1) Using the information in Table 2.2 and Table 2.3 from Chapter 2, critique the adequacy and merit of the following vision statements, listing effective elements and shortcomings. Rank the vision statements from best to worst once you complete your evaluation. American Express We work hard every day to make American Express the world's most respected service brand. Hilton Hotels Corporation Our vision is to be the first choice of the world's travelers. Hilton intends to build on the rich heritage and strength of our brands by: Consistently delighting our customers Investing in our team members Delivering innovative products and services Continuously improving performance Increasing shareholder value Creating a culture of pride Strengthening the loyalty of our constituents ● ● ● ● MasterCard A world beyond cash. BASF We are "The Chemical Company" successfully operating in all major markets. Our customers view BASF as their partner of choice. Our innovative products, intelligent solutions and services make us the most competent worldwide supplier in the chemical industry. ● We generate a high return on assets. We strive for sustainable development. We welcome change as an opportunity. We, the employees of BASF, ensure our success. TABLE 2.2 Characteristics of Effectively Worded Vision Statements Graphic-Paints a picture of the kind of company that management is trying to create and the market position(s) the company is striving to stake out. Directional-Is forward-looking; describes the strategic course that management has charted and the kinds of product-market-customer-technology changes that will help the company prepare for the future. Focused-Is specific enough to provide managers with guidance in making decisions and allocating resources. Flexible-Is not so focused that it makes it difficult for management to adjust to changing circumstances in markets, customer preferences, or technology. Feasible-Is within the realm of what the company can reasonably expect to achieve. Desirable-Indicates why the directional path makes good business sense. Easy to communicate-Is explainable in 5 to 10 minutes and, ideally, can be reduced to a simple, memorable "slogan" (like Henry Ford's famous vision of "a car in every garage").

1) Using the information in Table 2.2 and Table 2.3 from Chapter 2, critique the adequacy and merit of the following vision statements, listing effective elements and shortcomings. Rank the vision statements from best to worst once you complete your evaluation. American Express We work hard every day to make American Express the world's most respected service brand. Hilton Hotels Corporation Our vision is to be the first choice of the world's travelers. Hilton intends to build on the rich heritage and strength of our brands by: Consistently delighting our customers Investing in our team members Delivering innovative products and services Continuously improving performance Increasing shareholder value Creating a culture of pride Strengthening the loyalty of our constituents ● ● ● ● MasterCard A world beyond cash. BASF We are "The Chemical Company" successfully operating in all major markets. Our customers view BASF as their partner of choice. Our innovative products, intelligent solutions and services make us the most competent worldwide supplier in the chemical industry. ● We generate a high return on assets. We strive for sustainable development. We welcome change as an opportunity. We, the employees of BASF, ensure our success. TABLE 2.2 Characteristics of Effectively Worded Vision Statements Graphic-Paints a picture of the kind of company that management is trying to create and the market position(s) the company is striving to stake out. Directional-Is forward-looking; describes the strategic course that management has charted and the kinds of product-market-customer-technology changes that will help the company prepare for the future. Focused-Is specific enough to provide managers with guidance in making decisions and allocating resources. Flexible-Is not so focused that it makes it difficult for management to adjust to changing circumstances in markets, customer preferences, or technology. Feasible-Is within the realm of what the company can reasonably expect to achieve. Desirable-Indicates why the directional path makes good business sense. Easy to communicate-Is explainable in 5 to 10 minutes and, ideally, can be reduced to a simple, memorable "slogan" (like Henry Ford's famous vision of "a car in every garage").

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Question

TABLE 2.3 Common Shortcomings in Company Vision StatementsTable Summary: Table summarizes 6 statements for vague or incomplete; not forward-looking, too broad; blend or uninspiring, not distinctive, and too reliant on superlatives.
Vague or incomplete—Short on specifics about where the company is headed or what the company is doing to prepare for the future.

Not forward-looking—Does not indicate whether or how management intends to alter the company’s current product-market-customer-technology focus.

Too broad—So all-inclusive that the company could head in most any direction, pursue most any opportunity, or enter most any business.

Bland or uninspiring—Lacks the power to motivate company personnel or inspire shareholder confidence about the company’s direction.

Not distinctive—Provides no unique company identity; could apply to companies in any of several industries (including rivals operating in the same market arena).

Too reliant on superlatives—Does not say anything specific about the company’s strategic course beyond the pursuit of such distinctions as being a recognized leader, a global or worldwide leader, or the first choice of customers.

Transcribed Image Text:1) Using the information in Table 2.2 and Table 2.3 from Chapter 2, critique the adequacy and merit of the following vision statements, listing effective elements and shortcomings. Rank the vision statements from best to worst once you complete your evaluation. American Express We work hard every day to make American Express the world's most respected service brand. Hilton Hotels Corporation Our vision is to be the first choice of the world's travelers. Hilton intends to build on the rich heritage and strength of our brands by: Consistently delighting our customers Investing in our team members Delivering innovative products and services Continuously improving performance Increasing shareholder value Creating a culture of pride Strengthening the loyalty of our constituents ● ● ● ● MasterCard A world beyond cash. BASF We are "The Chemical Company" successfully operating in all major markets. Our customers view BASF as their partner of choice. Our innovative products, intelligent solutions and services make us the most competent worldwide supplier in the chemical industry. ● We generate a high return on assets. We strive for sustainable development. We welcome change as an opportunity. We, the employees of BASF, ensure our success.

TABLE 2.2 Characteristics of Effectively Worded Vision Statements
Graphic-Paints a picture of the kind of company that management is trying to create and the market
position(s) the company is striving to stake out.
Directional-Is forward-looking; describes the strategic course that management has charted and the kinds
of product-market-customer-technology changes that will help the company prepare for the future.
Focused-Is specific enough to provide managers with guidance in making decisions and allocating
resources.
Flexible-Is not so focused that it makes it difficult for management to adjust to changing circumstances in
markets, customer preferences, or technology.
Feasible-Is within the realm of what the company can reasonably expect to achieve.
Desirable-Indicates why the directional path makes good business sense.
Easy to communicate-Is explainable in 5 to 10 minutes and, ideally, can be reduced to a simple,
memorable "slogan" (like Henry Ford's famous vision of "a car in every garage").

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