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VISION, MISSION & VALUE STATEMENT

VISION STATEMENT Vision refers to enduring purpose. The fundamental reason for the organizations existence beyond just making money. It is a direction, a general heading, a perpetual guiding star on the horizon. It does not change over time. It is generally abstract and can never be achieved, only pursued. For example, for NASA: advancing mans capability to explore the heavens. A Vision statement outlines what a company wants to be. It concentrates on the future; it is a source of inspiration; it provides clear decision-making criteria. Purpose A vision statement talks about what the company wants to be. It describes what the "vision" of the company is for its future. It lists where the company sees itself some years from now. Features of an effective vision statement include: o Clarity and lack of ambiguity o Paint a vivid and clear picture, not ambiguous o Describing a bright future (hope) o Memorable and engaging expression o Realistic aspirations, achievable o Alignment with organizational values and culture o Time bound if it talks of achieving any goal or objective Time frame A vision statement mentions what the future will look like for the company if it follows the mission statement. Developing a statement When developing a vision statement, it should be seen that the following questions are answered: 1. What do we want to do going forward? 2. When do we want to do it? 3. How do we want to do it?

MISSION STATEMENT A picture of a desired future that supports the vision, or an image of the future we seek to create. It is a specific destination that is concrete and achievable. A good one engages peopleit reaches out and grabs them in the gut. It should be tangible, energizing, highly focused. There can be many missions over time that support the vision. The time scale is usually around 1 to 5 years. For example: a man on the moon by the end of the 60s. A Mission statement talks about what the company is now. It concentrates on present; it defines the customer(s), critical processes and it informs about the desired level of performance. Purpose A mission statement is spelled out to narrate what the organization is about. It talks about what the company is right now. It lists the broad goals for which the company is formed. It discusses in details what the company does, what the structure is and what its plans are. Features of an effective mission statement are: o Purpose and values of the organization o Which business the organization wants to be in (products or services, market) or who are the organization's primary "clients" (stakeholders) o Which are the responsibilities of the organization towards these "clients" o What are the main objectives which support the company in accomplishing its mission Time frame While a mission statement talks about the present, the vision statement talks about the future. The former mentions what the company is now while the latter describes what the company wants to become in the future. Developing a statement When developing a mission statement, it should be seen that the following questions are answered: 1. What do we do today? 2. For whom do we do it? 3. What is the benefit?

Which Comes First? For a new start up business, new program or plan to re-engineer your current services, the vision statement will be formulated first as it will guide the mission statement and the rest of the strategic plan. For an established business where the mission is established, often the mission guides the vision statement and the rest of the strategic plan for the future. Vision vs. Mission Statement Mission Statement About: A Mission statement talks about HOW you will get to where you want to be. Defines the purpose and primary objectives. Vision Statement A Vision statement outlines where you want to be. Communicates both the purpose and values of your business Answer: It answers the question, What do we do? It answers the question, Why are we here? Time: A mission statement talks about the present leading to its future. Function: It lists the broad goals for which the organization is formed. Its prime function is internal, to define the key measure or measures of the organization's success and its prime audience is the leadership team and stockholders. Change: Your mission statement may change , but it should still tie back to your core values and vision. Your vision should remain intact, even if the market changes dramatically, because it speaks to what you represent, not just what you do. A vision statement talks about your future. It lists where you see yourself some years from now. It inspires you to give your best. It shapes your understanding of why are you working here

VALUE STATEMENT Value statement refers to whats really important to an organization. They are the essential and enduring tenetsa small set of general guiding principles, not to be compromised for financial gain or short-term expediency. Each value should be a piercing simplicity that provides substantial guidance to the members of the organization. They cannot be copied or dictated; they are what is authentically believed by the leaders of the organization.

Values drive an organization's culture and priorities and provide a framework in which decisions are made. For example, "Knowledge and skills are the keys to success" or "give a man bread and feed him for a day, but teach him to farm and feed him for life". These example maxims may set the priorities of self-sufficiency over shelter.

Every organization has a set of values, whether or not they are written down. The values guide the perspective of the organization as well as its actions. Writing down a set of commonly-held values can help an organization define its culture and beliefs. When members of the organization subscribe to a common set of values, the organization appears united when it deals with various issues.

Values in Organizations Even if an organization has not explicitly spelled out the values it uses to guide its actions, it has values. They may be unstated, but they play an important role in determining how the organization confronts problems and issues. Values may come from the common purpose for which the organization works, the organizations leadership or from other sources.

Guide Value statements list the principles and ethics to which an organization adheres. They form an ethical foundation for the organization. These principles and ethics then guide the behavior of organization members. They assist organizations in determining what is right and wrong. Members then act in certain ways, using the values as a guide.

