Companies today are all subject to certain laws, regulations, articles of incorporation, and so on. These mandates concern a wide variety of company operations, including the assurance of fair competition and financial honesty.
There are both formal and informal mandates. The formal mandates have been mentioned above, and concern formal rules and requirements by authorities. Informal mandates, in turn, are concerned with the norms and expectations of key stakeholders such as elected officials. There could be certain specific rules and regulations required or expected by these authorities, which a company must comply with.
Customers can also dictate mandates, such as that a product must be of a certain quality if a certain price is expected for it, and so on. Good customer service is an example of this, where company employees are expected to liaise with customers in a friendly and helpful manner. Another example of informal mandates is where citizens voted for a government official, who is now obliged to fulfill the promises he made during his election campaign.
Mandates also concern actions that are prohibited, such as financial dishonesty, sexual harassment, or other forms of immorality. Companies are generally expected to be honest about their financial dealings.
Enron is perhaps the most famous example of a company that did not fulfill its financial mandates. Both the public, stakeholders, and law making officials were horrified at the scale of the deception perpetrated by this company. The damage to such a company's reputation is often beyond repair once deception has come to light. It is therefore a good idea to regularly review and revise the company mandates and make all members aware of them.
Organizational Strategy
Organizational strategy...
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Strategic PlanningManagement Strategic planning refers to an organizational management activity used in order to set priorities, focus resources and energy, strengthen organizational goals, and ensure that both the stakeholders and employees are working towards common goals. It also assists in establishing agreement around the intended results and/or outcomes, assessing and adjusting the organization's scope of responding to any possible changes within the environment. Strategic management is the inclusive collection of the
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