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Corporate Core Values

These are the guiding principles that help to define how the corporation should behave in
business and perhaps beyond, if they have an additional mission to serve the community. Core
values are usually expressed in the corporation's mission statement.

Some examples of core values for a company include:

 A commitment to sustainability and to acting in an environmentally friendly way.


Companies like Patagonia and Ben & Jerry's have environmental sustainability as a core
value.
 A commitment to innovation and excellence. Apple Computer is perhaps best known for
having a commitment to innovation as a core value. This is embodied by their "Think
Different" motto.
 A commitment to doing good for the whole. Google, for example, believes in making a
great search engine and building a great company without being evil.
 A commitment to helping those less fortunate. TOMS shoe company gives away a pair of
shoes to a needy person for every pair it sells in an effort to alleviate poverty and make
life better for others.
 A commitment to building strong communities. Shell oil company donates millions of
dollars to the University of Texas to improve student education and to match employee
charitable donations.

Vision
It is a statement of a company’s ideal dream. It is an inspirational statement of an organizations
enduring purpose. Vision of Kabarak University, is to be a World Class Christian University.
Vision can be described as a dream plan.

Missions
This plan identifies the basic function or task of and enterprise or organization. Every
organization most has a mission that is assigned to it by society. The mission of University, is to
create, teach and store knowledge and provide extensions services.

Objectives
Objectives are the results to be achieved. They represent the end point of planning. objectives of
organizations are to make profit or provide a service. The objectives are should be SMART

Strategies
Strategy is a broad programme for defining and achieving an organization’s objectives. Strategy
comes from the Greek word strategeia, which means art or science of being a war general.
Generals in the Army were expected to come with a strategy to win a war. It is basically the
determination of the long-term goals and objectives of an organization and the adoption of
courses of action and allocation of resources necessary for carrying out these goals. The strategy
of the organizations is implemented or operationalized using policies procedures, programmes
and Budgets. The characteristics of strategy include:
 It provides guidelines to the enterprise for thinking and action.
 It involves in finding out a judicious combination of human and other resources to the
objectives of the organization.
 Its formulation involves taking into consideration external environment ( opportunities
and challenges) and internal environment, ( organizational resources and capabilities)
 As strategy depends on both external and internal factors which are not static. It has to be
adjusted to the changed circumstances. Hence, strategy is not static but dynamic.
 Because of the importance of strategy to the business concern, it is formulated by top
management.

Polices
Polices are plans and are general statements which guide or channel thinking in decision making
in the organization. Policies define on area within which a decision is to be made and ensure that
the decision will be consistent and contribute to the objective. Policies help to decide problems.
We have many kinds of policies across the management functions i.e. - Personnel policies
- Accounting policies
- Procurement policies
- Production policies
- Marketing policies
- Financial management policies
Charateristics of good policy:
 Should help in achieving the enterprise objectives.
 Should not be contradictory. There should not be inconsistency between any two policies
which may result in confusion and delay in action.
 There should be sound, logical, flexible should provide guide for thinking in future
planning and actions. Further, they should provide limits within which decisions have to
be made.
 Policies should reflect internal and external business environment.
 Policies should be in writing and the language of the policies should be understandable to
the persons who are supposed to implement them and those to be affected by them.
 It is a dynamic plan. Policy must be reviewed periodically and modified according to the
changed circumstances. It may be replaced by a new policy. Periodically review of the
policy makes it more adaptable and acceptable.
 It is a continuing decision. It remains in force and provides the answer to problems of
recurring nature till it is changed.
Procedures
Procedures are plans that establish a required method of handling activities in the organization.
They are guidelines to actions, rather than to thinking and they indicate exactly how activities in
organization will be accomplished. They can be described as the chronological sequences of
required action. Procedure of recruitment of an employee. Procedures operationalize the policy.
For example, a company may want to recruit MB graduates as managers. The procedures will
give details on how this will be done. Procedures are part of management planning and have the
following features:
 They are a guide to action
 They are generally meant for repetitive work so that some steps are followed every time
that activity is accomplished.
 Procedures are established in keeping with the objectives, policies and resources.
 They are concerned with established time sequence for work to be done.
Distinction between procedures and policies
 Policies are a guide to decision- making whereas procedures are a guide to action only.
 In case of policies, there is some room for interpretation and discretion but in case of
procedures, they are more rigid and specific there is no scope for discretion.
 While policies are part of strategies for the business concern, procedures are only
operational tools and guide to action only.
 While policies are basic things and are formulated by the top management, procedures
are generally based on policies and are established at lower level management.

Rules
Rules spell out specific required actions or non-actions. Rules can be part of a procedure and in
designed to represent thinking or does not allow donations. All applicants must produce original
documents during interviews.
Some rules operationalize policies – No Smoking rule comes from the organizations policy of
being a no-smoking Zone. This can be part of a policy to have health working environment for
employees.
Difference between policy and rules:
 Policy is general statement of a management decision while rule is a specific statement
telling the people what should or what should not be done.
 Policy is less specific type of standing plan while rule constitute the most specific type of
standing plan.
 Policy is flexible, while rule is rigid. In policy there exists certain exceptions while in
rules there are no exceptions.
 Policy gives some discretion to the executives concerned with its implementation. But
rules do not leave any scope of discretion.