Agenda
Individual Group meetings
Receive specific feedback
Ask questions
Ask questions regarding the Current Situation Analysis (Assignment #2)
Regroup in the main class area and review the requirements for the Current State Analysis (Assignment #2)
Mission and Vision
Analysis of the client’s Mission/Vision statement
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Client Meetings or Current State Analysis work
If you are not meeting with the client, work on current state analysis
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Group Assignment – 2
Current State Analysis
Industry partner on-site visit
External Analysis (40%)
Conduct a PEST analysis and derive conclusions. Weighting = 10%
Conduct a Porter’s 5 competitive forces review and summarize impact on the firm. Weighting = 10%
Identify and analysis key competitors, subsequently define a competitive profile matrix (CPM) and state the firm’s competitive position. Weighting = 20%
Internal Analysis (20%)
Review current marketing, IT, HR, Finance/Accounting, Supply Chain, and Sustainability plans (20%)
SWOT analysis. Weighting = 20%
Mission/Vision – Based on your above analysis, provide your thoughts on the company mission and vision statement. Use the criteria for a good mission/vision and recommend changes. If none exist propose a mission and vision statement, with reasoning. Weighting = 10%
Quality – Weighting = 10%
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15% Grade
Guideline: 15-25 pages – Single space
Peer Reviewed
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Chapter 2
Business Vision and Mission
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Copyright © 2020, 2017, 2015 Pearson Education, Inc. All Rights Reserved
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Importance of Vision and Mission Statements
To make sure all employees/managers understand the firm’s purpose or reason for being.
To provide a basis for prioritization of key internal and external factors utilized to formulate feasible strategies.
To provide a basis for the allocation of resources.
To provide a basis for organizing work, departments, activities, and segments around a common purpose.
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King and Cleland recommend that organizations carefully develop a written mission statement in order to reap the following benefits:
1. To make sure all employees/managers understand the firm’s purpose or reason for being.
2. To provide a basis for prioritization of key internal and external factors utilized to formulate feasible strategies.
3. To provide a basis for the allocation of resources.
4. To provide a basis for organizing work, departments, activities, and segments around a common purpose.
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Vision Statement
“What do we want to become?”
The vision statement should be short, preferably one sentence, and as many managers as possible should have input into developing the statement.
“What is our business?”
A mission statement reveals what an organization wants to be and whom it wants to serve .It is also a statement of purpose, a statement of philosophy, a statement of beliefs, and a statement of business principles
Mission Statement
Example:
Best Buy: we are committed to providing individuals the latest high-tech products at the lowest prices of any retail store. Servicing North America, China, and other markets, all Best Buy employees are exceptionally knowledgeable about the products we offer. We believe good ethics is good business and use business analytics to better understand customer trends. We strive to make a profit for our shareholders and be a good community citizen everywhere we operate. (72 words)
Examples:
Dr Pepper Snapple: to be the best beverage business globally; our brands are synonymous with refreshment, fun, and flavor today and tomorrow. (19 words)
Starbucks: to be the premier purveyor of the finest coffee in the world while maintaining uncompromising principles as we steadily grow. (20 words)
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It is especially important for managers and executives in any organization to agree on the basic vision that the firm strives to achieve in the long term.
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Characteristics of a Good Vision Statement
Clear – reveals type of industry and what the firm strives to become
Futuristic – reveals what the firms strives to become within 5 years
Concise – one sentence in length
Unique – reveals competitive advantage
Inspiring – motivates the reader to support the firm
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A mission statement is a declaration of attitude and outlook. It usually is broad in scope for at least two major reasons. First, a good mission statement allows for the generation and consideration of a range of feasible alternative objectives and strategies without unduly stifling management creativity.
Second, a mission statement needs to be broad to reconcile differences effectively among, and appeal to, an organization’s diverse stakeholders, the individuals and groups of individuals who have a special stake or claim on the company.
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Characteristics of a Mission Statement
Broad in scope – does not include monetary amounts, numbers, percentages, ratios, or objectives
Concise – Fewer than 150 words in length
Inspiring
Identifies the utility of a firm’s products
Reveals that the firm is socially responsible
Reveals that the firm is environmentally responsible
Reconciliatory – resolves divergent views
Enduring (but not cast in stone)
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As indicated in Table 2-3, there are several characteristics of an effective mission statement.
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Characteristics of a Mission Statement
Includes 9 components:
customers,
products or services,
markets,
technology,
concern for survival/growth/profits,
philosophy,
self-concept,
concern for public image,
concern for employees
Attracts customers
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As indicated in Table 2-3, there are several characteristics of an effective mission statement.
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Hershey’s Actual Mission Statement (paraphrased)
We bring sweet moments (2) of Hershey happiness (6) to the world (3) every day.
Author comment: Statement lacks six components: Customers (1), Technology (4), Survival/Growth/Profits (5), Distinctive Competence (7), Public Image (8), and Employees (9); 12 words
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Note: The numbers in parentheses correspond to the nine components listed on page 50. Perhaps the best way to develop a skill for writing and evaluating mission statements is to study actual company missions. Thus, Table 2-6 provides a component-by-component critique of Hershey’s mission statement.
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A Proposed Mission Statement for Hershey
We aim to serve consumers of all ages and lifestyles (1) by providing high-quality chocolate, candy, and snack products (2) globally (3). We intend to grow and expand our product offerings (5) using robotics and business analytics (4). We are dedicated to supporting all communities where we operate (8), especially to the boys and girls in the Milton Hershey School (6). Through our friendly and well-trained employees (9), we provide consumers the best chocolate anywhere and wrapped in Hershey Happiness (7).
73 words
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This longer mission statement covers all nine components.
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Vision Statement Worksheet
| Characteristics | Critique/Recommendation |
| Clear – reveals type of industry and what the firm strives to become | |
| Futuristic – reveals what the firms strives to become within 5 years | |
| Concise – one sentence in length | |
| Unique – reveals competitive advantage | |
| Inspiring – motivates the reader to support the firm |
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Mission Statement Worksheet
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Next Week
Group Leader to post client questions to Teams and Submit your Client Meeting Effectiveness #2 to the dropbox
Class 5 (W5) Agenda:
Review of key concepts for Assignment #3
SWOT matrix and Grand Strategy matrix
Individual Assignment review
Prof meetings Group Assignment #2 draft review
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