the role of vision and mission statements 1

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This assignment has 3 Separate Parts – Links and materials attached.

Information on Vision and Mission

Information on Mission Statements and Visions

The mission statement should be stable for years, and only changed when updating is necessary. Due to this mission statements should explain who a company is/what they stand for/and generally what their purpose is. Mission statements should not be so broad that people have no idea what the company is about, but yet, not too narrow to pigeon-hole the business. For example – Verizon’s old mission: “We are a telephone company…”; their updated mission is: “As a leader in communications, Verizon’s mission is to enable people and businesses to communicate with each other. We are also committed to providing full and open communication with our customers, employees and investors.” The wording in the updated mission allows them to develop/deliver multiple technologies beyond the telephone, but all within a communications arena. A vision is where the owners/executives, etc. see the company going, or where they want to bring the company over the next 5-10 years (generally). The vision should be in line with the mission statement. For example, it would not make sense for Verizon’s current mission to be: To develop a line of power bars that are both nutritious and tastefully satisfying – this is too far out of their company’s purpose. When companies do decide to make these drastic turns, they will generally update and broaden their mission.

The mission statement and vision combined are what drive the strategic plans. A strategic plan sets out a path with a timetable of how to achieve the current vision.

Coca-Cola does a nice job of aligning and presenting their Vision, Mission, and Strategic Objectives; you can visit their 2020 Vision page: http://www.coca-colacompany.com/our-company/mission-vision-values


ASSIGNMENTS

1) 2-3 paragraphs for a Journal Entry: Describe the role of vision and mission statements in the strategic management process

2) Opinion piece: Corporate Governance Failures: Volkswagen

1: Read Illustration Capsule 2.4 attached

2: Provide your thoughts on the following:

Did the advisory boards (management and supervisory boards) neglect their obligations? If yes, explain how (be specific). If no, explain why (be specific).

What other factors do you think led to the use of the defeat devices?

How do you believe this situation has affected Volkswagen internally and externally?

3) See uploaded assignment on strategy and ethics -(heres the link if you have an issue getting to the articles it references) https://www.nytimes.com/2015/09/21/business/a-huge…


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