ESSAY: Business Policy and Strategy – BB4951

Instructions
Over the course of this unit, we have discussed the importance of mission and vision statements. As a part of that discussion, we analyzed mission and vision statements for their effectiveness. For the Unit II Essay, you will expand on this topic.

Using your favorite search engine, research the mission and vision statements of different fortune 500 companies. Then, you will write an essay in which you compare and contrast the mission statements of two companies and the vision statements of two companies. You may use the same companies for both the mission and vision comparisons or separate companies.

Within your essay, include the information below.

Explain the principle value of two vision statements.
Explain the principle value of two mission statements.
Compare and contrast vision statements of each organization in terms of composition and importance.
Compare and contrast mission statements of each organization in terms of composition and importance.
Do you think organizations that have comprehensive mission statements tend to be high performers? How do mission and vision statements assist in selecting an industry-specific strategy?
Explain why a mission statement should not include monetary amounts, numbers, percentages, ratios, goals, or objectives.

ANSWER

A vision statement is designed to point out an organization’s business strategy. It gives the company’s stakeholders a clear idea of what the management and leadership would like to achieve. It is also used as a way to identify the company’s purpose and ultimate goal for operation (Allison, 2019). In contrast, a mission statement helps a company’s stakeholders to identify its primary customers, geographical location, and the potential goods and services that the organization is seeking to deal with. Besides that, it gives …

Walmart’s vision is to better the lives of busy families by making their products and services affordable and easily available. On the other hand, Amazon’s vision is to build a company and interface in which her customers can discover and attain any product they may require and want to purchase online (Salehi-Kordabadi et al., 2019). The principal value seen in Walmart’s vision statement is that the organization is seeking to ensure that they are in a position to provide high-quality products to their customers but at prices that best suit them and their wallets — therefore ensuring that they have a positive impact on the lives of their customers. The composition of…

On the other hand, the principle value seen in Amazon’s vision statement shows that the company is seeking to ensure that their customers can access their products conveniently. The organization does not necessarily focus on making their items inexpensive and more affordable to its customers (Salehi-Kordabadi et al., 2019). The composition of the company’s vision statement focuses on ensuring its accessibility to its customers through the use of both physical and online means…