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Vision and mission statement of any organization defines the reason for its existence. Stakeholders are the persons, who directly effects or are affected by the operation of organization. Two companies are chosen for this study. One is CSL, which is the Australian blood and serum Products Company (Csl.com.au, 2016). Another company is Macquarie Group, which is the popular investment bank in Australia (Macquarie.com, 2016). This study is highly focused on comparing and contrasting the vision, mission, values, CSR and stakeholders of these two companies. Apart from that, the study will also compare the SMART objective of these two companies. Lastly, these objective will be justified through believable and add value statement.
Factors | CSL | Macquarie Group |
Vision | · Passionate about customers, safety and quality · Committed to provide best therapies and services | · Provides service consistently, which exceed the customer expectation · Part of decision making for customers that give a balanced and effective lifestyle |
Mission | · To be the best Australian public company producing biological products · To produce innovative live saving therapy for Australians as well as international health care | · To create wealth for the customers · To be the global business accountants through covering complete range of accounting and financial solution |
Table 1: Vision and Mission Statement
(Source: Love, Stratton and Stocum, 2012)
Vision
According to Kelly, (2014), the value of CLS Biotherapeutic Company lies in its passion for saving life customers through best therapies. It also assists customers to get rid of life threatening medical condition and live life with spirit. On the other hand, Kanagaretnam, Lim and Lobo, (2013) opined that the value of Macquarie Group lies in providing personal and close attention to the customers while providing financial advice.
Mission
Both CLS and Macquarie Group are going to be popular global company through providing high level of customer satisfaction. According to Sylvester, (2014), the mission of CSL is to be the Australian public company producing biological products and innovative therapies. On the other hand, Marinkovic and Obradovic, (2015) opined that the mission of Macquarie Group is to wealth for customers. It takes proactive role in providing complete range of financial and technical advice for customers’ investment.
Value | CSL | Macquarie Group |
Customer Focus | Passionate about fulfilling customer demand | Passionate to satisfy customers beyond their expectation level |
Innovation | Involves in producing innovative plasma-derived & recombinant products through intensive research and production expertise | Diversity is operation with robust risk management framework and strong capital position |
Integration | Maintains business ethics by being a member of Maritime Anti-Corruption Network (MACN) | Maintains transparency with the clients while proving financial advice |
Superior Performance | Consistent research and development lead the organization to provide wide range of influenza vaccines, pharmaceutical products and antivenoms | The approach of promising high return on customers’ investment enables them to be the best financial service provider in Australia |
Table 2: Comparison of Values
(Source: Babor and Robaina, 2013)
From the above table, it can be analysed that both the organizations are focused in fulfilling customized demand of customers. However, Macquarie Group is able to meet customer demand beyond their expectation. According to Warfield, Baker and Foxx, (2014), the innovation of CSL can be found in innovative plasma derived product and vaccines. On the other hand, Jokipii and Monnin, (2013) opined that innovation of Macquarie Group can be found in diversity of operation. They are able to provide robust risk management framework in financial investment. Similarities of these two companies can be found in maintaining strong business ethics and creating transparency with customers. However, CSL is one of the members of Maritime Anti-Corruption Network (MACN) for creating anti corruption policies in business.
Corporate Social Responsibilities | CSL | Macquarie Group |
Economic | · Operates responsibly in marketplace to market medicine · Maintains ethical manner for improving equity of access and sharing financial success | Fair trade policy led them gain profit from the business and retain customers |
Social | · Improving access to therapies and quality of patients · Advance knowledge in scientific and medical communities · Fair working environment and direct relation with employees | · Provide grants for community development · Shared objective with community to meet unique need of customers · Innovative approach of fundraising · Flexible work environment and transparency with employees |
Environmental | · Use natural resources for producing life saving therapy · Packaging and transportation minimize greenhouse gas emission and waste | · The ESR policy prevents pollution and protects cultural heritage · It requires approval process for material environment |
Table 3: Comparison of Corporate Social Responsibility
(Source: Marinkovic and Obradovic, 2015)
The above table demonstrate that both the organizations are similar in regards to their economical value in their business. Both organizations maintain fair trade policy in earning organizational profit. According to Babor and Robaina (2013), CSL is advancing the knowledge of scientific and medical community. On the other hand, Wu and Shen (2013) opined that Macquarie Group is inclined to donate grants for developing the community. Again, both the organization is capable of protecting environment from pollution by using natural resources.
Stakeholders | CSL | Macquarie Group |
Shareholders | Along with many Australian shareholders, many non-Australian shareholders have also bought share of this organization | Most important shareholders of this company are MLC Investments Ltd., Vanguard Investments Australia Ltd. and AMP Capital Investors Ltd. |
Customers | Combines both accessible and responsible approach, which is driven by aspiration and needs of customers | Improves the quality of customers’ life through providing best investment decision |
Government | · Gets full support of Government in producing live saving vaccines · Partnership with Victorian Government, which assists in global expansion | Get Government support for economic development through growth in trade, education and health |
Table 4: Comparison of Stakeholders
(Source: Pérez, Martínez and Del Bosque, 2013)
From the above table, it can be found that both the organization have shareholders from Australia and well as out of Australia. According to Love, Stratton and Stocum (2012), CSL improves the life of customers through improving the health condition. On the other hand, Pérez, Martínez and Del Bosque (2013) suggested that Macquarie Group improves the quality of customers through high return on their investment.
