BUS 411 DAY 3 1 Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall Agenda  Question?  Assignment 1 due February 5  Discussion on the Mission and Vision Statements Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall Assignment 1       Due Feb 5 @ 12:35 PM Complete the Assurance of Learning Exercise 1B on page 39 of your text with the following modifications. This assignment is intended to be an individual assignment, do your own work. Step 1 Walt Disney’s website has changed since the publication of this text. To get the annual reports, do the following; Go to the Thewaltdisneycompany.com Click on the Investor Relations box, it is the in the middle of 5 boxes to the right of the logo. Click on Reports and Financial Information in the left side menu. The 2011 10K is available by under Past SEC Filings, The 2011 Annual report is available by clicking on its link Step 2 The UMFK library does not subscribe to Standards and Poor but you get industry surveys from the Business Insights: Essentials (Search DIS) and the Value Line Research Center (select “Plus Edition>Look Up Company”. You can get Company and Industry reports from both databases; the databases can be found by selecting the topic “Business” under the Articles for Research link on the Blake Library web page. Skip step 5, we will do this in class to create a collective SWOT analysis for Walt Disney. This collectively created SWOT analysis will be required for future assignments. Upload a Word Document with your 12 responses (3 Strengths, 3 Weaknesses, 3 Opportunities & 3 Threats) Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall The Business Vision and Mission Chapter Two Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall Chapter Objectives 1. Describe the nature and role of vision and mission 2. 3. 4. 5. 6. 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 organizations. Write good vision and mission statements. 2-6 Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall Vision “The last thing IBM needs right now is a vision.” (July 1993) What happened between 1993 and 1996? “What IBM needs most right now is a vision.” (March 1996) – Louis V. Gerstner, Jr., CEO, IBM Corporation Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall What Do We Want to Become?  A vision statement should answer the basic question, “What do we want to become?” 2-8 Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall 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. 2-9 Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall Vision Statement Examples Tyson Foods’ vision is to be the world’s first choice for protein solutions while maximizing shareholder value. Ch 2 -11 Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall Vision Statement Examples General Motors’ vision is to be the world leader in transportation products and related services. Ch 2 -12 Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall Vision Statement Examples PepsiCo’s responsibility is to continually improve all aspects of the world in which we operate – environment, social, economic – creating a better tomorrow than today. Ch 2 -13 Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall Vision Statement Examples Dell’s vision is to create a company culture where environmental excellence is second nature. Ch 2 -14 Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall UMFK Vision The University of Maine at Fort Kent will be a leading small public university in student success through quality academic programs and our hallmark experiential learning, which build upon our unique rural, environmental, and Franco-American cultural heritage. We are therefore committed to: •Holistic development of students through active engagement in scholarly and co-curricular activities designed to support success of academic, personal, and social goals •Affordable and accessible education •High quality education by making academic excellence pervasive through strong liberal-arts based education, high impact teaching and learning strategies, and program accreditation •Core and signature programs that transform students for ethical lives, productive careers, and responsible citizenship within a changing global community •Expansion of educational programs through innovative technology and distance learning •Academics centered around a hallmark of experiential learning incorporated in each program that builds upon our distinguishing characteristics of culture, rural environment, and international location as the foundation of a broad-based educational experience •A sense of community through personalized faculty-to-student interactions and a small student-to-faculty ratio •Development of a distinctly rural-based identity and sustainable practices through realization of the Center for Rural Sustainable Development mission •Transformational learning through interactive study and immersion in Northern Maine's pristine natural environment, historic community, and great outdoor sports and recreation •Promoting our distinctive identity as the cultural and intellectual center of northern Maine •Actively engaging in the revitalization of the unique Acadian and Franco-American heritage, culture, and language of the St. John Valley through the realization of the Acadian Archives/Archives acadiennes mission •Preparing successful students via quality of place, people, and education, thereby providing students with quality of life and work Ch 2 -15 Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall Vision Statement Examples 2-16 Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall Walt Disney Vision? 2-17 Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall What Is Our Business?  Mission statement  a declaration of an organization’s “reason for being.”  answers the pivotal question “What is our business?”  essential for effectively establishing objectives and formulating strategies 2-18 Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall Mission Statement  Mission statement  reveals what an organization wants to be and whom it wants to serve  Also called a creed statement, a statement of purpose, a statement of philosophy, a statement of beliefs, and a statement of business principles 2-19 Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall Vision versus Mission  Shared vision creates a commonality of interests that can lift workers out of the monotony of daily work and put them into a new world of opportunity and challenge.  A “rallying cry!” 2-20 Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall The Process of Developing Vision and Mission Statements  Select several articles about these statements and ask all managers to read these as background information.  Ask managers themselves to prepare a vision and mission statement for the organization. 2-21 Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall The Process of Developing Vision and Mission Statements  Merge these statements into a single document and distribute the draft statements to all managers  Process should create an “emotional bond” and “sense of mission” between the organization and its employees 2-22 Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall Importance of Vision and Mission Statements 1. To ensure unanimity of purpose within the organization 2. To provide a basis, or standard, for allocating organizational resources 3. To establish a general tone or organizational climate 2-23 Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall Importance of Vision and Mission Statements 4. To serve as a focal point for individuals to identify with the organization’s purpose and direction 5. To facilitate the translation of objectives into a work structure 6. To specify organizational purposes 2-24 Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall Characteristics of a Mission Statement  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.  Inclusive not exclusive 2-25 Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall Characteristics of a Mission Statement  Second, a mission statement needs to be broad to reconcile differences effectively among, and appeal to, an organization’s diverse stakeholders  Everyone in organization should sense their involvement in the mission. 