The Business World Changing Every Day Commerce Essay


This essay has been submitted by a student. This is not an example of the work written by our professional essay writers.

The business world is changing every day; the rate of change is unprecedented. Most business expertise comes out with innovations to remain competitive with their competitors and be sustainable. One of the aspects, which most company fails to put in place, is the mission and vision statement of the company. It is imperative for business entity to have a purpose. For company to be efficient and effective they must make sure that the mission and vision statement of that company is visible to the customers and the staff. Many companies, small or domestic organisational well as a large international organisation, succeed because they have a well-drafted mission and vision statement. The company must make sure that the mission and vision statement should be everywhere within the company and out of the company. This could be in the form of company's report, visible in all the corners of the office and on PowerPoint slides. This is because it is the intent or value of the company. The question is what mission and vision statements are.

According to Nicholas Bate (2008) "a true mission and vision statement is a statement of intent, 'a where we want to be' expression and he when further to explain mission as 'now 'and vision as 'future'. Nigel S, and Michael L, (2002) say that mission and vision statements should be" down to earth" in the form of pragmatic plan which describe how mission and vision may be expressed in the form of an abstract "philosophy" which conceptually links strategic 'ends ' with operational means. Warren Benis, a noted writer on leadership says, 'to choose a direction an executive must have developed a mental image of the possible and desirable future of the organisation. The Chief Executive Officers of the company formulate Mission and vision statements. Before formulating the statement, the top managers must have had meeting with the employee to deliberate and discuss on what the mission and vision statement is and how is going to look like .This is to avoid the creation of Mission and vision statement that are like abstract in the face of employees and customers. With the main mission and vision statement, the various branches of management can then formulate their own mission and vision statement base on the work they are doing, but with inspiration from the company's mission and vision statement. For example, the operational manager of marketing in Asda will not have the same mission and the manager in charge of finance with the same Asda, but their ideals must relate that formulated by the Chief Executive Officer. In this respect, they must be clear and well understood by the stakeholder involve in it. In others words mission and vision statement must be reliable and realistic. Mission and vision statement act as a guiding tool for the employers and the employees. According to Elizabeth H, Edersheim (2007) when there is a clear and effective mission and vision the company will be passionate about reaching their objectives. Moreover, without a clear mission and vision statement the output of the company may not be the expected result.

According to Deborah and Brigadier in their book the Business General, a study in 2001 of 83 large USA and Canadian firms showed that mission and vision statement do positively affect financial performance when the statement are matched by strong commitment to aligning activities to them. While some companies are using mission and vision as their working tools, some companies work without applying them. The mission and vision statement of Wal-Mart is "to give ordinary folk the chance to buy the same thing as rich people." While Apple says "apple continue to lead the industry in innovation with its award winning desktop and notebook computers, OSX operating systems, and ilife and professional applications". Another real example is Sainsbury's "our mission is to be the customer first choice for food, delivery products' of outstanding quality and great service at a competitive cost through working faster ,simpler, and together". another company put its mission and vision in four words," to make people happy". Walt and Disney formulate this mission and vision. The way the mission and vision statement stated above shows that the companies know what they are doing and where there are going. The vision of the London City Presbyterian Church "we seek, in God's strength and grace, to promote the supremacy of Christ in London by being a growing community, committed to God-centred, inclusive worship, a strong expository preaching ministry, effective discipline ship training, appropriate pastoral care for every member of the congregation, ongoing engagement in local and international mission". While their vision is, 'that in everything Christ might have the supremacy'. The mission and vision statements are short, no ambiguous words, and it is clear. The Chief Executive Officers have avoided the use of business terminologies or jargons. This shows that mission and vision statements are not only for employees, also for stakeholders and for the world at large. In most companies' mission and vision are statement is merged together.

For mission and vision statement to gain it credibility, the people involve must understand and know what this missions are all about. Communication is one of the key means of making employees, customers and the world to understand what mission and vision statements is all about. There are two forms of communication in business, internal and external communication. The formal involves the organisation and the later the environment. Mission and vision statements are communicated through speech elevator. For example, Sainsbury's "our mission is to be the customer first choice for food, delivery products' of outstanding quality and great service at a competitive cost through working faster ,simpler, and together. The formulation of mission and vision statement by company must be clear and explicit to those involve. They are made in such a way that all the stakeholders will be able to read and know what it is all about. No ambiguity as mentioned earlier. Another way of communicating the mission and vision to the staff is by presenting it the form of stories. Top manager come out with stories that have trust in it. Another way in which company can use to sensitise or inform the staff is through memos via e-mails.

Mass communication or multiple media is use to transpire mission and vision statement to the staff. This method of communication is done in a numbers of ways; company can inform the staffs through intranets' good example of such application is the London school of commerce. Information about the institution and be seen on the screen of computers. Intranet, which is fast gaining ground, is one of the means used by management to communicate their mission and vision statement to their employees. The top managers can look within the staff and select those that are very influential to help sensitise or discuss the mission and vision with other staff members. Furthermore, managers must have that face-to-face contact with their staff. Face-to-face contact is going to provide the staff with the right information about the mission and vision statements. The mission and vision statement can be communicated through the back up method. The top managers who are the formulators of these missions must be ready to make the staff to know why they have chosen these values for the company. Communicating mission and vision statement to the staff is very important.