Factors | CSL | Macquarie Group |
Specific | CSL is trying to launch more innovative plasma derived vaccination to make people disease free | Macquarie Groupis trying to be the top most investment banking group in Australia |
Measurable | The objective can be measured through tracking 30% of total products as innovative plasma derived vaccination | The organization has identifies key metrics like profitability, on-time performance, client satisfaction and safety of fund |
Achievable | CSL will make a list of achievement to dates in performing towards goal | A sequence of research studies the strongest performance towards the attainable goal |
Realistic | Support from government and proper supply of plasma product would be ensure its reality | Strong customer base and Government assistance would make this goal a reality. Reaching objective must embrace employees for its feasibility |
Time bound | CSL is seeking to achieve this goal by 2017 | Macquarie Group is trying to achieve this objective by 2020 |
Table 5: Comparison of SMART Objective
(Source: Jokipii and Monnin, 2013)
From the above table, it can be identified that two companies have separate objective. CSL is trying to make more innovative plasma derived vaccination to make people disease free (Sylvester, 2014). On the other hand, Macquarie Group is seeking to be the top most investment bank in Australia (Jokipii, and Monnin, 2013). Furthermore, the achievable target of CSL will be measured through noting down the achievements to date. On the other hand, Macquarie Groups’ would measure the achievable target through series of research studies. Both the organizations get Government support, which will make their goal a reality.
CSL gets major suppliers of Plasma Products from not only within Australia, but also from outside of Australia (Warfield, Baker and Foxx, 2014). The employees of this organization are extremely enthusiastic towards organizational success. On the other hand, strong support from government will be extremely beneficial for this goal. Therefore, it can be believed that CSL will be able to launch innovative plasma derived vaccination.
Macquarie Group has a strong global reach. This making large customers group is not a challenge for this organization. The employees of this organization are highly talented and strong financial advisors. The customer will surely get their value for money through adopting their advice in financial investment. On the other hand, Victorian Government has always supported the organization in its global expansion (Wu and Shen, 2013). Therefore, being the topmost investment bank group is easier for them.
While concluding the study, it can be said that the value CSL is provide best therapy service for saving the life of people. On the other hand, the value of Macquarie Group lies in providing best decision in financial investment. Both the companies are successful in meeting the unique needs of customers. CSR activities of CSL can be found in improving the knowledge of scientific and medical communities. However, CSR activity of Macquarie Group can be found in developing the economic condition of customers and balancing their life style. Both the companies are quite capable of protecting environment from pollution through utilization of natural resources. SMART objective of CSL demonstrate its goal of launching more innovative plasma derived therapy. On the other hand, SMART objective of Macquarie Group demonstrates the goal of being topmost investment bank in Australia.
Babor, T.F. and Robaina, K., 2013. Public health, academic medicine, and the alcohol industry’s corporate social responsibility activities. American Journal of Public Health, 103(2), pp.206-214.
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Jokipii, T. and Monnin, P., 2013. The impact of banking sector stability on the real economy. Journal of International Money and Finance, 32, pp.1-16.
Kanagaretnam, K., Lim, C.Y. and Lobo, G.J., 2013. Influence of national culture on accounting conservatism and risk-taking in the banking industry.The Accounting Review, 89(3), pp.1115-1149.
Kelly, W.N., 2014. 3 The Importance of Vision, Inspiration, Strategic Planning, and Getting It Done. Leadership and Management in Pharmacy Practice, p.37.
Love, D., Stratton, E. and Stocum, M., 2012. Best practices for companion diagnostic and therapeutic development: translating between the stakeholders. New biotechnology, 29(6), pp.689-694.
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Marinkovic, V. and Obradovic, V., 2015. Customers’ emotional reactions in the banking industry. International Journal of Bank Marketing, 33(3), pp.243-260.
Pérez, A., Martínez, P. and Del Bosque, I.R., 2013. The development of a stakeholder-based scale for measuring corporate social responsibility in the banking industry. Service Business, 7(3), pp.459-481.
Sylvester, C., 2014. Therapeutic recreation and disability studies: Seeking an alliance. Therapeutic Recreation Journal, 48(1), p.46.
Warfield, H.A., Baker, S.B. and Foxx, S.B.P., 2014. The therapeutic value of pilgrimage: a grounded theory study. Mental Health, Religion & Culture,17(8), pp.860-875.
Wu, M.W. and Shen, C.H., 2013. Corporate social responsibility in the banking industry: Motives and financial performance. Journal of Banking & Finance, 37(9), pp.3529-3547.
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