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    Buisness Chapter 1.3

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    Titouan GOLDSCHMID

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    Chapter 3 Unit 1.3 - Business objectives “yu are working on something exciting that you realy coreabout you don't hove o be pushat. The vision ullsyou" ‘Steve Jobs (1955-2011), Co-ounder and fermer CEO of Apple Contents 1.3 Business objectives SL/HL content Depth of teaching [Vision statement and mission statement - nor Common business objectives including: growth, Gi) peoht, “o protecting shareholder lve se) ees objects Strateai na tactical objectives, L 703 ‘Corporate socal responsibilty 402 i ee | Vision statements and mission statements (AQ2) ing visi nes to ve an iege of an ied ‘uation in he fatre. A vision faement therefne uilines un ogenizaton'sasprtions where it wants Wo be) im the distant fture. For example, "To be heading ‘ot brand nthe wor is the vison of Ada, he German sportswear and sports equipment giant. Vision saements ‘ypealy rete to the atainment of acces, Le. vsalation of what sucess would lok ike. Martin Lather King Junior’ famous “I hove @ Dra” speech (2th August 1963) shows howe having a clear vision can bring about fundamental and inspatona change. Having a isin means to havea lar purpose. A msn statement tends to be a simple declaration ofthe undeing Purpose ofan organiaations existence and its cote values. Foe ‘ample a schoo! might et ts mission as “the provision of Wide opportunites and achievement forall” Unlike basins jects the mislon statement does not have a distinct ine frome and tends to be qualtative rather thn quantitate. A wel-producet mislon statement is clearly defied and seaiscallyachienble It provides sense of decom, guides decsion-making wed unis l people and corporate clones srhin the organization in an atten to achieve the overall Figure 3.1 - Adidas is Europes gest sports apparel company 38 (al Ahowgh vision and mission statements ue quite often zene are they do sem 4+ The isin statement adreses the question ‘what do we vant to bvome” wheres the ison statement eae with {he question ‘what oar busine? hres ison stitement can focus onthe immediate time period Hence, miso statements are updated moe roqunty than vison statement. + Van statements do not ave to be acta ages that must be achieved (thi i the purpose af seting mision statements). lasted, vison statements allow peopl to ee what cond be +The miton statement tends to oun the values of the sine, eis ell and guiding principe that st he framework for how manager and erployees erste on Ahly bass, + Mision statements are therefore about wha the busines lows each and every dy and wy it does thi, wheres ison statements ate about Some day’ inthe dant fate Figure 3.2-Vsion enobles fms to know theelong term “0 Despite the advantages of having vision and mision nem, thee are some limtations Some crc re that such statements are n0 more than publ relstions tant. Aer all the ultimate parpte of mst businesses, they are is 10 Iusmiae profs and protect shareholder vale, Contacting rcanngfl vision and mission statements can also be very time consuming: dificult dra a sateret tht ctere foc alhe dynamic ofa basins and mess the nee of every stakeholder group. ven tebe thought ot taterents might ot be supported by eveyons, sich at time or temporay contracts. such ces, can Be lengthy proces to convert peoples bland heir ‘cmployees on part ATL Activity 3.2 (Thinking skills) Reflect on your wn schoo! yiion or mission "atement To whot extent it applicable and ppeiing tal stakeholder groups ofthe school? To what extents the vison or ison statement evident inthe dy operation of your school? ‘Question 3.1 -Vision and mission statements ATL Activity 3.3 (Research skills) Investigate the personal misionstatements of famous leaders such as Berjamia Fen Mahatva Gana, Martin ther ing ar tug von Beethoven Then havea goat electing on andl ‘or discovering your esonal ates @bulé your ‘um mission statement A good ating points Franklincoveysmisson statement bulls webste tetas ranslincovey com ‘Examples of organizational vison and mission statement cle Tae the mast sucessful premium manufacturer intheindusty -MW The company exists to beneft and retsh everyone touches Coca-Cola Te aganisethe wares information ad make universal accesible and wef - Google Creating the reste cream Héager-Daze Inepe and develop the builders of tomorrow - Lago Tehelp people and busines throughout the wordrealse tel ful potential - Microsoft ‘Aust word wthout poverty Oxfam To make people happy-Walt Disney Company Soar: Company websites (a) Detne the term mision statement mars) (@) it ceference tothe above examples, explain the role of vision and mission statements in ausines organizations Common business objectives (a02) ectives ate the goal of targets an ongniation sto achieve They ace gennly specie and uanifable (netsurabl and are stn ine wth the betves,ongannations have no red sense 0 purpose Ie eather like geting ito tax and vere towing for hee reasons emass) control firms plans as they deri the parameters for business activ, Essentially, ojectines provi for measuring and controling the performance of the To motte ~ Business objectives can lp 40 inspite managers and employes Yo reich common goal thie lpg to unify and motivate the workforce, They aso encourage manages to think tategially eto plan for thong tern success ofthe bosiness, To dict ~ Busnes objectives prove an agneed and rp) ‘a0 omnia, A te 6 lear focus (or seme I nda and lecison-making orginlztions objectives ate used to a a a a ee a ee eee ‘Common busines objectives, as specified inthe slab include (0 growth, profi, (i protecting shareholder value () Growth ‘The growth of basins i sly measured by an increas in iysles revenues orby ite marketshare (he Gem sles revenbe capresed as percentage ofthe industry toa sles evens) Growth is essential forthe survival of 3 buses in an eve hanging and compeitve word especially wt the exposure of businesses to mergers an takeovers (se Chapter 6). The faire to grow may result indedning competitiveness and threaten the emi snail gue 33 - Growth s eset for business survival (id) Profit Traditionally, the main business objective of most private sector onaizations isto maximize ros. Prost provides tn Incentive for entepenars to takes in Sting wp and runing a busines. Bor incorporated businesses (Chapter 2), ‘ propton ofthe profits (cle! dividends) dsbutd 1 thee sharcboer Without profit moive owners an invertors find aiuto justify the estence ofthe busines, Miton Friedman (1912 2106), recipient ofthe Nobel Prize n Economic in 1976, sald That “heres one and only ome sock responsiy of busines ~ to se ts esourcs and engige i ties dened a icrease fs poise Key concept leitoniy ever possible for businesses to be profitable t they a8 creative and ethial? 2 (ii) Protecting shareholder value This busines objective is about generiing long-term va foe shareholders (owner) ofthe busines. Protecting and ‘mavimling shareholder vale about earning a profitable Mos shareholders do at epic get evelved inthe dy-to day operations ofthe compan, rey on detox, manager he bout of die resonable nd is ultimately and dey manag shareholder tress in the company Sharcholer ‘alu isthe reso the busines tatgy the boud of ductors Parsuc. A challenge for he ders Profits inthe form of davidend) with an investment inthe Tanger ve ofthe company Figure 3.4- Directors ae sponsible for protecting shareholer value Key concept Discuss why change might be essentl for businesses te protect shareholder value (iv) Ethical objectives ics ae the moral rinses ta guide decision-making and basins strategy. They are concerned with whats considered tobe right or wrong, rom soca polnt of vw. Fr example the use of dct matting technics aimed at clden s tonne in many countries ate deemed to be antic The exence of heath and sty lgaton haps to prevent the exploitation of employes Busines ethics at therfore action organization that are Considered to be morally cost explo. An cthicl business tts morally towards its works, customers, shareholders and ‘he nara envionment. For example, an ethical employer ‘would ensue all employes ae én suticient rest breaks Case study 3.1 - Unethical discrimination In 2006, Indian Aiines (bow merged with Air wrsc in on coviromnely fe manne srounding female fight atendents for beng too ‘vereigh to travel They were tla to lose weight Faire conditions of ade with low income countries. oriklosng their jobs In 2010, female workers at Hooters, an American nese recylng of waste materials fastfood chai, fed lowsuts against the company of caims of weight crimination after at ast one worker was placed on weigh probation, In 2021, the Norwegian wamen Beach hand teamwasfinedby the European Handball Faeration for fusing to playa bikin Botams opting instead to wear non-tegulton shors iar to those we by male athletes) tthe Evopean Seach Handbal Championships According the governing body of the spor ts broke the unform ‘ules ofthe game. Case study 3.2 -The ethics of fast food Faced with negative exposure in besteles like Fast oa.gimvGa2h, fastfood giant McDonale’ responded to pubic demand for improvenens by changing it heather akernatives Tp achleve their