1) Examine Potential Changes Needed in a Firms Vision/Mission Purpose Samsung Electronics is featured in the opening chapter insert as a firm that engages in excellent strategic planning. This exercise gives you practice examining the change or needed change in a companys vision and mission statements, given a change in the companys product offerings. Visit the Samsung corporate website. Samsungs vision statement is posted on their website, as: Samsung is dedicated to developing innovative technologies and efficient processes that create new markets, enrich peoples lives and continue to make Samsung a digital leader. The companys mission statement is called a statement of philosophy and also is given on the corporate website. Samsung does an excellent job in strategic management. Instructions Evaluate Samsungs vision and mission statements in light of the characteristics and components in Chapter 5.
2) Selecting the Best Vision and Mission Statements in a Given Industry Purpose This exercise is designed to get you familiar with existing vision and mission statements in an industry of your choice. Instructions Identify companies in an industry that you are interested in working in one day. Find five company vision statements and five company mission statements. Rank your five vision statements and your five mission statements in order of attractiveness, with 1 being the best and 5 being the worst. Give a rationale for your rankings.
ENT visible and public part of the strategic-management process, it is important that it includes not only the characteristics as summarized in Table 5-3 but also the following xine components: 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? 5. Survival, growth, and profitabilityIs 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 (distinctive competence)-What is the firm's major competitive advantage? 8. Public image Is the firm responsive to social, community, and environmental concerns? 9. Employees-Are employees a valuable asset of the firm? To exemplify how mission statements could be written from a customer perspective, a component-by-component example for a charter boat fishing company is provided in Table 5-4. Note the charter company's customers are "outdoor enthusiasts." "Customers" is a key compo- nent to include in a mission statement, but simply including the word customer or consumer does not qualify that component to be considered "written from a customer perspective." The statement needs to identify more precisely the target groups of customers. All nine components in Table 5-4 are written from a customer perspective. For example, regarding the "product/ a 165 CHAPTER 5 VISION AND MISSION ANALYSIS TABLE 53 Characteristics of a Mission Statement 1. Broad in scope: does not include monetary amounts, numbers percentages, ratios, or objectives 2. Fewer than 150 words in length 3. Inspiring 4. Identifies the utility of a firm's products 5. Reveals that the firm is socially responsible 6. Reveals that the firm is environmentally responsible 7. Includes nine components: customers, products or services, markets, technology, concern for survival/growth/profits, philosophy, self-concept, concern for public image, concern for employees 8. Reconciliatory 9. Enduring totam ENT visible and public part of the strategic-management process, it is important that it includes not only the characteristics as summarized in Table 5-3 but also the following xine components: 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? 5. Survival, growth, and profitabilityIs 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 (distinctive competence)-What is the firm's major competitive advantage? 8. Public image Is the firm responsive to social, community, and environmental concerns? 9. Employees-Are employees a valuable asset of the firm? To exemplify how mission statements could be written from a customer perspective, a component-by-component example for a charter boat fishing company is provided in Table 5-4. Note the charter company's customers are "outdoor enthusiasts." "Customers" is a key compo- nent to include in a mission statement, but simply including the word customer or consumer does not qualify that component to be considered "written from a customer perspective." The statement needs to identify more precisely the target groups of customers. All nine components in Table 5-4 are written from a customer perspective. For example, regarding the "product/ a 165 CHAPTER 5 VISION AND MISSION ANALYSIS TABLE 53 Characteristics of a Mission Statement 1. Broad in scope: does not include monetary amounts, numbers percentages, ratios, or objectives 2. Fewer than 150 words in length 3. Inspiring 4. Identifies the utility of a firm's products 5. Reveals that the firm is socially responsible 6. Reveals that the firm is environmentally responsible 7. Includes nine components: customers, products or services, markets, technology, concern for survival/growth/profits, philosophy, self-concept, concern for public image, concern for employees 8. Reconciliatory 9. Enduring totam
