend others’ money for some perceived social benefit.
Source: Grow, B., Hamm, S. & Lee, Louise. 2005. The debate over doing good. Business Week, August 15: 76-78.
Think about what you have covered in the lesson after being briefly introduced to social responsibility. Also, consider companies you’ve worked for and their own resources dedicated to social responsibility.
Take the stance, taking alternative positions on this issue; are you more sided with the pros of social responsibility or the cons? Explain your preferred side on this issue, providing examples, personal and factual (research-based).
5. In this lesson, we also covered ambidexterity and the four most important traits of ambidextrous individuals. These include looking for opportunities beyond the description of one’s job, seeking out opportunities to collaborate with others, building internal networks, and multitasking.
Evaluate yourself along each of these criteria. List examples of how you have exhibited these traits in their employment histories. In areas you may need improvement, how could you pursue ambidextrous capabilities going forward?
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