Developing Mission Statements (Final Exam)

Question 1

Mission Statement

Answer 1

Mission: Why you exist and what your goals are. It’s similar to a maestro in an orchestra. A mission statement should be developed and created at the Corporate level. It applies to both corporate and business unit levels, though.

• Mission helps everyone in your company stay focused on that core business strategy.
• The mission statement should be thinking of the employees of your company.
  
  • What’s at stake? What’s in it for the employee? What do I have to lose by not pursuing
    the company mission statement?
  • If people do not emotionally own the mission or vision, there is no personal buy-in to pursue the mission.
    Employees will only buy-in when they have something at stake or something to lose or something to gain.
  • Example: Our mission is to be the world’s premier consumer products company focused on convenient foods and beverages. We seek to produce financial rewards for investors as we provide opportunities for growth and enrichment to our employees, our business partners and the communities in which we operate. In everything we do, we strive for honesty, fairness and integrity.
• A mission statement is a management tool that helps
  a company stay focused on their core business strategy.
• It should define:
  
  • Who the target market is,
  • What the product/service is,
  • How the service will be delivered.
• Mission Statements should be used as a management tool that helps the organization and staff stay focused on the core business strategy.

Not as a means to inspire or create a corporate image.

Question 2

Vision Statement

Answer 2

Vision Statement: what the company wants the world to look like when they’ve achieved their mission. This is more on how the consumers perceive them and outward facing.

• normally hard to measure and not as easily actionable.

Question 3

An Effective Mission Statement Includes:

Answer 3

1. A description of who the target market is,
2. What needs the company will satisfy and,
3. The marketing mix (4Ps) that will be offered to satisfy the target market’s needs.

Question 4

Marketing Mix and Mission Statements

Answer 4

• The marketing mix are just a way to start thinking about HOW you’re going to accomplish your mission.
  
  • Product: define The product/service itself, who needs it and why? How is our unique?
  • Price: the amount customers are willing to pay (real and perceived value); discounts, deals, etc.
  • Place: where the product should be available (geographically, organizationally), how its displayed, advertising in the right media
  • Promotion: communication to the consumer about the need for that product and its appropriate pricing (advertising, pr, media strategy).