STRATEGY FORMULATION
Characteristics of Mission:
It should be:
Ø Motivating.eg. Dow Chemicals
Ø Feasible (high but realistic) eg. NASA
Ø Precise (neither too narrow nor too broad)
Ø Distinctive (differentiate from competitors)
Mission statements are formulated through:
Ø Vision created by leaders in light of national priorities
Ø Entrepreneur’s corporate philosophy
Ø Top management
ESSENTIAL COMPONENTS OF AN IDEAL MISSION STATEMENT
Ø Motivating.eg. Dow Chemicals
Ø Feasible (high but realistic) eg. NASA
Ø Precise (neither too narrow nor too broad)
Ø Distinctive (differentiate from competitors)
Mission statements are formulated through:
Ø Vision created by leaders in light of national priorities
Ø Entrepreneur’s corporate philosophy
Ø Top management
ESSENTIAL COMPONENTS OF AN IDEAL MISSION STATEMENT
CUSTOMERS
We believe our first responsibility is to the doctors, nurses, and patients, to mothers and all others who use our products and services. (Johnson & Johnson)
PRODUCTS OR SERVICES
Standard Oil Company is in the business to find and produce crude oil, natural gas, and natural gas liquids; to manufacture high quality products useful to the society from these raw materials; and to distribute and market those products and to provide dependable related services to the consuming public at reasonable prices. (Standard Oil Company)
MARKETS
We are dedicated to the total success of Corning Glass Works as a worldwide competitor. (Corning Glass Works)
We believe our first responsibility is to the doctors, nurses, and patients, to mothers and all others who use our products and services. (Johnson & Johnson)
PRODUCTS OR SERVICES
Standard Oil Company is in the business to find and produce crude oil, natural gas, and natural gas liquids; to manufacture high quality products useful to the society from these raw materials; and to distribute and market those products and to provide dependable related services to the consuming public at reasonable prices. (Standard Oil Company)
MARKETS
We are dedicated to the total success of Corning Glass Works as a worldwide competitor. (Corning Glass Works)
TECHNOLOGY
Control Data is in the business of applying micro electronics and computer technology in two general areas: computer related hardware; and computing enhancing services, which include computation, information, education and finance. (Control Data)
CONCERN FOR SURVIVAL, GROWTH AND PROFITABILITY
In this respect, the company will conduct its operations prudently, and will provide the profits and growth which will assure Hoover’s ultimate success. (Hoover Universal)
PHILOSOPHY
It’s all part of the Mary Kay Philosophy- a philosophy based on the golden rule. A spirit of sharing and caring where people give cheerfully of their time, knowledge, and experience. (Mary Kay Cosmetics)
SELF CONCEPT
Crown Zellerbach is committed to leapfrogging competition within 1,000 days by unleashing the constructive and creative abilities and energies of each of its employees. (Crown Zellerbach)
CONCERN FOR PUBLIC IMAGE
To contribute to the world’s obligation for the protection of the environment. (Dow Chemicals)
CONCERN FOR EMPLOYEES
To recruit, develop, motivate, reward and retain personnel of exceptional ability, character and dedication by providing good working conditions, superior leadership, compensation on the basis of performance, an attractive benefit program, opportunity for growth and a high degree of employment security. (The Wachovia Corporation)
CONCERN FOR PUBLIC IMAGE
To contribute to the world’s obligation for the protection of the environment. (Dow Chemicals)
CONCERN FOR EMPLOYEES
To recruit, develop, motivate, reward and retain personnel of exceptional ability, character and dedication by providing good working conditions, superior leadership, compensation on the basis of performance, an attractive benefit program, opportunity for growth and a high degree of employment security. (The Wachovia Corporation)
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