Research and Analysis of Business Problems

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BA 301 Research & Analysis of Business Problems

Problem Solving Framework

Context & Background

Problem Analysis & Description

Solution Development

Evaluation & Decision- Making

Communication & Implementation

Problem Solving Framework

Context & Background

Problem Analysis & Description

Solution Development

Evaluation & Decision- Making

Communication & Implementation

“Failure is not an option.”

Problem Solving Framework

Context & Background

Problem Analysis & Description

Solution Development

Evaluation & Decision- Making

Communication & Implementation

Strategic Leadership

Context - The Big Picture 6

Vision, Mission, Values

Strategic Goals and Objectives • Specific Targets • Measurable Outcomes

Strategy • Integrated Concept or Plan For How We Will Achieve Objectives

Tactics • Implementation and Execution

Other Contextual Factors

¨  Company goals and objectives ¨  Stakeholder prioritization ¨  Organizational structures and relationships ¨  Decision models and methodologies ¨  Resource definition and availability ¨  Financial history ¨  Competitive environment ¨  Boundary definitions

BA 301 - Context & Background

Definitions

¨  Vision statements: ¤ A simple statement or understanding of what the firm

will be in the future. ¤ An attractive, ideal future that is credible yet not

readily available. ¨  Mission Statements:

¤ The organization’s core broad purpose and reason for existence.

¤ What a firm is and what it stands for – fundamentals, values and purpose.

BA 301 - Context & Background

Mission Versus Vision

Mission – What You Do

Vision Is Where You’re Going

Values Guide Behavior

How Not To Do It

How Do These Measure Up?

A computer on every desk and in every home.

How Do These Measure Up?

Be the world’s beer company. Through all of our products, services and relationships, we will add to life’s

enjoyment.

How Do These Measure Up?

Helping people around the world eat and live better.

How Do These Measure Up?

Organize the world's information and make it universally accessible and useful.

How Do These Measure Up?

We create happiness by providing the finest in entertainment for people of all ages,

everywhere.

How Do These Measure Up?

Provide a global trading platform where practically anyone can trade practically anything.

Common Themes

¨  Vision has broad appeal ¨  Mission is about the “here and now” ¨  Vision deals with change ¨  Mission is what we do and for whom we do it ¨  Vision encourages faith and hope ¨  Mission statements are concrete ¨  Vision is aspirational & reflects high ideals

BA 301 - Context & Background

Does It Really Matter? 22

“Motorola – applying technology to benefit the public.”

“Zenith – develop and sell television sets.”

BA 301 - Context & Background

Mission & Vision Can’t Stand Alone

¨  They are no substitute for strategy ¤ Vision and mission reinforce and support

strategy. ¤ A shared understanding of direction and

values helps guide in daily decisions and actions.

¤ Good strategy should be consistent with fundamental values and beliefs.

¤ Strategy provides a coherent plan for realizing mission and vision.

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Alignment 24

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A Mission Should Differentiate

At Trader Joe's, our mission is to bring our customers the best food and beverage values and the information to make informed buying decisions. There are more than 2000 unique grocery items in our label, all at honest everyday low prices. We work hard at buying things right: Our buyers travel the world searching for new items and we work with a variety of suppliers who make interesting products for us, many of them exclusive to Trader Joe’s. All our private label products have their own "angle," i.e., vegetarian, Kosher, organic or just plain decadent, and all have minimally processed ingredients.

BA 301 - Context & Background

Where Do Values Fit In?

¨  What are values? ¤  Beliefs and ideology that guide

actions. ¤  Principles, standards and

qualities. ¤  Beliefs and ideology that guide

business activities.

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Values Can Be Almost Anything 27

Business Values

¨  Sponsoring innovation ¨  Protecting the creative individual ¨  Solving problems in a way that

makes people's lives better

BA 301 - Context & Background

Business Values

¨  Respect the individual ¨  Service to our customers ¨  Strive for excellence

BA 301 - Context & Background

How Does This Relate To The Paper?

¨  Before you identify a problem, learn about the company: ¤  Mission, Vision, Values, Strategies, Tactics

¨  But, “my company doesn’t have a vision statement…” ¤  Look for “what we do, who we are, what we believe.”

