...CHAPTER NO:1 INTRODUCTION 1.1 WHAT’S A MISSION STATEMENT? Imagine if you were the captain of your own ship. You wouldn’t let the ship sail just anywhere. You would have a direction and a destination to sail to. Either you’re sailing to a predetermined port of call, or your ship is in port, getting ready to sail to another destination. It’s the same with our lives. A mission statement clarifies what you want out of life. It gives you a clear sense of direction. You know where you need to focus your attention to create the desired outcome. As Zig Ziglar has said, “You cannot make it as a wandering generality. You must become a meaningful specific.” A mission statement is only a paragraph long, but it has specific, measurable outcomes and a deadline for accomplishing that outcome. It’s truly the best way to start your journey to success. Mission statement A mission statement is a statement of the purpose of a company or organization, its reason for existing. The mission statement should guide the actions of the organization, spell out its overall goal, provide a path, and guide decision-making. It provides "the framework or context within which the company's strategies are formulated." Definition: A written declaration of an organization's core purpose and focus that normally remains unchanged over time. Properly crafted mission statements (1) serve as filters to separate what is important from what is not, (2) clearly state which markets will be served and how, and...
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...MERALCO Vision and Mission Submitted by: Maria Cathlyn Challie O. Genabe Submitted to: Prof. Jovita Polloso Date submitted: September 17, 2014 MERALCO: Vision and Mission MERALCO Vision statement To be a world-class company and service provider of choice Revised MERALCO Vision statement “To be a world-class distribution utility company and total energy solution provider of choice” The vision of an organization should answer the question on what the company wants to become. Although the vision of MERALCO states its goal to become a world-class company, it fails to identify the type of service the company provides or even, to which industry it belongs to. The vision statement is too vague and too general. The vision should be something that the management and the employees can identify with. Based on the existing vision statement, the company may have difficulty in drawing corporate strategies and work objectives. The revised MERALCO vision statement clearly identifies what the company wants to become and that is to be a world-class distribution utility company and total energy solution provider of choice. Although MERALCO is foremost a distribution utility, it does not negate the fact that it is also an energy solution provider that provides more services other than electricity distribution. MERALCO Mission statement To provide our customers the best value in energy, products and services. Revised MERALCO Mission statement “A total energy...
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...The Slam Drunk In any business plan, strategy is the key to a successful business. One needs to have short-term and long-term goals to have an effective strategy plan. The stakeholders and the organization need to be on the same page so that they can implement a plan. Communication is also necessary from parties to develop a vision statement, mission statement, and values of the organization. This paper will explain these strategic goals while also explain the business culture, social responsibility, and ethical values. The Slam Drunk is a sports bar and grill in the heart of downtown San Diego. This restaurant is a family oriented establishment that offers great food along with alcoholic and nonalcoholic drinks for people off all ages to enjoy. Besides offering food, drinks, and sporting events The Slam Drunk Sports Bar & Grill offers a unique assortment of entertainment. They offer a nationwide trivia game that can be played in the establishment for every guest to enjoy, arcade video games, shuffleboard, pool tables, and a bowling alley. This entertainment is another way families can enjoy their day at The Slam Drunk while watching their favorite sports teams on numerous flat screen televisions throughout the establishment. Mission Statement The mission of any company should always have a distinctive drive or purpose that separates itself from its competitors (Pearce II & Robinson, p. 11, 2009). The Slam Drunk Sports Bar & Grill strives to be the premier sports...
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...while Morris retained the remaining shares (Kraft Foods Inc., 2012). Kraft business focuses on snacks, beverages, cheese, grocery items, and convenient packaged meals. Some of the most well-known brands come from Kraft such as Kraft Cheese, Oscar Meyer, and Maxwell House (Chapman & D'Innocenzio, 2013). This study describes Kraft Foods Group’s organizational design, key strategic control systems, primary human resources concerns, and cultural factors, and the effect that these have had on the implementation of the company’s strategy. This study also evaluates the fit or the lack of fit between Kraft’s mission, strategy, and organizational components crucial to implementation along with any recommendations to assure the success of the company’s strategy. To continue to be successful, Kraft will need to maintain focus on expanding their presence in the market by looking for deficient markets. This will help improve brand awareness and build a bigger customer base. Mission, Vision, and...
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...strong Christian foundation that the founder bases the company’s underlying core values on. It has more than 1,700 restaurants in 39 states and posted sales of more than 4.6 billion dollars in 2012. Chick-fil-As’ headquarters are located in the heart of Atlanta, Georgia where the company began back in 1946 as the Dwarf Grill owned and operated by Truett Cathy. Chick-fil-A’s consecutive years of positive sales growth has set itself apart by revolutionizing delicious chicken products. Chick-fil-A’s mission statement is similar to most fast food restaurant’s missions. “Be America’s best quick service restaurant” (www.chick-fil-a.com) As a company, Chick-fil-A has become the 2nd largest quick service restaurant in the country and is one of the largest privately held restaurant chains in the world. Chick-fil-A’s mission statement alone does not reveal the companies disposition and values that has driven its loyal customer base and success. The company’s mission statement combined with its purpose statement reveals the company’s values which are instilled into every employee of Chick-fil-A. "To glorify God by being a faithful steward of all that is entrusted to us. To have a positive influence on all who come in contact with Chick-fil-A.” (www.chick-fil-a.com) The company’s mission statement and purpose statement is what differentiates Chick-fil-A from the rest of the quick service food chains in America. The company’s strong focus on the customer and customer service has set...
