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MGT603 Strategic Management, GDB # 1, Starting Date May 27, 2015, Closing Date Fri, May 29, 2015,(Topic : Mission statement)

GDB # 01 (mgt603)

 

Introduction:

Mission statement is basically a formal summary of company values and goals to clearly outline who the company is and what it wants to do. A major reason for developing a business mission is to attract customers who give meaning to an organization.

Most practitioners consider mission statement to be effective when it exhibit nine characteristics or components. Nine important components of mission statement are customers, products/services, markets, concern for survival, growth, profitability, technology, philosophy, self concept, and concern for public image and concern for employees.

 

Mission statements of two well renowned companies Nestle and Unilever are:

 

Nestlé’s mission statement is: “To positively influence the social environment in which we operate as responsible corporate citizens, with due regard for those environmental standards and societal aspirations which improve quality of life.”

 

Mission statement of Unilever is: “We meet everyday needs for nutrition; hygiene and personal care with brands that help people look good, feel good and get more out of life”

 

Key Requirement:

 

Being a student of strategic management you are required to prepare an evaluation matrix of mission statements for given companies. And discuss which company is better in addressing key components of mission statements?

 

Note:

Insert table from MS-word to prepare an Evaluation matrix.

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Replies to This Discussion

GDB based on 10,11 and 12 chapters..

Organization CUSTOMER PRO/Ser market concer/profitability technology
nestle yes no yes yes no
Unilever brand yes yes yes no no

plz tell me this mission matrix is perfect or wrong. And discuss which company is better in addressing key components of mission statements? or is question may kon se key component discuss kar ni hai kay matrix wali hi kar ni hai plz every one help me

Attachments:

Check this file

Attachments:

 Muhammad Awais thnx for sharing 

but kindly next cell number dhare na kijyay ga allow nhi..

Please Discuss here about this GDB.Thanks

Our main purpose here discussion not just Solution

We are here with you hands in hands to facilitate your learning and do not appreciate the idea of copying or replicating solutions.

“To positively influence the social environment in which we operate as responsible corporate citizens, with due regard for those environmental standards and societal aspirations which improve quality of life.”

Mission statement of Unilever is: “We meet everyday needs for nutrition; hygiene and personal care with brands that help people look good, feel good and get more out of life”

 

Mission matrix

 

Organization

customer

Product/service

market

Concern for

technology

nestle

yes

no

yes

yes

no

Unilever brand

yes

yes

yes

no

no

 

philosophy

Self concept

Concerfor public image

Concern employee

yes

no

yes

no

yes

yes

no

yes

 

1.  Customers:  Who are the enterprise's customers? 
2.  Products or services: What are the firm's major products or services? 
3. Markets: Where does the firm compete? 
4. Technology: What is the firm's basic technology? 
5. Concern for survival, growth, and profitability:  What is the firm's commitment towards economic objectives? 
6. Philosophy: What are the basic beliefs, core values, aspirations and philosophical priorities of the firm? 
7. Self-concept: What are the firm's major strengths and competitive advantages? 
8. Concern for public image: What is the firm's public image? 
9. Concern for employees: What is the firm's attitude/orientation towards employees?

is ky mutabik solve karna ha , 

9 Characteristics of an Effective Mission Statem

Every business comes into existence to serve a purpose. Some businesses seek to fill an essential gap in local services while others aim to replace or cut into the market share of existing businesses. In every case, an overriding mission drives the business. The purpose of a mission statement is to give a concise explanation of the business's reason for existing and its long-term goals. The exact form of a mission statement can vary, but effective mission statements typically include nine element

Function

The mission statement needs to include some description of the function of the business. For example, "to promote industrial excellence," tells customers and employees nothing. A more effective description would be "To provide management consulting services."

Target Consumers

An effective mission statement sets out, in broad terms, the target market. A manufacturer that makes nuts and bolts might set its target market as retail hardware stores, machine manufacturers, or both.

Target Region

The business must determine what region it serves best and relay that information by way of the mission statement. A garage, for example, might limit its target region to the community while a magazine company might target an entire country.

Values

Mission statements typically include a statement of company values. Values such as customer service, efficiency and eco-consciousness often appear on lists of company values. At their best, company values should express principles the company explicitly tries to affirm in day-to-day operations.

Technology

For businesses that rely heavily on technology, the mission statement should include a description of the essential technology the company does or plans to employ. If nothing else, this directs purchasing agents toward the appropriate vendors for goods and services.

Employees

Every company has a policy regarding its relationship with employees. A mission statement provides an opportunity to describe that policy in brief so employees know the essentials of where they stand.

Strategic Positioning

Effective mission statements also include a brief description of the business's strategic position within the market. For example, the company might excel at serving residential clients and seek to maximize that strategic advantage.

Financial Objectives

For for-profit ventures, businesses require clear financial objectives. A start-up company might set one of its financial objectives as making an initial public offering of common stock within two years. This lets the employees and potential investors know the company intends to go public, with all of the legal and record keeping ramifications that entails.

Image

Like people, companies develop public images. Careful companies craft the public image they want to establish and lay out the major features of it in the mission statement. This helps managers direct employees that stray from the sanctioned public image.

COMPONENTS OF AN EFFECTIVE MISSION STATEMENT

  
 

Mission statements can and do vary in length, content, format and specificity.  Most practitioners and academicians of strategic management consider an effectively written mission statement to exhibit nine characteristics or mission statement components.  Since a mission statement is often the most visible and public part of the strategic management process, it is important that it include most, if not all, of these essential components.  Components and corresponding questions that a mission statement should answer are given here. 
 

1.  Customers:  Who are the enterprise's customers? 
2.  Products or services: What are the firm's major products or services? 
3. Markets: Where does the firm compete? 
4. Technology: What is the firm's basic technology? 
5. Concern for survival, growth, and profitability:  What is the firm's commitment towards economic objectives? 
6. Philosophy: What are the basic beliefs, core values, aspirations and philosophical priorities of the firm? 
7. Self-concept: What are the firm's major strengths and competitive advantages? 
8. Concern for public image: What is the firm's public image? 
9. Concern for employees: What is the firm's attitude/orientation towards employees?

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