Company can survive sustainably if they have well formulated mission and vision statements. Mission and vision statements are of great importance to many companies. Mission and vision statements act like framework. The people focus and efforts are empower through their mission and vision. Their mission and vision statements power the company's intimacy with the customers and the suppliers. An example car agency in Cameroon whose mission is "in God we trust". This four - letter word has helped to boost the customer's intimacy to the company. The mission and vision statements act as a thermometer to the company. Thermometer in the sense that all the level of management will always consider the mission and vision statements in whatever decisions it has to make. The loyalty of many employees in the company is build from their mission and vision statement. Loyalty gives employees inspiration to do their work with a lot of commitment gearing the company to its core objectives. Once the employees are motivated, they do their work with focus and direction. A Mission and vision statement defines the main ideals found in the company's memorandum and article of association. The management must not always consult these voluminous articles before taking decisions. With the summary, which is the mission and vision statement facilitates decision making and save time which is the most valuable element for management, making mission and vision statements important. The performance of a company depends on the on the interpretation of the mission and vision statements. According to Deborah and Brigadier in their book the Business General, a study in 2001 of 83 large USA and Canadian firms showed that mission and vision statement do positively affect financial performance when the statement are matched by strong commitment to aligning activities to them. Motivation is what the management need to achieve its objectives. Mission statements act as a motivational tool for the employees. The survival and the operational efficiency of the company depend on the mission and vision statements.

Mission and vision statements themselves do not have meaning unless programmes made to communicate the ideas to those involve. Companies exist because of shareholders and stakeholders. Many companies have been advertising their mission and vision statement without knowing. Customers are the key to every business. Mission and vision statements are not geared toward employees it also involve the world at large. For this reason, management has developed communication strategies, which helps to sensitise the public on mission and vision statements. Companies can inform the public through the media; through the radio or television. This is in a way that will attract customers. In communicating mission and vision statements to the public through the media, we have to consider, the period of communication, the kind of media for example many people connects to BBC than any other media. In this case, the management must know which of the media has more attention from the public. Poster is another method of informing the public about the mission and vision statement of a company .Especially in public place where people can easily get access to it. Round about are good for posters, a good example is elephant and castle in London, Trafalgar square and touristic sites. Presentation is another way of sensitising the public on mission and vision statements of the company. In carrying out presentation, the people do matter too.

If the company want to communicate its mission and vision statements, it has to look for those personalities that can easily gain the attention of the public. The person communicating must be of good conduct, well-renounced person. A company dealing with electronics want to inform the world about its existence and what they are up to and where they are going. If the company invites Bill Gate to take part in the presentation, many people will attend the presentation, because the founder of Microsoft is there, as a result many people will end up buy in the mission and vision statement. Internet is also means of communication. This is so because many people uses internet more frequent as compare to other means of communication.Companies-organised seminal to inform the public about mission and vision statements. Debates can act as a medium for the transmission of mission and vision statements. Newspapers are another means of communication, which is fast dying down giving way to internet. Statistics have proven that many people check their mail more that they read newspaper.

Mission and vision statements have information, which involved the organization and the environment. This environment includes; customers, competitors; suppliers, stockholders and the regulatory agencies. At time it is very challenging having mission statement in a climate of constant change. From the above discussion, working in an environment that needs changes in the vision and mission statement is costly and time consuming. The next aspect is that people are too resistant to change, once they are educated to work in a particular direction becomes very difficult to change them making constant change a challenge to the companies involve. Furthermore, this kind of environment can affect productivity and customer and suppliers intimacy with the company. Never the less working in and in environment of constant change could be beneficial for the company to revise his mission and vision based on the feedback from the environment. This change gives room for the management to revise the mission and vision with respect to innovation in information technologies. For companies to remain competitive, improved decision making, attain operational excellence, the management must be ready to formulate mission and vision statements and be able to communicate the to the target population.

Writing Services

Essay Writing

Find out how the very best essay writing service can help you accomplish more and achieve higher marks today.

Assignment Writing Service

From complicated assignments to tricky tasks, our experts can tackle virtually any question thrown at them.

Dissertation Writing Service

A dissertation (also known as a thesis or research project) is probably the most important piece of work for any student! From full dissertations to individual chapters, we’re on hand to support you.

Coursework Writing Service

Our expert qualified writers can help you get your coursework right first time, every time.

Dissertation Proposal Service

The first step to completing a dissertation is to create a proposal that talks about what you wish to do. Our experts can design suitable methodologies - perfect to help you get started with a dissertation.

Report Writing

Reports for any audience. Perfectly structured, professionally written, and tailored to suit your exact requirements.

Essay Skeleton Answer Service

If you’re just looking for some help to get started on an essay, our outline service provides you with a perfect essay plan.

Marking & Proofreading Service

Not sure if your work is hitting the mark? Struggling to get feedback from your lecturer? Our premium marking service was created just for you - get the feedback you deserve now.

Exam Revision

Exams can be one of the most stressful experiences you’ll ever have! Revision is key, and we’re here to help. With custom created revision notes and exam answers, you’ll never feel underprepared again.