2-26 Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall Characteristics of a Mission Statement  Stakeholders  include employees, managers, stockholders, boards of directors, customers, suppliers, distributors, creditors, governments (local, state, federal, and foreign), unions, competitors, environmental groups, and the general public. 2-27 Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall Benefits of Having a Clear Mission and Vision 2-28 Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall A Customer Orientation A mission statement should: define what the organization is and what the organization aspires to be be limited enough to exclude some ventures and broad enough to allow for creative growth distinguish a given organization from all others 2-29 Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall A Customer Orientation A mission statement should also: serve as a framework for evaluating both current and prospective activities be stated in terms sufficiently clear to be widely understood throughout the organization 2-30 Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall A Customer Orientation  A good mission statement reflects the anticipations of customers.  The operating philosophy of organizations should be to identify customers’ needs and then provide a product or service to fulfill those needs. 2-31 Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall Mission Statement Components 1. Customers—Who are the firm’s customers? 2. Products or services—What are the firm’s major products or services? 3. Markets—Geographically, where does the firm compete? 4. Technology—Is the firm technologically current? 2-32 Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall Mission Statement Components 5. Concern for survival, growth, and profitability—Is the firm committed to growth and financial soundness? 6. Philosophy—What are the basic beliefs, values, aspirations, and ethical priorities of the firm? 7. Self-concept—What is the firm’s distinctive competence or major competitive advantage? 2-33 Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall Mission Statement Components 8. Concern for public image—Is the firm responsive to social, community, and environmental concerns? 9. Concern for employees—Are employees a valuable asset of the firm? 2-34 Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall Characteristics of a Mission Statement Mission Statement evaluation guide.pdf Mission Statement evaluation guide.xlsx 2-35 Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall Example Mission Statements  Fleetwood Enterprises will lead the recreational vehicle and manufactured housing industries (2, 7) in providing quality products, with a passion for customer-driven innovation (1). We will emphasize training, embrace diversity and provide growth opportunities for our associates and our dealers (9). We will lead our industries in the application of appropriate technologies (4). We will operate at the highest levels of ethics and compliance with a focus on exemplary corporate governance (6). We will deliver value to our shareholders, positive operating results and industryleading earnings (5). 2-36 Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall Example Mission Statements  We aspire to make PepsiCo the world’s (3) premier consumer products company, focused on convenient foods and beverages (2). We seek to produce healthy financial rewards for investors (5) as we provide opportunities for growth and enrichment to our employees (9), our business partners and the communities (8) in which we operate. And in everything we do, we strive to act with honesty, openness, fairness and integrity (6). 2-37 Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall Example Mission Statements  Dell’s mission is to be the most successful computer company (2) in the world (3) at delivering the best customer experience in markets we serve (1). In doing so, Dell will meet customer expectations of highest quality; leading technology (4); competitive pricing; individual and company accountability (6); best-in-class service and support (7); flexible customization capability (7); superior corporate citizenship (8); financial stability (5). 2-38 Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall Example Mission Statements  Procter & Gamble will provide branded products and services of superior quality and value (7) that improve the lives of the world’s (3) consumers. As a result, consumers (1) will reward us with industry leadership in sales, profit (5), and value creation, allowing our people (9), our shareholders, and the communities (8) in which we live and work to prosper. 2-39 Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall Example Mission Statements  At L’Oreal, we believe that lasting business success is built upon ethical (6) standards which guide growth and on a genuine sense of responsibility to our employees (9), our consumers, our environment and to the communities in which we operate (8). 2-40 Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall UMFK Mission The University of Maine at Fort Kent emphasizes environmental stewardship, Franco-American culture, and rural sustainability through a liberal and professional education featuring experiential learning which fosters student success as responsible citizens, dedicated professionals, and conscientious leaders. Building upon its historical roots and distinguishing characteristics, the University of Maine at Fort Kent: Was founded as the Madawaska Training School in 1878 to prepare bilingual teachers to serve the French-speaking people of Northern Aroostook County Is a small public institution offering quality baccalaureate and associate degree programs with a legacy of quality teaching Is where education meets the great outdoor environment - situated in historic Fort Kent and nestled in the Saint John River Valley, at the northern extent of the Appalachian Mountains and forests of New England, providing abundant resources for learning and research opportunities, and joys of outdoor sports Serves the educational needs of the St. John Valley, Aroostook County, State of Maine and responds to global trends Prepares well-educated, independent thinkers to live in a diverse and global society Talented and dedicated faculty and staff promote discovery and exploration of knowledge, life-long learning, and global citizenship through effective teaching, service, and scholarship Offers a curriculum that emphasizes special challenges of rural communities in America Fosters an appreciation and stewardship of Northern Maine's pristine natural environment through the Environmental Studies, Forestry, and Biology degree programs Preserves, cultivates, and celebrates the Franco-American/Acadian culture in the St. John Valley and houses one of two Acadian Archives/Archives acadiennes in the nation Is the only institution in the United States located at the center of French culture of northern Maine, northern New Brunswick, and Québec, offering opportunities for students of all ethnic and racial heritages to study and live in a bilingual community Is a strong social, cultural, and economic driving force in the region and promotes rural sustainable development Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall Walt Disney Mission Statement? The mission of The Walt Disney Company is to be one of the world's leading producers and providers of entertainment and information. Using our portfolio of brands to differentiate our content, services and consumer products, we seek to develop the most creative, innovative and profitable entertainment experiences and related products in the world. Source: http://thewaltdisneyco.blogspot.com/2011/09/chapter-1-brief-history-mission.html 2-42 Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall 2-43 Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall