Exam (elaborations)
MNE2601 Assignment 3
- Course
- Family Business Management
- Institution
- University Of South Africa
MNE2601 Assignment 3
[Show more]
Content preview
MNE3704Assignment 4
(ANSWERS)
Semester 2
2023
ADMIN
[COMPANY NAME]
, Read the following two case studies and answer questions that follow. Case
study 1: SC Johnson Many years ago, as a young chemist working in the
company’s lab, Samuel Curtis Johnson III (now deceased chairperson of SC
Johnson, a family company) tried to convince his father that he had the
formula for a breakthrough product – an insecticide. Reports are that several
attempts at convincing his father of the soundness of the idea were rebuffed
with a simple “Remember, son, we are a wax company”. Samuel Curtis
continued to perform his assigned job faithfully in the lab. He also continued to
bring up his idea and advocate its merits in subsequent meetings with his
father, only to receive the same admonition. Finally, he added a tiny bit of wax
as an inert ingredient to his formulation for the insecticide. When he once
again took the new product (now part of the wax family of products) to his
father, it received the go-ahead – after all, the insecticide was now wax-
based. Source: Poza & Daugherty (2014:160) Case study 2: JW Marriot “My
father forced me to think and to present my ideas in a forceful way because
he said no to everything. He took the position of a devil’s advocate. And
everything I brought in for approval – to buy a hotel, grow a hotel business, to
change the strategies – he’d say no.” – JW Marriot Jr, CEO and Chairman of
the Board, Marriot International Question 1 Vision is a controversial word—too
soft and ethereal for many in management. But why is it so important to a
next-generation leader’s ability to lead a family business? (12)
Vision is a critical component for next-generation leaders in family businesses for
several reasons. It plays a crucial role in their ability to lead effectively and secure the
continued success and growth of the business. Here are some reasons why vision is
important for next-generation leaders:
1. Direction and Purpose: Vision provides a clear sense of direction and purpose for the
family business. It outlines where the business is headed and why it exists. In the
absence of a vision, leaders may struggle to articulate the long-term goals and
aspirations of the business.
2. Alignment of Stakeholders: A well-defined vision helps in aligning family members
and stakeholders around common objectives. It ensures that everyone understands the
overarching goals and works together to achieve them. This alignment can prevent
conflicts and divisions within the family and the business.
3. Innovation and Adaptation: Vision encourages innovation and adaptation. It
motivates leaders to think creatively and seek new opportunities in the market. It also
enables them to anticipate industry trends and adapt to changing circumstances,
ensuring the business remains relevant and competitive.
4. Long-Term Planning: Next-generation leaders must make decisions that not only
benefit the present but also secure the future of the business. Vision guides long-term
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller MasterVincent. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R49,89. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75632 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now