Mission and vision statements are very vital aspects of any company. They portray a company's objectives and goals to the rest of the world and anyone who would like to interact or associate with the company for business purposes. Generally, mission statements elaborate on the purpose or the reasons for the existence of a company, however, vision statements depict the future of the company or the company goals in the best ways possible. Different companies have a different mission and vision statements which help them drive their ways through their respective fields. As a matter of fact, they achieve differently depending on their mission and vision statements. Indeed, there are several impacts that the mission and vision statements can bring forth to companies, and by comparing and contrasting the mission statements and the vision statements of Wal-Mart and Apple companies can bring out the picture of how the two statements are of importance to a company.
Wal-Mart's vision statement is "Be the destination for customers to save money, no matter how they want to shop", and that of Apple Company states that "We believe that we are on the face of the earth to make great products and that's not changing". In comparison, both statements have clear values for vision statements. According to David & David, (2017), a vision statement describes categorically what it wants to be and whom it wants to serve. The Wal-Mart company is very clear that it wants to be the destination for customers as it serves them and also helps them save their money. Apple company, on the other hand, wants to be the face of the earth and make great products that do not change. Ideally, it is evident from the two vision statements that Wal-Mart is having a typical vision statement that is short and concise in one line, however, Apple's vision statement is long and contains several sentences.
The two companies' also have categorical mission statements that portray goals and objectives. Wal-Mart mission statement, for instance, states that "To save people money so they can live better". At the same time, Apple's current mission statement is as follows, "Apple has reinvented the mobile phone with its revolutionary iPhone and App store and is defining the future of mobile media and computing devices with iPad." An ideal mission statement should be a declaration of purpose that portrays the business and its definition. The statement should describe the activities that the organization was founded. The Wal-Mart mission, for example, is clear and states its value as to better lives by saving people's money. Apple Company was founded on the mission of defining the future of mobile and computing appliances as well as reinventing mobile phone with its revolutionary iPhone and App store. The mission statements define the customers, the services and market.
In comparing Wal-Mart's vision statement and that of Apple company, one would say that they both depict some elements of similarities and differences in terms composition as well as the impact towards the companies. For instance, Wal-Mart has a clear and self-elaborative vision statement that is very straight to the point of what it wants to be. The statement is easier for viewers to capture and internalize than the long vision statement of its counterpart company. Both the vision statements, however, have a clear vision of where the two companies want to be in the future. In fact, the goals are long term and that clearly states how the companies are having long term strategic plan. Wal-Mart is also visionary enough to realize that by helping people save money, they will be able to sustain themselves throughout their lives, and therefore, the company can continue existing through the support from the people. Apple company, on the other hand, believes that their consistency through innovations would not change, hence they are able to retain their existing customers and also attract new ones.
The two companies' missions are very elaborative in the definition of their customers, the products and the market they intend to venture into or thriving in. Although Wal-Mart's mission does not clearly elaborate these, it is clearly founded on making its market very strong through improving people's lives. It describes a kind of market which is ideal for modern consumers. On the other hand, Apple has a clear mission that defines its products which are the phones as well as other media devices and also their customers who are those individuals in the verge of the growing communication through information technology. In truth, organizations with comprehensive mission statements will definitely be higher performers given that they directly explain to the world what they are without difficulties to the viewer's side. The organizations are self-explanatory to the world.
According to Papulova (2014), a strategic development must always lay the unfolding of the vision and mission from basic grounds of development. The author states that a proper counter check of the surrounding, putting down the proceeds to achieve the goals, implementing the laid down plans and finally evaluating the results, forms the best strategic management approach. With a keen control of the elements of strategic management above, the management is likely to achieve its strategy. The correlation of achieving the goals through the plans is directly proportional to the vision and mission of the management. The author, therefore, affirms that vision and mission are parts of strategic management that must well be in place in order to achieve development. The management must thereby state the vision through extrapolation along the strategic objectives of the organization. The strategic objectives are the basis of the mission that makes the vision even much clearer and achievable.
Mission statements do not usually include the amount, goals or objective as that will portray them as being pro beneficial while the world also wants to know the importance of the company to the communities. The company should thereby portray itself as serving institutions and that serving the people is its primary objective.
In conclusion, mission and vision statements contribute so much into the image and the strategy of a company. As evidence indicates from both Wal-Mart and Apple companies, a clear and a comprehensive vision and mission statements can impact organizations not only by improving their overall performance but also their relations with their customers. The two, therefore, require absolute attention during their development.
Papulova, Z. (2014). The significance of vision and mission development for enterprises in the Slovak Republic. Journal of Economics, Business, and management, 2(1), 12-16.
David, F. R., & David, F. R. (2017). Strategic management: A competitive advantage approach, concepts and cases (16th ed.) [VitalSource Bookshelf version]. Retrieved from https://online.vitalsource.com/#/books/9780134167947
David, M. E., David, F. R., & David, F. R. (2014). Mission statement theory and practice: a content analysis and new direction. International Journal of Business, Marketing, & Decision Science, 7(1).
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