ASSIGNMENT NO. 01. The students are expected to learn about the characteristics and components of a good mission statement.

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1 SEMESTER FALL 2017 STRATEGIC MANAGEMENT (MGT603) ASSIGNMENT NO. 01 DUE DATE: 16 NOVEMBER 2017 MARKS: 10 TOPIC: MISSION AND VISION STATEMENT Learning Objective: The students are expected to learn about the characteristics and components of a good mission statement. Learning Outcome: After going through this activity, the students would be able to know that how to develop a mission and vision statement for an international firm. The Concept: It is generally understood that clear mission and vision statement is needed before alternative strategies can be formulated and implemented. Organization involves many managers in the process of developing these two statements. Managers are supposed to read the maximum articles on these statements that enable them to know the background information of developing a vision and mission statement. Then every manager is supposed to develop a vision and mission statement for the organization that further merge these statements into a single document after modifications, addition and deletion by a designated committee of top managers. This is how all the managers provide their inputs into the support of final documents and suggest the appropriate strategies.

2 A good mission statement must have to identify the utility of a firm s products to its customers. This is why most of the academicians, strategists and practitioners of strategic management feel that an effective mission statement should include nine components. As the mission statement is the most visible and public part of a strategic management process, so it is important that it includes nine characteristics as summarized in Table 1 1, as well as the following nine components: Customers Who are the firm s customers? Products or services What are the firm s major products or services? Markets Geographically, where does the firm compete? Technology Is the firm technologically current? Concern for survival, growth, and profitability Is the firm committed to growth and financial soundness? Philosophy What are the basic beliefs, values, aspirations, and ethical priorities of the firm? Self concept What is the firm s distinctive competence or major competitive advantage? Concern for public image Is the firm responsive to social, community, and environmental concerns? Concern for employees Are employees a valuable asset of the firm? Table 1 1 Characteristics of a Mission Statement Broad in scope; do not include monetary amounts, numbers, percentages, ratios, or objectives Less than 250 words in length Inspiring Identify the utility of a firm s products Reveal that the firm is socially responsible Reveal that the firm is environmentally responsible Include nine components: customers, products or services, markets, technology, concern for survival/growth/profits, philosophy, self-concept, concern for public image, concern for employees Reconciliatory Enduring

3 THE CASE YES Foods (Pvt) Limited has formally started its operation in fast foods products at local level in It is a Chinese based company having its main head office at Beijing (formerly romanized as Peking), a capital of the People's Republic of China and also known as the world's second most populous city. Currently, it has its branches in Beijing, Tibet, Xinjiang, Shanxi and Henan. It offers variety of fast foods products to its local and international customers at its own local branches with free home delivery. It s mainly focus on the taste of its best customers and serves the best that actually demanded. This is why its brand is getting more attention in other regions and becoming famous day by day. The more valuable part of it, that they are committed to serve every kind of their customers irrespective of their age, religion, race, nationality and background. It also offer its services 24/7 with affordable prices including extra gifts, coupons and lucky draws and even free air tickets to the families in specified countries. Mr. karl Albrecht, the CEO of the company recently feels that now the company should extend its branches in other developing countries like Pakistan, Bangladesh and India. While introducing the same brand at international level, the CEO feels that they are lacking with formal mission and vision statement of the company. Therefore, he calls a meeting with all of his managers to develop a mission and vision statement of YES Foods (Pvt) limited that address not only to Pakistani community but also the other parts of the world. Requirements: Being a manager of YES Foods (Pvt) Limited, you are required to suggest: a. A mission statement (less than 250 words) to YES Foods (Pvt) Limited. (Make sure that the suggested mission statement must have at least five (5) of the nine (9) components). (7 MARKS) b. A one line vision statement to YES Foods (Pvt) Limited. (3 MARKS) Reading Advise: Watch Video Lecture # 05 & 06.

4 Important: 24 hours extra / grace period after the due date is usually available to overcome uploading difficulties. This extra time should only be used to meet the emergencies and above mentioned due date should always be treated as final to avoid any inconvenience. Deadline: Make sure to upload the solution file before the due date on VULMS. Any submission made via after the due date will not be accepted. Formatting guidelines: Use the font style Times New Roman or Arial and font size 12. It is advised to compose your document in MS Word format. You may also compose your assignment in Open Office format. Use black and blue font colors only. Referencing Guidelines: Use APA style for referencing and citation. For guidance search APA reference style in Google and read various websites containing information for better understanding or visit Rules for Marking Please note that your assignment will not be graded or graded as Zero (0), if: It is submitted after the due date. The file you uploaded does not open or is corrupt. It is in any format other than MS Word or Open Office; e.g. Excel, PowerPoint, PDF etc. It is cheated or copied from other students, internet, books, journals etc.

5 Note related to load shedding: Please be proactive Dear Students As you know that Pre Mid Term semester activities have been started and load shedding problem is also prevailing in our country. Keeping in view the fact, you all are advised to post your activities as early as possible without waiting for the due date. For your convenience; activity schedule has already been uploaded on VULMS for the current semester, therefore no excuse will be entertained after due date of assignments or GDBs. GOOD LUCK!!!