Introduction to Management

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Introduction to Management

Executive Summary

The assignment deals with the comparison and contrast between two business organizations, elaboration of the similarities and contrast between the vision or mission and the values of both organizations are done in the assignment.  The illustration of corporate social responsibility and sustainability is conducted in the assignment. A comparative reflection regarding the stakeholders involved in the functioning of both companies is presented in the assignment.

Comparison of the vision or mission statement

According to the mission, statement Aristocrat envisages to establish a sustainable value for all of its stakeholders. It aims to achieve this mission by the provision of entertaining and innovative gaming solutions to all its customers present across the globe.  On the other hand, the mission statements of Fortescue are observed to be objectifying to be the safest, lowest cost, and most profitable producer of iron ore in the world. It could be observed that the statements of the mission of both countries are very contradictory by nature. Aristocrat being a gaming company appears to have an in-depth understanding of what the customers want in the gaming industry and thus, has specific objectives to provide the best services to its customers by being specific in its technical aspects (Anderson et al., 2015). This company happens to be purely oriented to providing effective services to its customers through its measurable strategies regarding the operation of gaming technology. Its business operations get reflected in the mission statement of the company; to provide good quality entertaining and innovative solutions to all its customers throughout the world which is very much achievable. Therefore, it can be stated that for establishing a sustainable value to its stakeholders, the company’s very much oriented to providing the best service to its customers rather than only directing its business towards achieving profit.   In the case of Fortescue, it can be observed that the company is very much oriented in obtaining profit from all its business ventures and operation which is not necessarily a negative aspect (Bichet, 2014).  The company is also assisting in building a sustainable approach to the extraction of iron ore through the safest and lowest cost means which I relevant to the mission statement of the company.  The company is oriented on extracting the best outcomes and efforts from the human resources it has for ensuring and maintaining its unique environment and culture in resonance with the vision of the company. From this aspect it can be said that Fortescue is much more oriented in making the human resources which are the people involved in the business operations of the company, give their best output in terms of work in their respective fields (Christopher, Laasch & Roberts, 2016).  Along with providing a sustainable approach to the business operations in the extraction of iron ore, the company is looking forward to retrieving the best of everything. The approach of the company is realistic as for an iron ore Extraction Company, the aspect of profitability is a must for the business organization to succeed and sustain itself in the global market. Being a heavy industry, employing huge labor is mandatory, and getting their best efforts is also realistic.  However, the mission approach of the company is more centralized towards itself and not just rendering service back to society.

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Comparison of values of the companies

Aristocrat happens to value the courage, respect, passion, and integrity of the people along with the talent of the people, creative excellence, and advanced technologies which help the company deliver the best gaming experience. Aristocrat values these qualities and aspects to the core which makes the company successful in providing high-quality services to its customers along with supporting the business, people, and the communities it is involved in.   It can be observed that the values of the company are human values-oriented which encourages people to get included in its business operations. This provides an amicable feeling and experience to the customers; human resources and stakeholders involved with the company. On the other hand, the values of Fortescue revolve around the organizational culture that assists the company in taking action and achieving success (Chance & Brooks, 2015).  The values of the company are very centralized towards itself, and the way it considers its human resource as its family and community reflects that the values of the compound are very much oriented in concentrating on itself other than thinking beyond it.  This is a time-saving approach that is facilitating the company simply to focus on its operations and success. However, it does not provide any space for admiration and contribution to society in general.

Corporate Social Responsibility/Sustainability

The focus on corporate social responsibility or sustainable development is vital for every business organization since it contributes to the overall sustainable growth and development of a business entity and it ensures that all the business stakeholders enjoy various social, economic, and environmental utility. The Aristocrat Leisure Limited takes necessary steps to support the surrounding community by doing charity work that reflects its business value. All of its 3,200 employees are motivated to contribute to the fundraising activities so that the local community gets benefits from such events. It organizes “Global Volunteer Week” which unites all of its employees to volunteer their skills, effort, and time to bring about a positive change in society. Its strong commitment to sustainable performance is also reflected in its socially responsible and ethical approach toward business processes. It takes part in various energy-efficient programs, recycling initiatives, and proactive models to save natural energy and water. It makes investments in the technological aspects so that a responsible gaming system is developed (Glaeser, Stachel & Odehnal, 2016).

Fortescue Metals Group Ltd. is another Australian company that takes its corporate social responsibility very seriously. Its commitment to sustainable performance is reflected in its focus on promoting a diverse workplace and addressing the various environmental challenges that exist in the current times. It wants to bring about a major change for the Aboriginal population that resides in the Pilbara region (Pettinger, 2013). This aspect of its CRR activity is different from that of an aristocratic firm since the latter focuses on the community around which it operates. The iron ore producer takes part in different volunteer initiatives to promote the highest standards of sustainability performance and it has also joined hands with United Nations Global Compact (UNGC) so that it can make a change in society.

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Stakeholders

The stakeholders of a business concern form an integral part of the organization since they help in the very existence of the entity. The stakeholders include different parties such as investors, customers, the community, employees, the government, etc. Aristocrat Leisure Limited gives due importance to its stakeholders by attempting to design the best gaming technologies so that it does not hurt any of them. The business is through four different segments including America, Australia, and New Zealand, Digital and International Class III and it has been designed in such a way so that it can focus on its stakeholders from different corners of the globe. It focuses on the development and designing aspects of its offerings so that its customers, partners, and employees enjoy simple gaming solutions.

The Fortescue Metals Group Ltd. Concern believes in establishing a solid long-standing bond with its various stakeholders in the market environment including the customers, government, investors, etc. It values its strong relationship with its key stakeholders and believed in working together so that the operations are managed positively (Peterson, 2015). Just like its sustainability approach that focuses on the Aboriginal population, the firm places them in a central position of its stakeholder list so that the best opportunities are created for them. The entity believes that with the help of its stakeholders, it can contribute to building better communities, protecting the surrounding environment, and making the Australian economy more robust and healthy.

Conclusion

The vision and/ or mission statement, values, sustainable approach, and stakeholders form an integral part of any business organization that operates in the industry. All these aspects help a concern follow the set framework so that its ultimate objective is achieved in the best way possible. The vision helps it to understand the ultimate objective that it wishes to achieve throughout its existence. The mission statement is created which focuses on the short-term approach that is adopted by the business concern to meet its goal. The corporate social framework acts as a guideline and helps the entity to run its business most efficiently by taking into consideration its economic, social, and environmental responsibilities. The organizational stakeholders are the most important segment since they together make up the business concern and help it to have sustainable growth and development in the uncertain business environment. These management aspects of two vital Australian business companies namely Aristocrat Leisure Limited and Fortescue Metals Group Ltd. have been reflected here in a simple manner so that their approach towards these managerial activities can be identified and understood effectively.

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References

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