Evaluation of Vision Statement

EVALUATION OF VISION STATEMENT

SAILESH MAHARJAN

BUS535 Strategic Management in a Global Economy

WestCliff University

Prof. Dr. Marko Nino

16th September, 20167

Abstract

This paper contain evaluation of vision statement of three companies. They are Wells Fargo, Hilton Hotel Corporation and BASF. As I tried, research and analyze the vision and mission statement of these three companies and rank them from best to worse accordingly. I believe that this paper will helps in understanding important of mission and vision and how much these vision and mission plays vital role in the success of any organization.

Introduction

Every organization is established with their specific vision and mission. The vision and mission differ from organization to organization according to their value proposition to their customer and clients. It acts as filter to select what are important for company, what are not important and what are not required for the company (Khalifa, 2012). Mission and vision statements have been overwhelmingly accepted as an indispensable part of the strategic management process for organizations of all types; be it public sector, not-for-profit, private, for profit, a multinational or a small and medium scale enterprise. It is widely believed that mission and vision statements impact on strategy and most aspects of organizational performance (Darbi, 2012).

Mission statement will give direction and destiny for the organization. by looking at the mission statement organization can analyze where they are and where they have to reach in certain period of time. A mission statement is the foundation for priorities, strategies, plans, and work assignments (Fred R. David, 1988).

Most of all business are started to earn some sort of profit through it. In differences with the nature of business, their strategy are also different from each other. Business strategy is defined as the long-term plan of action which is prepared to accomplish the goal and objectives set by an organization (Iyiola & Ibidunni, 2013). These plan will help business to grow and sustain for a longer period of time. Top management's views and conclusions about the company's long-term direction and what product-market-customer mix seems optimal for the road ahead constitute a strategic vision for the company.

I would like to illustrate the critique the adequacy and merits of the three company’s vision statement using tables.

Company Name Effective Elements Shortcomings

Well Fargo • Graphic

• Feasible

• Easy to Communication • Vague

• Not Distinctive

Hilton Hotel Corporation • Directional

• Focused

• Desirable

• Feasible • Not Forward-looking

• Not Distinctive

BASF • Directional

• Focused

• Desirable • Not Forward Looking

If I have to rank them from best to worst is BASF, Hilton Hotel Corporation and Wells Fargo and.

BASF[Badische Anilin- und Soda-Fabrik]

It was founded on 6th April, 1865 in Country of Baden by Friedrich Engel horn. Talking about the vision and mission statement, what can be concluded is they are more focused and desirable to achieve those vision and mission.

One of their mission is to create chemistry for a sustainable future. By doing so creating chemistry for our precious customer will help to perform better and maintain the quality of the organization.

Another thing which I just saw is using right amount of natural resources. The BASF can be rolemodel for most of the private company who are willing to do but they are not able to do that. However, the challenges they might face is rise energy demand.

They are able to achieve the goal which need to accomplish while following their vision and mission. Their services are very easy to analyze and find our where the company is and where it will be in next 5 years.

Hilton Hotel Corporation

Hilton Hotel Corporation is the leading hospitality company around the whole world. It was founded in 1919A.D