Mission/Vision Statements for Fortune 500 Companies
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Mission/Vision Statements for Fortune 500 Companies
The Principle Value of Two Vision Statements
Walmart and Apple companies are two Fortune 500 companies that are involved in different markets. The former company is in the retail business, and its vision statement rides on the need to be a unique shopping choice for customers. As such, the company seeks to be the best shopping destination for various items under one roof. Apple, on the other hand, is a company in the technology industry. The vision statement is to make exceptional products and leave the world a better place. The two vision statements are different based on the core business and values of the company in question. As such, a vision statement outlines the main goal or objective of a company.
The Principle Value of Two Mission Statements
As mentioned the Walmart and Apple are in different industries hence the goals and objectives are different. Walmart’s mission statement is to save customers money and improve their lives, while Apple’s mission is to give its customers the best user experience of its products. The mission provides a roadmap to how the vision becomes actualized. Making the world a better place is achievable through the exceptional product and user experience of the company’s products. Walmart’s vision of being the preferred retail destination is feasible by offering low prices that save customers’ money, thus improving their lives by giving more options for less.
Comparison of Vision and Mission Statements in Terms of Composition and Importance
Apple’s vision to make exceptional products and leave the world a better place aligns with its top of the range innovative software and hardware devices. Apple has managed to stay on top of the technology industry by giving user-friendly top range products and services that align with the vision and mission. The perfection associated with the products is thus in line with the company’s mandate. Walmart is the most affordable retail store offering a wide variety of products making it a preferred destination for shoppers. The affordability saves customers money, giving them a more comprehensive selection of products while saving money. Thus, the mission and vision come into perspective as it is the roadmap towards every effort the company undertakes in its operation strategies (Ahmed, 2019). It is important to note that while Walmart focuses on affordability thus quantity, Apple focuses on user-friendliness; hence quality is more important.
How Mission and Vision Statements Assist In Selecting and Industry Specific Strategy
The strategy a company uses to grow its business relies on what the company seeks to achieve. For example, for Walmart to increase revenue, it must maintain affordability while increasing sales; hence increasing prices to realize more sales would not be viable. The same model may not be feasible for Apple seeking to increase revenue. Instead, the company may seek to unveil more product range that is easier to use than the existing product line. Products sold by Walmart are everyday items. User-friendliness may not be an essential aspect.
However, price is an essential aspect, unlike an Apple device. The strategies used by the two companies to increase revenue would differ despite the goal of growing revenue being common. The retail and technology industries are also different, with the latter having more target products and services. The retail industry is a mass target market hence the mission and vision should align with this aspect. Companies with comprehensive mission statements are likely to be high performers because all elements are factored in, giving a more straightforward path towards achieving the main company goal.
Why a Mission Statement Should Not Include Monetary Amounts, Numbers, Percentages, Ratios, Goals, or Objectives
The mission statement should not include such information since the statement outlines who the target customer is and what the company offers. The money, ratios, goals, and objectives do not outline who and what the company is and who the target customer for the service or product should be. The mission statement should also be clear and concise (Ahmed, 2019). When such information is included, the information ceases to be precise; hence does not offer a well mapped out direction for the company to follow. It is relevant to note that though clear and concise, the statement does not narrow down a company’s endeavors.
However, adding the information narrows it down to specifics, which can hinder future growth and development. Numbers and financial information are also available in a company’s financial data, making it irrelevant and unnecessary in a mission statement. Employees need to align with the company’s mission to execute duties and responsibilities effectively. A mission statement with the details mentioned above deviates from the business’s primary focus and thus does not offer a clear path for the employees. Whereas goals and objectives may change, the mission and vision remain the same.
Conclusion
A company’s vision statement outlines the future goal, whereas the mission dictates the path to the destination. Vision and mission statements are paramount for an organization since they act as the navigational tool that gives direction to the company. A vague statement is less likely to offer the guidance anticipated hence the importance of a clear, concise, and feasible vision and mission. The two statements explain what and how regarding the company’s primary goal. Walmart and Apple have a clear and concise vision and mission statement that makes it possible to realize the anticipated company goal.
References
Ahmed, A. (2019). Importance of Mission Vision in Organizational Strategy. Small Business –
Chron.com. Retrieved 25 January 2021, from https://smallbusiness.chron.com/importance-mission-vision-organizational-strategy-16000.html.