Magna International Inc.
Magna International Inc.
1.1 BACKGROUND INFORMATION
Magna International Inc. (Magna) is a manufacturer of automobile parts since its inception in 1957 (At the time was called Multimatic Investments Limited). Founded by Frank Stronach, Magna has since become Canada’s largest automobile parts manufacturer. Magna is the primary supplier of automobile parts to many car manufacturers, including General Motors, Chrysler, and Ford Motor Company.
The following discussion will draw upon Magna’s management strategy, its mission statement, where the company is currently, how the corporation is doing, and whether it is consistent with what Magna stated to do. A PEST analysis will take into consideration of the macro-environment that Magna is pressured in the future outlook of consistently maintaining its reputation of what it wishes to accomplish in its mission statement.
2.1 CONTEXT OF MAGNA’S STRATEGY: THE MISSION STATEMENT In the abundance of my research conducted on Magna, the starting point would be its mission statement. Ironically, Magna does not follow a traditional mission statement. Instead, Magna took upon a unique approach by laying out key principles in their responsibilities within their “Corporate Constitution” and “Magna Employee’s Charter”.
Within these two statements of their purpose, Stronach developed a philosophy for Magna of which the company wants to be known as “a Fair Enterprise Corporation”. Abiding that philosophy, Stronach stresses that this includes not only to the management, but also to shareholders and employees within the Corporate Constitution and Employee Charter.
2.2 Magna’s Employee Charter
It appears that fairness and concern to employees is more enunciated with Magna due to a separate charter exclusively made for employees about the principles and what they offer. Many of these principles related to the Employee Charter include: Job Security, A Safe and Healthful Workplace, Fair Treatment, Competitive Wages and
1.1 BACKGROUND INFORMATION
Magna International Inc. (Magna) is a manufacturer of automobile parts since its inception in 1957 (At the time was called Multimatic Investments Limited). Founded by Frank Stronach, Magna has since become Canada’s largest automobile parts manufacturer. Magna is the primary supplier of automobile parts to many car manufacturers, including General Motors, Chrysler, and Ford Motor Company.
The following discussion will draw upon Magna’s management strategy, its mission statement, where the company is currently, how the corporation is doing, and whether it is consistent with what Magna stated to do. A PEST analysis will take into consideration of the macro-environment that Magna is pressured in the future outlook of consistently maintaining its reputation of what it wishes to accomplish in its mission statement.
2.1 CONTEXT OF MAGNA’S STRATEGY: THE MISSION STATEMENT In the abundance of my research conducted on Magna, the starting point would be its mission statement. Ironically, Magna does not follow a traditional mission statement. Instead, Magna took upon a unique approach by laying out key principles in their responsibilities within their “Corporate Constitution” and “Magna Employee’s Charter”.
Within these two statements of their purpose, Stronach developed a philosophy for Magna of which the company wants to be known as “a Fair Enterprise Corporation”. Abiding that philosophy, Stronach stresses that this includes not only to the management, but also to shareholders and employees within the Corporate Constitution and Employee Charter.
2.2 Magna’s Employee Charter
It appears that fairness and concern to employees is more enunciated with Magna due to a separate charter exclusively made for employees about the principles and what they offer. Many of these principles related to the Employee Charter include: Job Security, A Safe and Healthful Workplace, Fair Treatment, Competitive Wages and
References: (9) Strumpf, D. (Sep 24, 2008). Car buyers shunning gas hogs. Retrieved October 1, 2008, from The Toronto Star. October 3, 2008, from Report On Business. October 3, 2008, from TeamFate. October 3, 2008, from Yahoo! Finance. Magna: 2008 company profile edition 2,14-16. Retrieved October 6, 2008, from ABI/INFORM Global database. (14) Keenan, G. (Apr 29, 2008). Magna 's next car to be powered by electricity. Retrieved October 3, 2008, from Report On Business. October 3, 2008, from Yahoo! Finance.