ethical objectives, an increasing number of busines have adopted an ethical cde of practice and ahh hi in thea reports The code of cond CORE Table 3.1-The advantages and imitations of having ethical objectives and practices ‘Advantages T Titans Uetnea busiest behaviour whieh could seriou damage lyalto abvsines that does ot act moral For exemple, The Body Shop hes estabshed 2 age carter base word | Inarvesting genetically modified aops due Tomer pa compliance co cannot be passed ont] tal. neti emma othe busines nists when fasedentsethialpoicyofnottertngksproductson animals |eical dedsonmatng vos adopting a less fm scoping ethical objectives especialy th conte eth oter business objectives sucha» profit maximization, ‘Speculative sharsholderondinvetos may berorentrested in shorter pros tan the fs longterm et ‘9. being environmentally fendly can reduce the amount of| evn taken againet 2 busines) that might others aise From unethical and inesponle aces red tation - Ea behaviour can |The weave nar buns hic ~ ews about what hep 9 busines to tract and stanPighly motvated sof | considered ght or wrong depedon the bebe and princes People are more ely ta be proud ofthe fem they work fori] hea by indivduas and soviet. Legian can help | provide guidlines about what scaly accepable ATL Activity 3.4 (Thinking skill) Scanaro: You see a teacher drop her waletinthe school corridor but the teacher does realise shes done so. There are no other people round What should youd? Being principled is one of the aspects ofthe IB Leaner Profil. The ‘answer wil depend upon the values or moral principles that ou fe ae important, Tete could be determined by numereus situational factors suchas 7 Integrity -how honest you ae, Sympathy -how you fel f anything, about the teacher losing her wale, {Empathy fyou hive exerencedlosing your ovm valuables, you ll have better understanding ofthe feetings ofthe teacher | Loyaty- the teacher could be your favour teacher rsomeone you rely respect Conscience whether he student has any concen orFeaings of gui. *ustiee-you might think the teacher israther careless and should lear the hard way Key concept Discus the value of ethical business objectives. Key concept Ise practical for # business to simultaneously protect shareholder value and stive to achieve ethical objectives? ‘Theory of Knowledge (TOK) Using any two conceps from the TOK course, discuss hows posible to know what right for managers todo, ATL Activity 3.5 (Research skills) Investigate how ethical business behaviour can improve ‘image of a business and Strategic and tactical objectives (A03) S teategles are the medium to lng-term plas of achieve the soa objetinerof an onganizaton, Tactic re short-term methods edo achlee an organizations octal oben. Both raegy and tacts serve matching Porposes, ew busines intends o ge to where wants Wo be. Once business hat decided one short” and long ‘em goals, can then dei on hemor stable methods to achleve these tet ‘Tact objectives ae short-term goals that aft section ofthe organization. They are spec gosh uid the aly functioning of cersin departments oF operations sch ast ras sales revenue of cetainprodct ie by $10m within the nex year oto keep sta tumor below 10%. Tate bjctie tend o refer to targets se fo the at 12 moths or sooner, Such objectives might inca “+ Survial - New and unestablsed busses ae ihe to encounter a numberof problens (ee Chapter 2) sch as 4 lack of brand recognition, a small customer base ana for intense rivalry fom existing firms. Hence, sry becomes a key tactcl object. Survival can abo be Important for more esablitheloxpaiations during an economic recession (see Chater 48). For example, the Bob nancial rst of 20088 the COVID 19 pandemic threatened the rural of my bukinesees across all industries. Arata busines becomes takeover target ee Chap 5), the ts survival itcurenty exits coal cay become the key tail objective. 1+ Sales revenue maximization - New business strive to ‘maximize tel sales revenue tesa theme in the marketplace Sale tal and agents, rich a those sling Insurance or vel sate, vou stil objectves hee carnings ae linked t the valuof sales eve. Hower, Sales revenue isnot the sme os prof (he surplus that remains aller ll oats are pid Inte longer frm ‘vs igh sles revenue ba low o ao pdt wl sale ‘Strategic objectives are the longectenm gal of «business, such a6 proft maximization and growth explained above. ‘Addtionl examples of iterate} straeic bjeties are tulned blow (bt ote that these vay between businesses ‘sed om thir own crcumstance and piri) ‘Market standing - This refer to the extent 9 which 2 busines has presence in the industry. For