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Activities for Today. ETS/MFT Sign-Up [Reminder] CEP Class Slides Group Formation/Group Contract (1/30/07) Simulation Enrollment Attendance Goals for Today Chapter 2 Why Be Honest If Honesty Doesn’t Pay? Homework (next class) ETS Exam – MFT Simulation (read it as many times you can).

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activities for today
Activities for Today
  • ETS/MFT Sign-Up [Reminder]
  • CEP
  • Class Slides
    • Group Formation/Group Contract (1/30/07)
    • Simulation Enrollment
  • Attendance
  • Goals for Today
    • Chapter 2
    • Why Be Honest If Honesty Doesn’t Pay?
  • Homework (next class)
    • ETS Exam – MFT
    • Simulation (read it as many times you can)


group contract
Group Contract
  • One Contract Per Group
  • The Contract Needs to be Typed
  • Your contract should contain the following
    • Names/Phone Numbers/E-Mail Addresses
    • Emergency Contact Person
    • Rules you have agreed to follow (e.g., If a member fails to show up for X number of meetings s/he will be fired)
    • Signature of all members (required even if you agree to NO rules)
student registration
Student Registration
  • Each Student must go to:www.interpretive.comclick on the login tab at top right
  • Login with your Individual User ID and Password.
  • Follow the on screen directions to complete the registration process.

Each Student will receive an Individual User ID and Password via email from Interpretive.

If you do not get it – college e-mail Id will be used – check your junk mail first and let me know.

student access
Student Access
  • Once you have registered, you will receive:
    • An individual license to use the simulation for the course duration,
    • A PDF of the student manual,
    • Access to the course website to view results and additional online resources,
    • All technical simulation questions submitted online, will be answered by Interpretive within 24 hours.

Each team will not be able to start the simulation until all team members have registered.

Initial advantage will go to firms who understand their firm Well! So read the manual carefully.

chapter overview
Chapter Overview
  • Mission statement
  • Environmental change and the mission statement
  • Stakeholders
  • Corporate governance
  • Social responsibility
  • Mission
    • Refers to a firm’s long-term purpose
    • Why does it exist?
    • gives company personnel precise knowledge of the firm’s tasks, goals, and what the firm expects of them
      • For managers
      • For company outsiders
stake holders
Stake Holders

Stakeholders are individuals or groups in the firm’s environment that affect, or affected by, the firm’s actions in pursuit of its mission are called stakeholders because they have a stake or an enforceable claim on the firm’s performance.

Primary stakeholders are those who provide valuable inputs to the firm’s business activities and without whose support the firm cannot survive.

Secondary stakeholders do not have any direct economic transaction with the firm.

Businesses need stakeholder cooperation and support for their survival and growth.

Strategic management aimed at achieving maximum stakeholder cooperation and support is a strategic imperative.

primary stakeholders
Primary Stakeholders
  • Employees
  • Stockholders
  • Creditors
  • Customers
  • Suppliers
  • Local communities
  • Governments
secondary stakeholders


Special interest groups


Secondary Stakeholders
corporate governance
Corporate Governance

Refers to all systems, structures, and processes employed to ensure that managerial activities focus on the goals of the corporation and itsowners.

agency relationship owners and managers

An Agency






Agency Relationship: Owners and Managers
  • Firm owners
  • Decision makers
  • Risk bearing specialist (principal) pays compensation to
  • A managerial decision-making specialist (agent)