Assignment # 1

MGT603 - Strategic Management (Spring 2013)

Submitted By:

Engr. Hafeez Ur Rehman Mc110402309 MBA Exec. Virtual University of Pakistan

Background Mission statement relates to present situation of an organization and defines purpose of organization existence. Mission also means what we are and what we want to do. Mission can be narrow or broad. Narrow mission statement shows that which products and services are offered, which technology is used etc. Broad mission statement wider mission values in terms of product and services, technologies etc. Vision statement relates to future of an organization, it includes strategic planning for future and organization s inspiration. Vision describes these questions, where we want to be in future? and where we want to go? Scenario Ms Nazia opened a boutique named as En, in 1999 in Lahore. This boutique became highly popular in 2000. Nowadays En boutique has a number of outlets in the major cities of Pakistan i.e. Islamabad, Karachi, Peshawar, Rawalpindi. Initially, the store offered stylish eastern clothing but recently, on high public demand, western apparel has also been introduced which is widely admired by ladies of almost all ages. Her customers are mostly young and middle-aged ladies who are both professionals and non-professionals, but style conscious and price sensitive. Similarly, she hopes to grow her boutique into a complete fashion store, offering items to go with her clothes, such as bags, shoes & jewelry. Now, Ms Nazia wants to launch her flagship store internationally e.g. UK, but she would like to revise the mission and vision statement of her store to appeal to the highly competitive international market. Requirement You are required to suggest a suitable mission and a vision statement. ( refer to the Background section of this assignment about mission and vision statement ) that would be most appropriate keeping mind Ms Nazias plans for her boutique in the international market. You MUST provide three valid reasons to explain HOW this statement would be most appropriate for En to be successful internationally? You may use the table given under Sample Solution.

Questions: Suggest a suitable mission and a vision statement in above scenario. Answer: Mission Statement of (En): En is striving for best products by serving the customers since 1999. Our mission is to best serve the females of all ages and classes by providing the eastern and western apparels enriched with stylishness and quality, created by highly specialized designers and making available at very affordable prices to let the customers fulfill their dreams and dressing desires.

Justifications: Above selected mission statement of En justified for internationally successful due to following reasons. 1. This mission statement shows how En gains or try to gain competitive advantage in the national and international market though high quality and affordable prices. 2. This mission statement more clearly mentions how En serves, ladies of all ages and all social classes i.e. working women and households. 3. This mission statement clearly depicts the scope of En products, how they enable the consumers to fulfill their dressing desires. 4. Mission statement describes how the En is striving to provide both eastern and western designs. 5. This mission statement also mentions that they get their products created by specialists so that high standards of quality and fashion trends are met. 6. This mission statement also clearly depicts the type of customer i.e. females of all ages, working and non-working females, local and international, eastern and western design lovers. Vision Statement of (En): Our vision is to expand the boutique business by opening its outlets throughout the country corners and reaching across the boundaries being best brand in apparel and garment boutiques with continuous enrichment to boutique business. Justifications: Above selected vision statement is appropriate for international success as it includes the following endeavor. 1. This vision statement shows the business prospects of En This vision statement clearly mention the future destinations and milestones of the En. 2. This vision statement clearly defines the future perception and standings of En countrywide. 3. This vision statement elaborates about the future strategic plans of the En to go beyond the boundaries. 4. The above vision statement mentions the likeliness of En to compete in market and to be among best brand of Garment business, where it wants to see its business as a leading brand. 5. The selected vision statement depicts all about the desired achievements of the En.