Mission Statements

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Mission Statements

• Paul C. Godfrey
• Marriott School of Management

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The Importance of Mission at WalMart
Tactical Actions e.g., Price
Reductions
Mission/ Vision
e.g., Exceed Customer
Expectations
Strategies e.g., Cost
Leadership
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The Mission Statement

• Business Definition
• Major Goals and Objectives
• Philosophies and Priorities

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Business DefinitionWhat does the business do?
Who is being satisfied?
How are the needs being satisfied?
What is being satisfied?
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Goals and ObjectivesWhy does the business exist?

• What is the firm trying to achieve?
• Outcomes (Market Share, Growth, Profit)
• Process (Innovation, Quality, Speed)
• Feeling (Premier, Best place, Loved)

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Philosophies and PrinciplesHow do people know
what matters?

• Basic Beliefs (e.g., role of profit, role of
  people)
• Business Values (e.g.,conservative, hard work)
• Normative Values (e.g., citizenship, integrity)

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Business Definition
Goals Objectives
Values Principles
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Why have a Mission?

• A mission serves as a tangible anchor for
  alignment of the firms activities
• A mission/ vision/ or values statement helps
  define criteria for saying no to options
• The mission process can help avoid traps and
  pitfalls of poor communication
• A mission can help resolve conflict and
  uncertainty around goals, objectives, and values
• 84 of top executives ranked missions as a key
  strategy tool