example Mirosof hashigh market stndg asthe market ade in ‘he computer sofware indus Walmart has high market standing for beng the woods get rete. Tata at market tandg asthe wuld rex cr producer. Apple Js high mast sanding due os innovative produce tnd designs. The Body hop has high market standing for beng a sci responsble buses, Having high or ood marke standing bigs compete advantage for thse bunts, “6 nnn 4 Imagead reputation - Busnes may sve wenhance In practi, busines aan ne ciemedacantorn customers agains fis es auviral being Key state objective if im threaten vetoes aed sees and tarnish the corporate image by ahorletakener (se Chaplr 3) The organs uu re ese [ering businesses seve to deliver (ee Chapter 11) and whether busines operate i the eae Sane cn of astro service, afer beter facie or pubesector (ee Chapter) reals itor that fs th ar ver superior fer sles care Employees ae more _simeand objectives it ly co be motivated and proud ifthe busines bs 9 Se a eon image Ths beg to atact and retain R shoal be noted that business bjctines have the potenti Mik alinccmployeenand managers Sopp ali prefer co conic. For example, employes demand ete aan aren expniations hat are reputble and and working conditions which may subsequently reduce reliable profits at les inthe short-term Nevertheless, inthe post «Market share - Busneses may sve to increase ther orpaniational objectives. As Arian media mogul Wiis aaa i overtime, Markel share is metsured by Randolph Hearst (1863-1951 si, “You mast Asp your min ‘ipesing the fem sales revenue at «percentage ofthe onthe objective mot onthe ost unr total ales. The higher the emi marketshare the gete is market drsnance and ality to compete Question 32 -Lenovo chine worl vecloy company Loo seed te Fo eer orn ange vstoesah Ee corcasserse Anne omis ts gay ins ES crap env sconmited fee canoer tron ep «Teneo ates Lenovo staves to inceas its market presence by sponsoring ke sporting events and teams such as McLaen, the Bish Heroes one (rand Pr Teer the Wiliams Form Oneracing team, the National BasketalAsocation (NBA) andthe Seam ecling Omi Games in 2012, Lenovo became the ofial sponsor ofthe National Football League NF argest Sponsorship in Arvrca. strategy has helped the company to gain markt sharearoundtve word (a) Dafne the tem sratgy femarts} in Deine the teem market shore (mars) {&) Explain why ist important for Lenovo te spe its organizational objectives. more} {Examine the bares that might prevent Lenovo meeting ts objectives. emacs) — Key concept To what extent should busines objectives incorporate Theory of Knowledge (TOK) Some people argue that by targeting chien, cespeily nan ra of growing child obey in many pars of the world, parents face unnecessary pressure to buy ther children fatt food products. o you conider McDonalds marketing of ts Happy Meal as simply creative or unetla? Just youranawes, Corporate social responsibility (CSR)(A03) Jorporate social responsibilty (CSR) is the onsentioas consideration of thal and basins that adopts CSR acts orally toward al oft various talkeoldr groups (se Chapter 4) and the wel- beng of os xarple, McDonalds ployee rgulity go on Iter pat to collect rabish ncading trash munity fund-asng events such as supporting Lenovo, China gest computer make, commis 1% oft re taxincome to good causes as part ofits CSR pi. During the glbal COVID-19 pandemic, Eee Yuan (CEO af Zoom) ware to chal, compete ref charge, tobe educators nd student lft by school cores, Figure35- Many businesses support local community ‘events sucha chant rns Medi exporure in many counties has meant that ange ‘kinational companies are expected to donate pat of thee profits o charity. Cstomere are more ctf about spending money on products from scaly inesponsible firms, Investors meme with unethical rssh asthos that employ hd lbour Though pressure groupaction and educatlonal avareness, climate hang and evionment damage are huge concerns of governments and cians sound ‘he worl, so businesses are changlg thet abjectvs to eect their pat in the rotcton of the plant. Businesses tht Continue 1 pote and damage the envizonment ae el to eam themsces« poor corporat insge with devastating neequnce, Hence, sci charging perception of what yore wl ely afl am ogesization’s considered 0 view of ts own corpnite soil reponse and business ” Figure 36 Businesses have @ moral obligation to protect ‘he nature of CSRisaher subjective whats considered ight or taoag is largely bast on public opinion. Te subjective tute of CSR also eeane that atitades may change time, What was once considered socially acceptable such as dvertsing campaigns aged special at young chien, tro