3 Journal 1 (Concept and Case study 1

CHAPTER 2 . THE BUSINESS VISION AND MISSION 53

TABLE 2-4 Examples of the Nine Essential Components of a Mission Statement 'l . Customers

We believe our first responsibility is to the doctors, nurses, patients, mothers, and all others who use our products and services. (Johnson & Johnson) To eam our customers' loyalty, we listen to them, anticipate their needs, and act to create value in their eyes. (Lexmark International) 2. Products or Services

AMAX's principal products are molybdenum, coal, iron ore, copper, lead, zinc, petroleum and natural gas, potash, phosphates, nickel, tungsten, silver, gold, and magnesium. (AMAX Engineering Company) Standard Oil Company (Indiana) is in business to find and produce crude oil, natural gas, and natural gas liquids; to manufacture high-quality products useful to 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) 3. Markets

We are dedicated to the total success of Coming Glass Works as a worldwide competitor. (Corning Glass Works) Our emphasis is on North American markets, although global opportunities will be explored. (Blockway) 4. 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) We will continually strive to meet the preferences of adult smokers by developing technologies that have the potential to reduce the health risks associated with smoking. (RJ Reynolds)

5. 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)

To serve the worldwide need for knowledge at a fair profit by adhering, evaluating, producing, and distributing valuable information in a way that benefits our customers, employees, other investors, and our society. (McGraw-Hill)

5. Philosophy

r&u world-class leadership is dedicated to a management philosophy that holds people above profits. (Kellogg) ft's all part of the Mary Kay philosophy-a philosophy based on the golden rule. A spirit of sharing and caring where people give deerfully of their time, knowledge, and experience. (Mary Kay Cosmetics) 7. Self-Concept

Crown Zellerbach is committed to leapfrogging ongoing competition within 1,000 days by unleashing the constructive and creative *itities and energies of each of its employees. (Crown Zellerbach) & Concern for Public lmage To share the world's obligation for the protection of the environment. (Dow Chemical) To contribute to the economic strength of society and function as a good corporate citizen on a local, state, and national basis in all mrntries in which we do business. (Pfizer)

9- Concern for Employees Io recruit, develop, motivate, reward, and retain personnel of exceptional ability, character, and dedication by providing good working mditions, superior leadership, compensation on the basis of performance, an attractive benefit program, opportunity for growth, and ehigh degree of employment security. (The Wachovia Corporation) To compensate its employees with remuneration and fringe benefits competitive with other employment opportunities in its geographical rea and commensurate with their contributions toward efficient corporate operations. (Public Service Electric & Gas Company)

gain and sustain competitive advantage. Do not be content with merely showing a nine- comparison of your proposed statement with rival firms' statements, although that

be nice to include in your analysis.

organization has a unique purpose and reason for being. This uniqueness should be in vision and mission statements. The nature of a business vision and mission can either a competitive advantage or disadvantage for the firm. An organization achieves

ned sense of purpose when strategists, managers, and employees develop and commu- a clear business vision and mission. Drucker says that developing a clear business vision

mission is the "first responsibility of strategists."