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...consumers need within the consumers market will determine the success of an organization. A business must create an outstanding staff that will be able to identify the problem that the organization will need to address, as well as an outstanding product; this process will form the company’s business strategy and place the business on the correct path for outstanding results. Classic Auto My entire life I have adored all types of automobiles from Oldsmobile, Chevrolet and Ford to the more exotic models like BMW, Bentley, and Ferrari. Out of all of the cars produces from the early 60’s until present, my favorite automobiles would be the 1970 – 76 GM convertibles. I have created the perfect business that will get both older generations and younger generations the chance to relive the day of old, Classic Auto is not only the name brand of a good business, but it is also the lifestyle of a stress free generation. Understanding the different areas of a good business plan is the start of this process. One of the primary areas that a company must focus on is the area of a great mission statement, vision of the company’s way ahead, and the values in which the company will be based on. A company’s...
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...The Business Vision and Mission Learning Outcomes After studying this unit, you should be able to do the following: ➢ Describe the nature and role of vision and mission statements in strategic management ➢ Discuss why the process of developing a mission statement is as important as the resulting document ➢ Identify the components of mission statements ➢ Discuss how clear vision and mission statements can benefit other strategic management activities ➢ Evaluate mission statements of different organisations ➢ Write good vision and mission statements What Do We Want to Become? It is especially important for managers and executives in any organization to agree upon the basic vision that the firm strives to achieve in the long term. A vision statement should answer the basic question, “What do we want to become?” A clear vision provides the foundation for developing a comprehensive mission statement. Many organizations have both a vision and mission statement, but the vision statement should be established first and foremost. The vision statement should be short, preferably one sentence, and as many managers as possible should have input into developing the statement. Several example vision statements: ➢ The Vision of the National Pawnbrokers Association is to have complete and vibrant membership that enjoys a positive public and political image and is the focal organization of all pawn associations. - National...
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...An organization’s mission statement is its reason for existence. It often reflects the core values and beliefs of the upper management in an organization. A mission statement is the broad definition of the organizational mission. It is sometimes referred to as a creed, purpose, or statement of corporate philosophy and values. A good mission statement inspires employees and provides a focus and direction for setting lower level objectives. It guides employees in making decisions and establishes what the organization does. Mission statements are crucial for organizations to prosper and grow. Its primary purpose is to guide the entrepreneur and assist in refining the planning process. By developing a strategic plan that incorporates the mission statement, entrepreneurs are more likely to be successful and stay focused on what is important. Vision is the foundation for the mission statement. The vision provides a strategic direction, which is the springboard for the mission and its related goals. A vision statement differs from a mission statement. Vision statements are a view of what an organization is striving to become. They guide an organization into the future while mission statements are a reflection of the present. Organizations go through many changes and can face times of confusion and uncertainty. Changes are not always expected or easy, so a well thought out vision statement will help everyone stay focused and meet the organization's goals. In this fast changing technological...
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... Latest era of extraordinary success of the company is in iOS based Apple products like I Phone, IPod slim, I Pad and now I Pad 2. Now a day’s Apple is a biggest technology corporation in the planet with the profits of more than $65 billion. It has about 49,400 employs all over the world. Fortune Magazine most Admired Company in United State in 2008 and in the world in 2008, 2009 and 2010. Apple Vision and Mission Statement Apple, Inc’s vision statement is “Man is the creator of change in this world. As such he should be above systems and structures, and not subordinate to them.” Explanation of Vision Statement: Apple lives this vision through the technologies it develops for consumers and corporations. It strives to make its customers masters of the products they have bought. Apple doesn’t simply make a statement. It lives it by ensuring that its employees understand the vision and strive to reach it. It has put systems in place to enable smooth customer interaction. It has put objectives in place to continuously move forward; implemented strategies to...
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...Team Project Part I, Strategic Business Unit Proposal: The Ford Motor Company Strategic Business Unit Proposal: The Ford Motor Company Industry Background The Automotive Industry is one of the most important industries in the economic sector worldwide. Most of the industrialized countries produce their own brand of cars and/or trucks. According to the International Organization of Motor Vehicle Manufacturers statistics, during the year 2010, over 78 million of cars and trucks were produced in over 50 countries worldwide, with China, Japan and the United States as the world top three producers. The Automotive Industry started in Germany with the introduction of the gasoline power internal combustion engine in 1876 by Nikolous Otto (the same type of engine that is used today). In 1885 Karl Benz started the first production of an automobile, a three wheeler that was delivered for the first time in 1886. In Springfield Massachusetts, the Duryea brothers, Charles and Frank, were fascinated with Karls Benz’s idea of a “horseless carriage” and in September 1893, they successfully road tested their automobile on the streets of Springfield. The Duryea Motor Wagon Company became the first automobile production factory in America and by 1896 they had sold a grand total of 13 “horseless carriages” (Wright R.A, 1996). After the Duryea Brothers, many others followed with the most famous being Henry Ford, who established The Ford Motor Co. It was said that at one point America...
