Mba Marketing Assignment on Mission Statements
Content
M501: Marketing Management Assignment # 1: Analysis of Mission Statements
(Multinational Financial Institutions in Bangladesh)
Prepared For Professor G M Chowdhury, Course Instructor Institute of Business Administration (IBA)
Assessment Conducted by:
Group: S Y N E R G Y Taskeen Fatema (Facilitator) Laura Mohiuddin (Writer) Nafisa Jareen (Presenter) Roll: 93 73 104
04 April, 2007
Introduction Organizations develop mission statements to share with managers, employees, and customers. A clear, thoughtful mission statement provides employees with a shared sense of purpose, direction and opportunity. In brief, a mission statement is a statement of the organization’s purpose-what it wants to accomplish in the larger environment. A clear mission statement guides the people in the organization. We have thus conducted our analysis of ten Multinational Financial
Organizations based on six criterion (please refer to Appendix A) and have come to the following conclusion:
The Best Mission Statement: “To promote international monetary cooperation, exchange stability, and orderly exchange arrangements; to foster economic growth and high levels of employment; and to provide temporary financial assistance to countries to help ease balance of payments adjustment.” – International Monetary Fund
Very few of the mission statements we studied have successfully conveyed their goals, company policies and values, and taken into consideration the “public” of the organization. IMF, we believe, has done this. Although the mission does not describe company values and policies as well as some of the other missions, its goals have been very clearly and realistically defined – so as to commit every member of the organization to a strong, focused, and well stated purpose. It has defined its core competencies, and how it stands distinct from other similar organizations. The mission statement also reflects a vision. Hence, IMF’s mission is motivating, memorable, fits the market environment, and has been very well conveyed to its stakeholders.
The Worst Mission Statement: “To be the most respected global financial service company”- CitiBank
Citibank’s mission fails to have any of the important characteristics of a good mission statement. Additionally, the idea of a financial institution striving to become a “respected” one is ridiculous. The goal therefore makes little sense, and the market environment is described only trivially – the fact that the organization provides financial services should be obvious to stakeholders without any such mention. Such a mission will undoubtedly do very little in providing employees with a shared sense
of purpose, direction, or opportunity. Additionally it has not taken stakeholders into consideration, or defined them for that matter. The mission undoubtedly has no originality or characteristic to distinguish it from other similar organizations - it is rather very similar to some of the other bottom ranking mission statements.
Appendix A: Organizations in order of their ranking in terms of having a good Mission Statement Stress Realisti on c, Fit the Conveyed Memorab compan Limited market Motivatin to le and Tota y , environme g stakeholde Distinctiv l policies Specific nt rs e & goals values
Organizati Mission Statement on
Internati onal To promote international monetary cooperation, exchange stability, and orderly Mone exchange arrangements; to foster economic growth and high levels of employment; 2 and to provide temporary financial assistance to countries to help ease balance of tary payments adjustment. Fund (IMF)
To be recognized as the leading financial institution of Pakistan and a dynamic international bank in the emerging markets, providing our customers with a premium set of innovative products and services, and granting superior value to our stakeholdersshareholders, customers and employees. Improving the investment climate and empowering The world the poor, as well as strengthening Bangladesh's core Bank governance processes and institutions To help modernize the financial services industry, by IDLC introducing modern modes of financial hitherto unknown to Bangladesh. To develop & deliver the most innovative products, manage customer experience, deliver quality services Bank Althat contributes to brand strength, establishes a Falah competitive advantage and enhances profitability, Limited thus providing value to the stakeholders of the bank.
2
1
2
2
2
2
11
Habib Bank Limit ed
2
2
2
1
2
1
10
2 2
1 2
2 1
1 1
2 1
2 1
10 8
1
2
1
1
2
0
7
IPDC
To be the agent of change for development and to provide investment solutions.
