The vision of our company attempts to cover the interests of different stakeholder groups including customers, investors, management, employees, retailers, and society. In this instance, the company discovers that it is necessary to provide high-quality products at affordable prices for the customers, as it helps the enterprise not only keep its market share but also have company’s ratings, P/Q ratios, and customer satisfaction at high levels. These intentions along with offering reasonable discounts build a trusting relationship with retailers since they also affect their revenues and actions positively. A combination of these aspects will make the company more attractive to investors, management, and employees, as its revenues per product will increase dramatically and cause growth and recognition in different spheres.
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At the same time, being a leader in responsible corporate citizenship is also one of the critical components of the company’s vision. In this case, it helps take into account the actions of all stakeholder groups, as this principle entails complying with different ethical, legal, and business duties and responsibilities. It implies that the company prioritizes finding compromises and solutions to different situations with respect to regulations and contracts. It helps become one of the most trusting businesses in the industry and avoid conflicts and lawsuits. Simultaneously, the enterprise has a positive impact on the other companies in the market while being discovered as a bright example and underlining the significance of corporate social responsibility. Overall, the vision can be formulated as “Our Company cares about its customers by providing high-quality and products at affordable prices. Thus, employing the principles of corporate social responsibility approach helps us build trusting relationships and recognize the needs of every stakeholder group while aiming at prosperity, growth, and development of the sustainable ethical base”. Nonetheless, the enterprise wants to continue improvement in this sphere, and it will revise its vision continuously to satisfy the needs of different stakeholder groups.
When understanding and creating management preferences, it is critical to use vision and mission of the company for the sufficient decision-making. In this instance, the preferences have to be based on balancing the needs of different stakeholder groups, corporate social responsibility, and effective resource management. The first action is offering a reasonable price and increasing rating of the products. This matter is important since it will help attract more customers and change company’s position in the industry.
Another set of actions is related to optimizing and balancing costs and revenues. In this case, the enterprise has to propose reasonable discounts for retailers. This aspect will not only help decrease spending but also maximize income. At the same time, offering fewer models can improve the effectiveness of marketing campaigns and reduce spending on them. It will have a positive impact on rating and company’s reputation. A combination of these factors will contribute to revenue growth and comply with the management preferences.
Lastly, being a leader in corporate social responsibility in the industry could also be considered as another management preference. It will help provide a favorable working environment for the employees, build trusting relationships with customers, society, and retailers, and become attractive to investors, and these aspects can also be considered as management preferences. It is logical since the company will not only increase its recognition and improve its reputation but also become an example for other enterprises operating in this segment. Overall, the managerial preferences mentioned before clearly comply with the company’s vision, and they will help it increase its revenues.