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...The W’s Mission Statements What is a mission statement? A mission statement defines every facet of the organization and why they exist. People might wonder how to differentiate a good mission with a bad mission statement. A bad mission statement uses jargon, it's too long, complicated to understand, and it does not communicate why, but rather how and what. In contrast a good mission statement, it’s a powerful, straightforward, and memorable sentence explaining what the business is. The mission statements explain about customers, locations, products and services and gives the competitors a sense of rivalry. In addition, mission statement describes the business morals and gives guidance and encouragement to their employees. This will...
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...Ben & Jerry’s Homemade Ice Cream Inc: Keeping the Mission(s) Alive A Written Case Analysis by Mr. Aristotle Metin CASE BACKGROUND The U.S. Ice Cream Industry The total retail value of ice cream and related products in the United States was about $9.8 billion in 1990. The superpremium ice cream market held about 9.5% of the ice cream industry in the US. By 1990, Ben & Jerry’s was a strong # 2 in the superpremium ice cream market and the fifth largest ice cream maker of any type in the United States. Ben & Jerry’s Home-made Ice Cream Inc. Incorporated in 1977 by Ben Cohen and Jerry Greenfield, the first Ben & Jerry’s Home- made Ice Cream shop was opened in Burlington with an investment of $12,000. The company was known for “standing for something better than a typical corporation”. Its business mission was primarily to “become a growing force for social change.” Since its inception, the ice cream company was now gearing for further business growth. It had grown tremendously (9000%) from 1981 to 1997; with a yearly average growth in net income of not less than 12%. Stockholders equity had an average 3-year growth of 20% from 1986 to 1989. In 1990, Ben & Jerry’s Ice Cream was a public traded company. The 5-to-1 Policy This compressed salary structure means the highest paid employee (including corporate officers) will be paid at the rate no more than five times what the lowest paid employee could earn for an equivalent work week. It was applicable...
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...Business Policy and Strategy – Study Guide: Unit 1 Material from McGraw Hill website – Chapters 1 & 2 Chapter 1 What Is Strategy and Why Is It Important? Learning Objectives - After studying this chapter, you should be able to: LO 1. | Understand why every company needs a sound strategy to compete successfully, manage the conduct of its business, and strengthen its prospects for long-term success. | LO 2. | Develop an awareness of the four most dependable strategic approaches for setting a company apart from rivals and winning a sustainable competitive advantage. | LO 3. | Understand that a company's strategy tends to evolve over time because of changing circumstances and ongoing management efforts to improve the company's strategy. | LO 4. | Learn why it is important for a company to have a viable business model that outlines the company's customer value proposition and its profit formula. | LO 5. | Learn the three tests of a winning strategy. | Key Points: The tasks of crafting and executing company strategies are the heart and soul of managing a business enterprise and winning in the marketplace. The key points to take away from this chapter include the following: 1. A company's strategy is the game plan management is using to stake out a market position, conduct its operations, attract and please customers, compete successfully, and achieve the desired performance targets. 2. The central thrust of a company's strategy is undertaking moves...
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...that are labeled organic, but I just feel that it’s been overused. In a sea of products, the name of a business can be the difference between failure and success. A name has to be simple, unique, and have enough visual appeal to catch a buyer’s attention. The name of my brand is meant to signify a return to simplicity; a wholesome product that brings us closer to nature’s basic elements. Mission Statement- The mission statement of my company is “To produce the best quality products, using only all-natural ingredients for kids and adults of all ages.” A mission statement is crucial for any company because it is the heart and soul of that company and its purpose for operating. According to Bovée and Thill (2012) “This statement clearly defines the scope of the company’s activities and its priorities in serving its target customers. Just as important, it eliminates activities the company could pursue, such as consumer products, but chooses not to.”(p. 144) Without a mission statement a company would have no clear cut focus on the goal and purpose of its existence. A lack of a mission statement could...
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...the firm stopped producing them due to low stock turnover. The firm was founded in 1837 in Ohio by James Gamble and William Procter with an aim of producing quality products in the market (Badal 546). P&G Company is rated one of the best performing firms due to its high profit and a high growth rate. In addition, its products such as soaps have been rated highly due to their quality. The firm success has been attributed to its innovation strategy, which ensures that the firm produces new brands in the market to address the need of the consumers (Badal 546). The firm has twenty-four main products that contribute to high returns due to their huge sales in the market. In addition, the company has a 17% market share in the U.S., which shows that the company if performing well in the market. The main product that has the highest sales in the market is pampers, which has an annual sale of over $9 billion in the market (Badal 546). Vision statement P&G does not have any set vision statement, however, the firm has a mission statement, which states, We will provide branded products and services of superior quality and value that improve the lives of the world’s consumers, now and for generations to come. As a result, consumers will reward us with leadership sales, profit and value creation, allowing our people, our shareholders, and the community in...
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