# Class4W20231.pptx

Agenda

Individual Group meetings

Ask questions regarding the Current Situation Analysis (Assignment #2)

Regroup in the main class area and review the requirements for the Current State Analysis (Assignment #2)

Mission and Vision

Analysis of the client’s Mission/Vision statement

Client Meetings or Current State Analysis work

If you are not meeting with the client, work on current state analysis

Group Assignment – 2

Current State Analysis

Industry partner on-site visit

External Analysis (40%)

Conduct a PEST analysis and derive conclusions. Weighting = 10%

Conduct a Porter’s 5 competitive forces review and summarize impact on the firm. Weighting = 10%

Identify and analysis key competitors, subsequently define a competitive profile matrix (CPM) and state the firm’s competitive position. Weighting = 20%

Internal Analysis (20%)

Review current marketing, IT, HR, Finance/Accounting, Supply Chain, and Sustainability plans (20%)

SWOT analysis. Weighting = 20%

Mission/Vision – Based on your above analysis, provide your thoughts on the company mission and vision statement. Use the criteria for a good mission/vision and recommend changes. If none exist propose a mission and vision statement, with reasoning. Weighting = 10%

Quality – Weighting = 10%

3

Guideline: 15-25 pages – Single space

Peer Reviewed

3

Chapter 2

If this PowerPoint presentation contains mathematical equations, you may need to check that your computer has the following installed:

1) MathType Plugin

2) Math Player (free versions available)

3) NVDA Reader (free versions available)

4

Importance of Vision and Mission Statements

To make sure all employees/managers understand the firm’s purpose or reason for being.

To provide a basis for prioritization of key internal and external factors utilized to formulate feasible strategies.

To provide a basis for the allocation of resources.

To provide a basis for organizing work, departments, activities, and segments around a common purpose.

King and Cleland recommend that organizations carefully develop a written mission statement in order to reap the following benefits:

1. To make sure all employees/managers understand the firm’s purpose or reason for being.

2. To provide a basis for prioritization of key internal and external factors utilized to formulate feasible strategies.

3. To provide a basis for the allocation of resources.

4. To provide a basis for organizing work, departments, activities, and segments around a common purpose.

5

Vision Statement

“What do we want to become?”

The vision statement should be short, preferably one sentence, and as many managers as possible should have input into developing the statement.

A mission statement reveals what an organization wants to be and whom it wants to serve .It is also a statement of purpose, a statement of philosophy, a statement of beliefs, and a statement of business principles

Mission Statement

Example:

Best Buy: we are committed to providing individuals the latest high-tech products at the lowest prices of any retail store. Servicing North America, China, and other markets, all Best Buy employees are exceptionally knowledgeable about the products we offer. We believe good ethics is good business and use business analytics to better understand customer trends. We strive to make a profit for our shareholders and be a good community citizen everywhere we operate. (72 words)

Examples:

Dr Pepper Snapple: to be the best beverage business globally; our brands are synonymous with refreshment, fun, and flavor today and tomorrow. (19 words)

Starbucks: to be the premier purveyor of the finest coffee in the world while maintaining uncompromising principles as we steadily grow. (20 words)

It is especially important for managers and executives in any organization to agree on the basic vision that the firm strives to achieve in the long term.

6

Characteristics of a Good Vision Statement

Clear – reveals type of industry and what the firm strives to become

Futuristic – reveals what the firms strives to become within 5 years

Concise – one sentence in length

Inspiring – motivates the reader to support the firm

A mission statement is a declaration of attitude and outlook. It usually is broad in scope for at least two major reasons. First, a good mission statement allows for the generation and consideration of a range of feasible alternative objectives and strategies without unduly stifling management creativity.

Second, a mission statement needs to be broad to reconcile differences effectively among, and appeal to, an organization’s diverse stakeholders, the individuals and groups of individuals who have a special stake or claim on the company.

7

Characteristics of a Mission Statement

Broad in scope – does not include monetary amounts, numbers, percentages, ratios, or objectives

Concise – Fewer than 150 words in length

Inspiring

Identifies the utility of a firm’s products

Reveals that the firm is socially responsible

Reveals that the firm is environmentally responsible

Reconciliatory – resolves divergent views

Enduring (but not cast in stone)

As indicated in Table 2-3, there are several characteristics of an effective mission statement.

8

Characteristics of a Mission Statement

Includes 9 components:

customers,

products or services,

markets,

technology,

concern for survival/growth/profits,

philosophy,

self-concept,

concern for public image,

concern for employees

Attracts customers

As indicated in Table 2-3, there are several characteristics of an effective mission statement.

9

Hershey’s Actual Mission Statement (paraphrased)

We bring sweet moments (2) of Hershey happiness (6) to the world (3) every day.

Author comment: Statement lacks six components: Customers (1), Technology (4), Survival/Growth/Profits (5), Distinctive Competence (7), Public Image (8), and Employees (9); 12 words

Note: The numbers in parentheses correspond to the nine components listed on page 50. Perhaps the best way to develop a skill for writing and evaluating mission statements is to study actual company missions. Thus, Table 2-6 provides a component-by-component critique of Hershey’s mission statement.

10

A Proposed Mission Statement for Hershey

We aim to serve consumers of all ages and lifestyles (1) by providing high-quality chocolate, candy, and snack products (2) globally (3). We intend to grow and expand our product offerings (5) using robotics and business analytics (4). We are dedicated to supporting all communities where we operate (8), especially to the boys and girls in the Milton Hershey School (6). Through our friendly and well-trained employees (9), we provide consumers the best chocolate anywhere and wrapped in Hershey Happiness (7).

73 words

This longer mission statement covers all nine components.

11

Vision Statement Worksheet

 Characteristics Critique/Recommendation Clear – reveals type of industry and what the firm strives to become Futuristic – reveals what the firms strives to become within 5 years Concise – one sentence in length Unique – reveals competitive advantage Inspiring – motivates the reader to support the firm

Mission Statement Worksheet

Next Week

Group Leader to post client questions to Teams and Submit your Client Meeting Effectiveness #2 to the dropbox

Class 5 (W5) Agenda:

Review of key concepts for Assignment #3

SWOT matrix and Grand Strategy matrix

Individual Assignment review

Prof meetings Group Assignment #2 draft review