Mission Statement (Photo credit: Wikipedia)
English: Antioch, TN, July 9, 2010 — The FEMA Mission Statement is clearly visible at the DR-1909 Joint Field Office in Antioch Tennessee. Head of the Federal Emergency Management Agency Craig Fugate changed the mission statement in September of 2009 to a more modest and collaborative pledge. Martin Grube/FEMA (Photo credit: Wikipedia)
NCAR’s mission statement (Photo credit: Wikipedia)
Sample mission statement (Photo credit: Wikipedia)
Cover of Estee: A Success Story
Emmaus Bible College’s Mission Statement (Photo credit: Wikipedia)
Sample mission statement (Photo credit: Wikipedia)
Chapter 2 – Business Vision and Mission
Overview
Chapter 2 describes the nature and role of vision and mission statements in strategic planning, and provides specific guidelines on how to develop these statements.
Review this pinterest lesson:
Portrait of Henry Ford (ca. 1919) (Photo credit: Wikipedia)
http://www.pinterest.com/pin/237213105348112140/
Mission statements have common characteristics and components that should be included in the statement.
You should find your company’s mission statement on their corpoerate website.
You will become proficient devising and improving vision and mission statement documents.
Learning Objectives:
1. Describe the nature and role of vision and mission statements in strategic management.
2. Discuss why the process of developing a mission statement is as important as the resulting document.
3. Identify the components of mission statements.
4. Discuss how clear vision and mission statements can benefit other strategic-management activities.
5. Evaluate mission statements of different organizations.
These are the essential components of a mission statement:
1. Customers
2. Products or services
3. Markets
4. Technology
5. Concern for survival, growth, and profitability
6. Philosophy
7. Self-concept
8. Concern for public image
9. Concern for employees
Do the following mission statements have all of the essential components?
* Advance Auto Parts
It is the Mission of Advance Auto Parts to provide personal vehicle owners and enthusiasts with the vehicle related products and knowledge that fulfill their wants and needs at the right price. Our friendly, knowledgeable and professional staff will help inspire, educate and problem-solve for our customers.
*Barnes & Noble
Our mission is to operate the best specialty retail business in America, regardless of the product we sell. Because the product we sell is books, our aspirations must be consistent with the promise and the ideals of the volumes which line our shelves. To say that our mission exists independent of the product we sell is to demean the importance and the distinction of being booksellers. As booksellers we are determined to be the very best in our business, regardless of the size, pedigree or inclinations of our competitors. We will continue to bring our industry nuances of style and approaches to bookselling, which are consistent with our evolving aspirations. Above all, we expect to be a credit to the communities we serve, a valuable resource to our customers, and a place where our dedicated booksellers can grow and prosper. Toward this end we will not only listen to our customers and booksellers but embrace the idea that the Company is at their service.
*Estee Lauder
The guiding vision of The Estee Lauder Companies is “Bringing the best to everyone we touch”. By “The best”, we mean the best products, the best people and the best ideas. These three pillars have been the hallmarks of our Company since it was founded by Mrs. Estee Lauder in 1946. They remain the foundation upon which we continue to build our success today.
*Family Dollar Stores
For Our Customers A compelling place to shop. . . by providing convenience and low prices For Our Associates A compelling place to work. . . by providing exceptional opportunities and rewards for achievement For Our Investors A compelling place to invest. . . by providing outstanding returns.
*FedEx
FedEx will produce superior financial returns for shareowners by providing high value-added supply chain, transportation, business and related information services through focused operating companies. Customer requirements will be met in the highest quality manner appropriate to each market segment served. FedEx will strive to develop mutually rewarding relationships with its employees, partners and suppliers. Safety will be the first consideration in all operations. Corporate activities will be conducted to the highest ethical and professional standards.
Ford Motor Company
We are a global family with a proud heritage passionately committed to providing personal mobility for people around the world.
Source: Based on http://www.missionstatements.com/fortune_500_mission_statements.html
Evaluation Matrix of Mission Statements–Solutions
Evaluate these mission statements using these Matrix: Fill in the missing data where you see a ?
Components AAuto B&N ELauder FDollar FedEx Ford
Customers ? ? ? ? ? ?
Products Yes No Yes Yes Yes ?
Markets No ? ? ? No ?
Technology ? ? No No No ?
Concern for Survival, Growth, Profitability No No ? Yes ? ?
Philosophy ? Yes ? ? Yes ?
Self-concept Yes Yes ? Yes ? ?
Concern for public image Yes ? ? No Yes ?
Concern for employees ? Yes Yes ? ? ?
Now find your company’s mission and evaluate it using the table above.
ASSURANCE OF LEARNING EXERCISE 2C:
Now WRITE A VISION AND MISSION STATEMENT FOR PEPSICO.
Tweet Your PepsiCo Mission to me @socialmediaevie
ANSWER:
The statements will vary from student to student but should include the nine essential components of mission statements.
Sample statements are provided below.
Nine Essential Components of Mission Statements
- Customers
- Products
- Markets
- Technology
- Concern for Survival, Growth, Profitability
- Philosophy
- Self-Concept
- Concern for Public Image
- Concern for Employees
Existing Mission – Lacks three components: Customers, Technology, and Self-Concept
PepsiCo’s mission is given on their website as follows: “To be the world’s (3) premier consumer products company focused on convenient foods and beverages (2). We seek to produce financial rewards to investors (5) as we provide opportunities for growth and enrichment to our employees (9), our business partners and the communities in which we operate (8). And in everything we do, we strive for honesty, fairness and integrity (6).” (www.pepsico.com)
Improved Mission – Includes all nine components.
“To be the world’s (3) premier consumer products company focused on convenient foods and beverages (2). We seek to produce financial rewards to investors (5) as we provide opportunities for growth and enrichment to our employees (9), our business partners and the communities in which we operate (8). We strive to use the latest technology (4) to deliver outstanding products at low prices (7) for our customers (1). And in everything we do, we strive for honesty, fairness and integrity (6).”
ASSURANCE OF LEARNING EXERCISE 2D:
COMPARE the Lewis University Mission Statement to this rival institution:
The School of Business at Francis Marion University strives to provide the highest quality baccalaureate and master’s degree business programs offered at a small comprehensive university in the southeastern United States.
Existing Mission Statement
Accredited at both the graduate and undergraduate levels, the School of Business at Francis Marion University has a mission to teaching, research, and service. Nearly our entire faculty holds a doctorate in the area in which they teach. Our small classroom environment promotes interaction among students and faculty. We teach students to think logically, communicate effectively, develop an understanding and appreciation of the global business environment, and be guided by high ethical standards. Our students develop conceptual and analytical skills needed to be successful leaders in both private and public institutions. Our internship program and placement efforts actively assist students in finding meaningful jobs. Our faculty conducts research and service activities that enhance the region’s economic and industrial development. Most of our undergraduate students major in management, marketing, accounting, finance, business economics, management information systems, or general business and earn a Bachelor of Business Administration degree. Other School of Business students major in economics or computer science and receive a Bachelor of Arts of Bachelor of Science degree. Our graduate students receive a Master of Business Administration degree and may become certified in Health Management. The School of Business seeks students locally and globally of all ages and ethnic backgrounds and serves them in a friendly, considerate manner.
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