Mission and vision both expound on a company’s purposes, goals and objectives and are usually expressed in brief statements. Vision statements are narrower in focus and future based declaration of a business’s interest while mission statements define an organization’s purpose and its aspirations to meet shareholder and consumer interests. Mission and vision statements inform industry-specific strategies and establish ways of gaining a suitably competitive edge over rivals. The two reports tell the essay’s purpose as it explores their principle values, role in determining industry-specific goals and correlation between comprehensive mission statements and high performance. The article also compares the vision and mission statements of Starbucks and McDonalds.
The principal value of two vision statements
Dual vision statements are essential in business organizations as they provide a future-oriented definition of organizational goals and purpose. Vision statements build on mission statements to achieve company objectives of maximizing returns on investment, ensuring customer satisfaction, and minimizing losses. It is through defining the purpose of an organization that organizations meet aspirations. Therefore it is evident that vision statements are guided to company goals and also determine ways through which organizations can achieve their goals. Although vision statements are a brief declaration, they act as a bridge between the current and desired states of the organization. Vision statements also determine the organizational strategies by providing the prerequisites of a system; purpose and goals.
The principal value of two mission statements
Mission statements define the requirements for achieving organizational visions. It is a basis for differentiation and gaining a suitably competitive edge over rivals. For example, as businesses are established to make profits, ensuring returns on investments requires meeting and exceeding consumer needs, being corporate socially responsible, lowering costs of operation and minimizing risks of making a loss. Mission statements detail way of fostering business-client relations and meeting the ever-changing needs and want as it not only to translate to more sales but also enhance consumer retention. Existing business-client connections usually have overcome purchase barriers, and existing customers require a slight nudge to make purchases; besides, the existing customer is aware of product benefits.
Comparison and Contrast of Starbucks and McDonald’s Vision Statements
McDonald’s vision statement is to move with speed to enhance profitability and to become a better company that serves global consumers with delicious meals every day. On the other hand, Starbuck’s vision statement is to become a premier purveyor of the finest coffee across the world while ensuring strict conformance to company policies. Both companies’ vision statements express commitment to meeting consumer needs through the provision of quality products. Although both accounts capture the company’s aspirations, they vary in approach; Mcdonald’s is committed to a cost-based process while Starbucks relies on being a premier coffee brand that affirms to company policies.
Comparison and Contrast of Starbucks and McDonald’s Mission Statements
Starbuck’s vision statement communicates its values while McDonald’s mission statement is “to be our customers’ favorite place and way to eat and drink.” McDonald’s mission statement is relatively simple and focused on meeting consumer needs. The satisfaction of consumers prevents brand switching, is a cost-effective approach to marketing and fosters positive word of mouth, which translates to more sales. On the contrary, Starbuck’s value-focused mission statement details its commitment to providing a conducive working environment in which positive interpersonal dynamics prevail as its employees are expected to treat each other with respect and dignity.
Thoughts on the correlation between comprehensive mission statements and high performance
McDonald’s typifies how organizations with complete mission statements tend to have high performance. As a Fortune 500 company, McDonald’s Corporation insists in its mission statement on becoming a consumer favourite and through the conviction the company is committed to meeting consumer wants. According to 900, the satisfaction of consumers translates to high performance through positive reviews and brand image as well as better returns on investment. In alignment with its mission statement, McDonald’s develops restaurant designs and layouts to optimize productivity and customer experience as physical evidence is an increasingly important aspect of the marketing mix.
How do mission and vision statements assist in selecting an industry-specific strategy?
Mission and vision statements assist in selecting an industry-specific strategy by helping organizations to achieve their mission and vision. The clarity in what organizations will do, and not do act as a bridge between the mission and the strategy. Vision statements are a basis for positive organizational change by creating tension and the need for continuous innovation and improvement. For example McDonald’s “to be our customers’ favourite place and way to eat and drink” challenges its product developers and strategic managers to stay ahead of the curve in finding a way of enhancing consumer experiences in the competitive foods and beverage industry.
Why a mission statement should not include monetary amounts, numbers, percentages, ratios, goals, or objectives.
Mission statements should not include quantitative values such as monetary amounts, numbers, percentages, ratios and goals as its primary focus is on what an organization should do to achieve its vision. Economic values are ineffective in differentiating organizations from others. Moreover, quantitative values cannot foster business-client relations and meeting the ever-changing needs and wants. Inclusion of monetary amounts would also minimize the scope of mission statements as some organization commitments are difficult to quantify; such include multicultural approaches. Endorsing diversity is essential as it has positive contributions to the community and environment, especially against a backdrop of consumer activism.