se prior tothe 180s, Some countries donot think it is necessry tompose a national minimam wage whist thes fel that sch regaltion peveats ome business ving metic low wage ec employes. The advertising of feel id iohacco products is considered scaly immoral many par ofthe world (here advetsing of bacco products sbanned) Bot this not the cte inher count Cis farther complicated when snes operate in dere countries Ths is because what might be considered accepabl im one coutry might be totaly undesible in others. trample, Sebi, Bangladesh and Rusia ae huge consume whereas nd Chin plac lseraphass on thers view the organization) can give them an important petitive advantage. According to Fortune magazine, the ofits to charity. This might be de othe goal or dei Act in socially response wa, could be de othe fe tf negative publicity cuted by roncompllance. Acting in ‘octal responsible way an hep tn impeove a meputtion, the compliance costs wll od tsexpenss For employees, td investors to support the orpnzaon tkjectves they must be convinced that CSR Is in their best ‘Question 3.3- CSR at McDonald's and Burger King Ronald MeDonald House Charts (RWHC) i @ non-profit organization, created by McDonsds. The ches mission atement i to vec improve the heath and wel-elng of chide, Operating in 64 countres and regions, RMHC has helped to make aciferencetomilons of serousy il chdren and ther familes. Source: wwnamhe ors Burger ing, the worlds second largest fastfood chan and the largest ral of McDonalds, his used humanely sourced meats and eggs since 2007, This means BurgerKing aves pity and better deas to suppers thet provide cage-free Chickens and ee range pigs BurgerKing operates two national charable omanizatins:the Have tYourWay Foundation {which faces on hunger alleviation, dsease prevention and community education) and the McLamore Foundation (Growing scholarships to students ince 2000), Source wabkmdamorecundation ow (a) Dafne the term non-profit eganzation. (0) Inthe context ofthe above case tues, explain he meaning of ethical business behav, (Distinguish between vision and mision staterents P2mars} temars) marks) (2) Discuss wether acting ethically uimately provides MeDonals and BurgerKing with competitive advantages 46 omar) 1 Societal expectations ie the general publics ewareness and concern for CSR ies Key concept Lusty whether protecting shareholder value or Corporate social responsility (CSR) is 2 moe sustainable business objective + Exposure and pressure from the mass medi, + Experience quite fen ttnkera cris (1 Chapter) o ad experience to precntate tention CSR Theory of Knowledge (TOK) + Compliance cast the aman and financial resources ‘oes the lack of awareness and knowledge of ethics and cots needed to implement CSR policies. slow businesses to neglect the morale obligations 3, ‘business enuty? Laws and reguitionsL¢lgition that govern hows ‘conduct themselves ina social responsible way Despite the diving Fores for seting etic objectives, whether business acts ina socially esponsbe way depends on several interselted factors + The tnvolement, in uence and power of diferent Stakeholder groups, such as pressue groups and the +The corporat culture andthe fre atiude towards CSR and eh objectives, Question 3.4-Walmart Waimar is the world lage retailer and largest private sector employer in America. The conpany has, on numerous occasions, been fined milion of dol bythe US government fr voting air and water polation legieation. The ‘bvioul harmed the image othe glaba retailer with the media alleging that 8% of customers tad stopped shopping st Waimareasaresul ofits neglect ofthe environment Labour unions hve ctcised Walmart’ unethical business practices which have caused labour turnover ats of round 70% in some stores Walmart has also been taken to cout for alleged cases f not paying some employees for overtime, forcing them to work without proper rest breaks nd dsiminatingaganst female works for ay and promotion (2) eine he term abourumover, (mars) (@) State two possible bares toa business, uch ¢ Walmart, behaving a corporate socially esponsble way. (mars) {Discuss whether itis morally covet for businesses such as Walmart o put profs before the envionment and the far ofthe employees. ‘Omar! CORE Theory of Knowledge (TOK) In reality 1 porsible to determine whether CSR is genuine alruism or selfish acts used to improve a fr's Corporat image fo its personal gin? Does this even Theory of Knowledge (TOK) Does the study of Business Management tend to steer people towards ethical o selcentied decison: making? Ooes this matte? Business objectives and the key concepts “There ate various factors that