2. VISION, MISSION & VALUE STATEMENTS OF SELECTED BRANDS Brand McDonald's Vision Statement To be the world's best quick service restaurant experience. Being the best means providing outstanding quality, service, cleanliness, and value, so that we make every customer in every restaurant smile. Citi works tirelessly to provide consumers, corporations, governments and institutions with a broad range of financial products and services. We strive to create the best outcomes for our clients and customers with financial solutions that are simple, creative and responsible. A world where goods and information move quickly and seamlessly. A world where businesses source raw materials and parts globally, then move high-value goods quickly between continents and across time zones. A world where global information and transportation networks can shrink time and distance, creating competitive advantages for customers. To be the most admired and trusted organization through excelling in everything we do, following ethical business practices and adding value to stakeholders

Citi Bank

FedEx

Rahimafrooz

Analysis: Some quality dimensions such as timeliness, cleanliness have been clearly stated in the vision statements of McDonalds, Citi Bank and FedEx. Rahimafrooz promises to excel in everything they do which indirectly promises about quality service from them. FedEx emphasizes on timeliness which can easily be understood from their vision statement. McDonalds directly promises to provide outstanding quality.

Brand McDonald's CitiBank

FedEx

Rahimafrooz

Mission Statement To be our customers' favorite place and way to eat. Citi works tirelessly to serve individuals, communities, institutions and nations. With 200 years of experience meeting the world's toughest challenges and seizing its greatest opportunities, we strive to create the best outcomes for our clients and customers with financial solutions that are simple, creative and responsible. FedEx Corporation will produce superior financial returns for its shareowners by providing high value-added logistics, transportation and related business services through focused operating companies. Customer requirements will be met in the highest quality manner appropriate to each market segment served. FedEx will strive to develop mutually rewarding relationships with its employees, partners and suppliers. Safety will be the first consideration in all operations. Corporate activities will be conducted to the highest ethical and professional standards. A billion dollar diversified group committed to adding value to all stakeholders and community

Analysis: McDonalds aims to be the favorite of customers which is impossible without providing quality service. So, their mission is consistent with their vision statement. Citi Bank has almost same mission and vision. However, their mission says they strive to create the best outcome which means quality service. FedEx in their mission statement promised to meet customer expectations in the highest quality manner. But Rahimafroozs mission statement does not indicate directly about quality. They are focusing more on value addition to their stakeholders.

Brand McDonald's

CitiBank

FedEx

Rahimafrooz

Value Statement We place the customer experience at the core of all we do. We are committed to our people. We believe in the McDonald's System. We operate our business ethically. We give back to our communities. We grow our business profitably. We strive continually to improve. Common Purpose Responsible Finance One team, with one goal: Conduct that is serving our clients and transparent, prudent stakeholders. and dependable. Ingenuity Leadership Enhancing our clients' Talented people with lives through innovation the best training who that harnesses the breadth thrive in a diverse and depth of our meritocracy that information, global demands excellence network and world-class initiative and courage. products. People: We value our people and promote diversity in our workplace and in our thinking. Service: Our absolutely, positively spirit puts our customers at the heart of everything we do. Innovation: We invent and inspire the services and technologies that improve the way we work and live. Integrity: We manage our operations, finances and services with honesty, efficiency and reliability. Responsibility: We champion safe and healthy environments for the communities in which we live and work. Loyalty: We earn the respect and confidence of our FedEx people, customers and investors every day, in everything we do. Integrity Excellence Customer Satisfaction New Initiatives Inspiring people

Analysis: Rahimafrooz includes customer satisfaction as one of their value statements. It can be inferred from this statement that quality is also their prime concern since without quality service customer satisfacation cannot be achieved. But it was poorly reflected in their mission statement. FedEx does not have any values directly related to quality but the value statement loyalty of customers indicates that quality is also their prime concern which was stated in their mission and vision statements as quick delivery i.e. timeliness. McDonalds holds better customer experience in their value statement and promises to improve their service further which is a reflection of their quality concern. This same thing was there in their vision and mission statement.

3. MANAGEMENT BY OBJECTIVES MBO involves the establishment of goals by managers and their subordinates acting together, specifying responsibilities and assigning authority for achieving the goals and finally constant monitoring of performance. The genesis of MBO is attributed to Peter Drucker who has explained it in his book 'The Practice of Management'. According to George Odiome, MBO is "a process whereby superior and subordinate managers of an Organisation jointly define its common goals, define each individual's major areas of responsibility in terms Of results expected of him and use these measures as guides for operating the unit and assessing the contribution of each of its members." According to John Humble, MBO is "a dynamic system which seeks to integrate the company's needs to clarify and achieve its profits and growth goals with the manager's need to contribute and develop himself. It is a demanding and rewarding style of managing a business."

Features of Management by Objectives 1. Superior-subordinate participation 2. Joint goal-setting 3. Makes way to attain maximum result 4. Support from superior