2 0 1
0 0 0
0 1 0
1 1 0
0 0 0
1 1 1
4 3 2
Standard Chartered To be the world's best international bank. Bank Commercia Redefining convenience in financial services l Bank of
Appendix A: Organizations in order of their ranking in terms of having a good Mission Statement Stress Realisti on c, Fit the Conveyed Memorab compan Limited market Motivatin to le and Tota y , environme g stakeholde Distinctiv l policies Specific nt rs e & goals values 0 0 0 0 1 0 0 0 0 0 0 0 1 0
Organizati Mission Statement on
Ceylon LankaBang To become the most respected financial services la Finance brand in the country. Ltd. To be the most respected global financial service CitiBank company. Scale: 2 (very good) 1 (satisfactory) 0 (absent)
Appendix B: References
Marketing Management: 12th Edition: Philip Kotler& Kevin Lane Keller Principle of Marketing: 11th Edition: Philip Kotler Mission Statement Considerations - irp.savstate.edu/irp/Strat-Plan-Docs/missions.htm Writing a Mission Statement - www.bplans.com/dp/missionstatement.cfm About Mission Statements - http://irp.savstate.edu/StrategicPlanner/Mission.htm http://www.bankalfalah.com/about/vision_mission.php http://www.combank.net/newweb/html/abt_vision.asp http://www.answers.com/topic/habib-bank http://www.idlc.com/aboutus.asp http://www.ificbankbd.com/ificporfile.php http://www.ipdcbd.com/services.html http://www.lankabangla.com/about_vision.php http://www.imf.org/external/about.htm
(Multinational Financial Institutions in Bangladesh)
Prepared For Professor G M Chowdhury, Course Instructor Institute of Business Administration (IBA)
Assessment Conducted by:
Group: S Y N E R G Y Taskeen Fatema (Facilitator) Laura Mohiuddin (Writer) Nafisa Jareen (Presenter) Roll: 93 73 104
04 April, 2007
Introduction Organizations develop mission statements to share with managers, employees, and customers. A clear, thoughtful mission statement provides employees with a shared sense of purpose, direction and opportunity. In brief, a mission statement is a statement of the organization’s purpose-what it wants to accomplish in the larger environment. A clear mission statement guides the people in the organization. We have thus conducted our analysis of ten Multinational Financial
Organizations based on six criterion (please refer to Appendix A) and have come to the following conclusion:
The Best Mission Statement: “To promote international monetary cooperation, exchange stability, and orderly exchange arrangements; to foster economic growth and high levels of employment; and to provide temporary financial assistance to countries to help ease balance of payments adjustment.” – International Monetary Fund
Very few of the mission statements we studied have successfully conveyed their goals, company policies and values, and taken into consideration the “public” of the organization. IMF, we believe, has done this. Although the mission does not describe company values and policies as well as some of the other missions, its goals have been very clearly and realistically defined – so as to commit every member of the organization to a strong, focused, and well stated purpose. It has defined its core competencies, and how it stands distinct from other similar organizations. The mission statement also reflects a vision. Hence, IMF’s mission is motivating, memorable, fits the market environment, and has been very well conveyed to its stakeholders.
The Worst Mission Statement: “To be the most respected global financial service company”- CitiBank
Citibank’s mission fails to have any of the important characteristics of a good mission statement. Additionally, the idea of a financial institution striving to become a “respected” one is ridiculous. The goal therefore makes little sense, and the market environment is described only trivially – the fact that the organization provides financial services should be obvious to stakeholders without any such mention. Such a mission will undoubtedly do very little in providing employees with a shared sense
of purpose, direction, or opportunity. Additionally it has not taken stakeholders into consideration, or defined them for that matter. The mission undoubtedly has no originality or characteristic to distinguish it from other similar organizations - it is rather very similar to some of the other bottom ranking mission statements.
Appendix A: Organizations in order of their ranking in terms of having a good Mission Statement Stress Realisti on c, Fit the Conveyed Memorab compan Limited market Motivatin to le and Tota y , environme g stakeholde Distinctiv l policies Specific nt rs e & goals values
Organizati Mission Statement on
Internati onal To promote international monetary cooperation, exchange stability, and orderly Mone exchange arrangements; to foster economic growth and high levels of employment; 2 and to provide temporary financial assistance to countries to help ease balance of tary payments adjustment. Fund (IMF)
To be recognized as the leading financial institution of Pakistan and a dynamic international bank in the emerging markets, providing our customers with a premium set of innovative products and services, and granting superior value to our stakeholdersshareholders, customers and employees. Improving the investment climate and empowering The world the poor, as well as strengthening Bangladesh's core Bank governance processes and institutions To help modernize the financial services industry, by IDLC introducing modern modes of financial hitherto unknown to Bangladesh. To develop & deliver the most innovative products, manage customer experience, deliver quality services Bank Althat contributes to brand strength, establishes a Falah competitive advantage and enhances profitability, Limited thus providing value to the stakeholders of the bank.
2
1
2
2
2
2
11
Habib Bank Limit ed
2
2
2
1
2
1
10
2 2
1 2
2 1
1 1
2 1
2 1
10 8
1
2
1
1
2
0
7
IPDC
To be the agent of change for development and to provide investment solutions.
2 0 1
0 0 0
0 1 0
1 1 0
0 0 0
1 1 1
4 3 2
Standard Chartered To be the world's best international bank. Bank Commercia Redefining convenience in financial services l Bank of
Appendix A: Organizations in order of their ranking in terms of having a good Mission Statement Stress Realisti on c, Fit the Conveyed Memorab compan Limited market Motivatin to le and Tota y , environme g stakeholde Distinctiv l policies Specific nt rs e & goals values 0 0 0 0 1 0 0 0 0 0 0 0 1 0
Organizati Mission Statement on
Ceylon LankaBang To become the most respected financial services la Finance brand in the country. Ltd. To be the most respected global financial service CitiBank company. Scale: 2 (very good) 1 (satisfactory) 0 (absent)
Appendix B: References
Marketing Management: 12th Edition: Philip Kotler& Kevin Lane Keller Principle of Marketing: 11th Edition: Philip Kotler Mission Statement Considerations - irp.savstate.edu/irp/Strat-Plan-Docs/missions.htm Writing a Mission Statement - www.bplans.com/dp/missionstatement.cfm About Mission Statements - http://irp.savstate.edu/StrategicPlanner/Mission.htm http://www.bankalfalah.com/about/vision_mission.php http://www.combank.net/newweb/html/abt_vision.asp http://www.answers.com/topic/habib-bank http://www.idlc.com/aboutus.asp http://www.ificbankbd.com/ificporfile.php http://www.ipdcbd.com/services.html http://www.lankabangla.com/about_vision.php http://www.imf.org/external/about.htm