BA 301 - Context & Background

Where Do I Find It? 31

BA 301 - Context & Background

What Else Can I Look For? 32

An Example Close To Home 33

BA 301 - Context & Background

BA 301 Research & Analysis of Business Problems

Problem Solving Framework

Context & Background

Problem Analysis & Description

Solution Development

Evaluation & Decision- Making

Communication & Implementation

Problem Solving Framework

Context & Background

Problem Analysis & Description

Solution Development

Evaluation & Decision- Making

Communication & Implementation

A Big Problem! 37

BA 301 - Context & Background

What A Deal! 38

BA 301 - Context & Background

for

Opportunism 39

BA 301 - Context & Background

$2 Million

Who Are You Responsible To? 40

Owners and Shareholders “Stakeholders”

¨  Emphasis on sustainable development and social responsibility has expanded the range of corporate stakeholders.

¨  Today, a manager must have a broader sense of his/her constituency.

The Impact Of Sustainability 41

How Did We Get Here? 42

Corporate Social Responsibility

"Corporate Social Responsibility is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large." World Business Council for Sustainable Development

"A concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis." European Commission

“Managements’ obligation to make choices and take actions that will contribute to the welfare and interests of society as well as the organization.”

BA 301 - Context & Background

Practical Results

¨  From the 1950’s to the present, the concept of CSR has gained considerable acceptance and the meaning has been broadened to include specific issues, such as:

¤ product safety ¤ honesty in advertising ¤ employee rights ¤ affirmative action ¤ environmental sustainability ¤ ethical behavior

BA 301 - Context & Background

A Range of Responsibilities

¨  The social responsibility of business encompasses the economic, legal, ethical and discretionary (philanthropic) expectations that society has of organizations at a given point in time. (Archie Carroll)

BA 301 - Context & Background

CSR In Four Parts

Understanding the Four Components

Responsibility

Societal

Expectation

Examples

Economic

Required

Be profitable. Maximize sales, minimize costs

Legal

Required

Obey laws and regulations

Ethical

Expected

Do what is right, fair, and just

Philanthropic

Desired/ Expected

Be a good corporate citizen

BA 301 - Context & Background

Corporate Obligations

¨  Are corporations ethically (or morally) obligated to assist when they are expert in an area?

¨  "there is one and only one social responsibility of business--to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud.” – Milton Friedman

FRIEDMAN, M. (1970, September 13). A Friedman doctrine--: The Social Responsibility Of Business Is to Increase Its Profits A Friedman business doctrine. New York Times. New York, N.Y., United States. Retrieved from http://search.proquest.com/docview/ 117933451/abstract/6B7B2CB2A2DC498BPQ/1?accountid=13475

BA 301 - Context & Background

The Pyramid of CSR

Philanthropic Responsibilities Be a good corporate citizen.

Ethical Responsibilities

Be ethical.

Legal Responsibilities Obey the law.

Economic Responsibilities

Be profitable.

BA 301 - Context & Background

The CSR Equation

Economic Responsibilities

Legal Responsibilities Ethical Responsibilities Philanthropic Responsibilities

= Total

Corporate CSR

BA 301 - Context & Background

Stakeholders and Problem-Solving

¨  Again, what does this have to do with problem- solving? ¤ CSR has broadened the list of relevant stakeholders. ¤ The needs and objectives of these stakeholders must be

considered as context for decision-making and problem-solving.

¤ Your task (specifically in the research paper) is to define and prioritize these stakeholders.

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Stakeholders & Decisions 51

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Who Are Business Stakeholders?

Primary Stakeholders

Have a direct stake in the organization and its success

Secondary Stakeholders

Have a public or special interest stake in the organization

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Business Stakeholders - Broad 53

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1.  Who are our stakeholders? 2.  What are our stakeholders’ stakes? 3.  What opportunities and challenges do our

stakeholders present to the firm? 4.  What economic, legal, ethical, and philanthropic

responsibilities does the firm have to stakeholders?

5.  What strategies or actions should our firm take to best address stakeholder challenges and opportunities?

Key Questions In Stakeholder Management

BA 301 - Context & Background

Triple Bottom Line 55

How About A Multiple Bottom Line? 56

CSR

Owners Consumers Employees Community Others

Other Elements Of Context 57

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¨  SWOT Analysis

Other Elements Of Context 58

¨  Competitive Analysis

Other Elements Of Context 59

¨  Financial Analysis

Problem Solving Framework

Context & Background

Problem Analysis & Description

Solution Development

Evaluation & Decision- Making

Communication & Implementation

Activity 3

¨  Objective – understand how changing missions and stakeholders can affect decisions

¨  Three different registration options for college ¤  Online ¤  Semester abroad ¤  Traditional

¨  Read Mission A – choose an option and discuss how and why the mission and stakeholders affects the choice.

¨  Do the same for Mission B ¨  Takes notes and don’t forget to discuss the exercise and

decisions for the scribe report

BA 301 - Context & Background

BA 301 Research & Analysis of Business Problems