can case the objectives of busines to change ein crest responses totesefotors Some ofthe Interal factors (hose within the contol of the npn) tat an cause change in business objets © hve ite sreghs ar satlabl inde: + Corporate eur (he accepted norms and cusioms of fan enantio) ~ Prms with a flexible and adaptable ‘rpmiational cote are more ly to have crave ttpetves tha changeover ine + Type and sz of organisation (se Chapter 2) Any change in the legal ts of «busines entity sky to cause @ change ine objectives. With a separation of ownership fd control such inthe case of pale eld companies, Tarlo sacolder objectives need to be considered, Inckdng managerial objectives (Suc as higher bonuses) and shareholder objective (such as higher dividend Payment ron higher profit) Private vers ple econ organizations Unlike mot private ctr fms, most publi sector organizations (ee so CChaper 2) do not sive fe profit maximization but to provide a service tothe gnc pul Age of the business - Neuly esublished firms tend to have survival their ky objective ‘annetes might trie for goth and higher marketshare heres vase + Pance The amount of sable fiance wil determine the ope ems objects For example « hogesum of ‘money isneeded ithe busines ebective sto expand into relatively high willingness and aby take risks, then 1 manages and enteprenears have nove ambitiows objective ae ily to be st, sch 3s Clversication seals to ener new markets wih new prc (se Chapter 48), + Criss managment ~ Basses may fe internal rises, uch as unexpectedly high staff absentzelsm and labour turnover rates, falling productivity. and motivation problems lguiity problems (ee Chapter 19), of sues hot quay standard (ee Chapter 7). External factors thos beyond the contol ofthe organization) can sso change the objectives of « business to ensure is Saepes are ntalnable Thee factors inclde: stare ofteecommy Teste ofthe economy sce Chapter 46) can change bisines bjectves. For example, an economic boot (when tina acome and employment tue high provides many basins opportunities wheres a recession (when unemplormeat high and consumption slow can three sins sara + Government cmaaints - Some government rules and egultons can lini cet and what busines might tte to achiev. For example, environmental protection tas cn Kimi teal irs to prot maximise due to the higher cons of complince, +The presence and power of prsare groups ~ Pressure group suchas enrol potecsion groups, can force 1 busines to review it pposch to eis though thee Tobbying actives Pree groups may harm a companys corporate imag iit na adopting » scaly responsible tnd sustainable spprosehto conducting busines, New tecnolges~ New technologies and eeatty can enerate many new buses opportuni, thus change were ale 1 explo digital technologies to domin he smartphone and smart TV industries. The use of ecommerce technologies has ako revolitonied how toot busines operate Figure37-Digal boarding passes provide cost-saving benefits to iin ng i any ofthe above internal or external fcr is ‘heeor ikl t change an org objectives over tie Instance if pbc sector organization i pated (sold tothe pul ctor then the business may changes tg ebjestive fom providing anafordabl service to ane of prt Imaxmizaton, Therefore, busines strategy (he tals used to inthe rategc direction ofa busines wil atomically ee 2 change in busines sratgy to achleve Rs revised objective. Change in soley expecttions of businese, ach their thal practices, wl also daly fet thee objectives and stg, Finally organizations alo change thi objectives over tine spy because the orginal goals have been achieved 50 be ones ed to best fra asain tre Examtip! Wiis there se, anything that 2 business can fo bout changes in the extemal envionment, sccesfl businesses ater thei tactics and strategies to adapt to ‘uch changes. Also, remember that postive changes ‘an occu rm the external envionment thus eating busines oppartunities lee Chapter 46) Theory of Knowledge (TOK) Is itreasonable for an employeeor an organization to be dace forthe benefit of chart? Theory of Knowledge (TOK) Soma analyst argue that ts at the role of managers to decide what is right ar wong. This is because managers donot use ok thse awn money when taking decisions about what thy personal aleve to be socially responsible. instead, managers are erpoyed to un a business on behalf of the owes wo seek profit. rather than using money in socially responsible ways such as donating money charity, How can managers and decor makers know wha is theright thing to do? Key concept With reference to an organization of your choice,

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