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StrategicManagement.docxRunning head: STRATEGIC MANAGEMENT 1
STRATEGIC MANAGEMENT 3
Strategic Management
Student’s Name
Institutional Affiliation
Date
|
|
CVS Health Corporation |
Aflac, Inc. |
Bristol-Myers Squibb Company |
|
Customers |
Yes |
Yes |
Yes |
|
Products or services |
Yes |
Yes |
Yes |
|
Markets |
Yes |
Yes |
Yes |
|
Technology |
No |
Yes |
Yes |
|
Survival, growth, and profitability |
No |
Yes |
No |
|
Philosophy |
Yes |
No |
Yes |
|
Self-concept |
Yes |
No |
Yes |
|
Public image |
No |
Yes |
Yes |
|
Employees |
Yes |
Yes |
Yes |
Responses
What I believe is the best of the three mission statements
In comparing the three mission statements, the one I believe is the best is that of Bristol-Myers Squibb Company. Alegre et al. (2018) posit that a good mission statement should not only be transformative but also states the purpose of the business geared towards a corporate culture guiding the operations from the present to the future. The mission statement for Bristol-Myers Squibb Company is the best of the three because it is broad in scope. As explained by David F. and David F.R. (2016) that it imperative for the breadth of a mission statement to not include ratios, percentages, amounts, and numbers, this company’s mission statement not only considers this requirement but also meets the highest threshold in terms of the included number of components written from the customer’s perspective. It is enduring as it focuses on helping the targeted customers overcome severe health problems within a considerable duration and identifies the utility of the firm’s product.
The mission statement I find inspiring
The mission statement of Aflac, Inc. is the most inspiring. An inspiring mission statement should reiterate that the business is not only obsessed with making profits but also customer-oriented by considering their financial situation and welfare when establishing its pricing strategy (David, 2016).). The mission statement for Aflac, Inc. meets this requirements as it reflects that the company is focused on providing quality products and services at affordable prices. In this regard, in compliance with imperative characteristics stated by David F. and David F. R. (2016), this mission statement reveals that the firm is socially responsible and cares about the needs and economic status of its customers.
References
Alegre, I., Berbegal-Mirabent, J., Guerrero, A., & Mas-Machuca, M. (2018). The real mission of the mission statement: A systematic review of the literature. Journal of Management & Organization, 24(4), 456-473.
David, F. R. (2016). Benefits, Characteristics, Components, and Examples of Customer-Oriented Mission Statements. International Journal of Business, Marketing, & Decision Science, 9(1).
David, F., & David, F. R. (2016). Strategic management: A competitive advantage approach, concepts and cases. Pearson–Prentice Hall.
