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BUS 4403 Business Policy and Strategy

Published : 13-Sep,2021  |  Views : 10

Question:

Over the course of this unit, we have discussed the importance of mission and vision statements. As a part of that discussion, we analyzed mission and vision statements for their effectiveness. For the Unit II Essay, you will expand on this topic.

Using your favorite search engine, research the mission and vision statements of different fortune 500 companies. Then, you will write an essay in which you compare and contrast the mission statements of two companies and the vision statements of two companies.
You may use the same companies for both the mission and vision comparisons or separate companies.

Within your essay, include the following:

Explain the principle value of two vision statements.

Explain the principle value of two mission statements.
 
Compare and contrast vision statements of each organization in terms of composition and importance.

Compare and contrast mission statements of each organization in terms of composition and importance.
 
Do you think organizations that have comprehensive mission statements tend to be high performers? How do mission and vision statements assist in selecting an industry-specific strategy?
 
Explain why a mission statement should not include monetary amounts, numbers, percentages, ratios, goals, or objectives.

Answer:

In the process of incorporating a company, the company comes up with a vision and mission statements because they play a critical role in the success of the business (David, David, & David, 2014). Vision statement highlights where a company wants to be in the coming years and the initiatives which can be taken to ensure the company achieves its vision (Epstein, & Buhovac, 2014). It acts as the source of inspiration for the company as it helps to vividly form a mental picture of where the company wants to be. On the other hand, mission statement refers to a formal summary that tells why the business is in existence by highlighting the values and aims of the company. It also highlights what the business helps its customers, employees and even stakeholders (Babnik, et al.2014). This essay is written to compare and contrast vision and mission statements of two fortune companies.

Walmart and General Motors vision statements will be compared and contrasted. Vision statement of Walmart is ‘To be the best retailer in the hearts and minds of consumers and employees’. General Motors' vision statement is "to become the world’s most valued automotive company.” The principle value of the two vision statement is to ensure that the companies are the best in their industry and be accepted by their customers all over the world. This helps to position the business in a better position than its competitors. The two vision statements shows which industry the company belongs to just by reading the vision statement. This helps investors to realize which industry the company belongs to and if they were looking to invest in that certain industry, they will consider investing in the mentioned companies (Baumgartner, 2014). The vision statement also shows that Walmart and General Motors want to become leaders in their respective industries. Consumers always wants to be associated with the best and they will consider purchasing products of the company which wants to be the in the world.

The two vision statements are also different in some aspects. Walmart’s vision is to ensure that it is the best retailer in the minds and hearts of the employees and customers. General motors’ do not specify the people who are to regard it as the most valued automotive company in the world. Walmart's vision statement aims to use different strategies to influence minds of the consumers and employees to be regarded as the best retailer. General Motors does not highlight which variables will be used to measure the value of the company.

Walmart and General Motors mission statements will also be compared and contrasted. Mission statement of Walmart is “Saving people money so they can live better.”  General Motors vision statement is to earn customers for life by building brands that inspire passion and loyalty through not only breakthrough technologies but also by serving and improving the communities in which we live and work around the world.’ the principle value of the two mission statement is improving the lives of the people who are associated with the two companies. The two vision statements are very important to the companies as they highlights how the companies want to help its stakeholders and that is by improving their lives. The two vision statements are also made by highlighting the aims and purposes of the company. The mission statements are important as they help the companies to walk the talk.

The two mission statements have some contrasts. Walmart’s mission statement is composed to relate with the companies slogan while General Motors' mission statement is not related to the slogan. Walmart's mission statement highlights how it intends to improve the lives of the people and that is by offering products at low prices which will help them to save their money. General motors mission statement does not highlight how it intends to serve the community and people. The importance of the Walmart's mission is to help. Walmart's mission is short while General Motors' is very comprehensive.

Mission and vision statements help companies to select the strategies because the statements highlights want the company wants to achieve and this will help the company to choose the strategies which will help the aims and vision of the company (Shahmehr, et al.2014). The mission statement is for providing the broad qualitative aims of the organization and quantifying it will not achieve the purpose. Being specific will also limit the creativity of the management and this will hinder the growth of the company (Drtina, & Kyle, 2014). The mission statement should also allow for the generation of various strategies which can be used by the company to achieve its aims and quantifying the mission statement will prevent the company from using alternative strategies.

In conclusion, companies should enact vision and mission statements that highlight the industry of the company and the aims of the company. The vision and mission statements are important as they help organizations to choose strategies. Having a comprehensive mission statement does not guarantee that the company will perform better because company success depends on many factors.

References

Babnik, K., Breznik, K., Dermol, V., & Trunk Širca, N. (2014). The mission statement: organisational culture perspective. Industrial Management & Data Systems, 114(4), 612- 627.

Baumgartner, R. J. (2014). Managing corporate sustainability and CSR: A conceptual framework combining values, strategies and instruments contributing to sustainable development. Corporate Social Responsibility and Environmental Management, 21(5), 258-271.

David, M. E., David, F. R., & David, F. R. (2014). MISSION STATEMENT THEORY AND PRACTICE: A CONTENT ANALYSIS AND NEW DIRECTION. International Journal of Business, Marketing, & Decision Science, 7(1).

Drtina, R., & Kyle, M. (2014). How do nonprofits win foundation grants. Strategic Finance, 95(10), 45-52.

Epstein, M. J., & Buhovac, A. R. (2014). Making sustainability work: Best practices in managing and measuring corporate social, environmental, and economic impacts. Berrett-Koehler Publishers.

Shahmehr, F. S., Safari, N., Jamshidi, M. J., & Yaghoobi, N. M. (2014). The impact of performance management on mission statement and operational goal setting. International Journal of Business and Management, 9(11), 189.

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