Assignment for Midterm Examination, Summer Semester -2020 [202]

Course Title: Strategic Management; Course Code: MBS – 501

MBA Program
Assignment On evaluation of vision and mission statement
Submission Date: 6th November, 2020

Assigned to:

Course Teacher : Mrs. Showkat Ara Khanam

Designation : Assistant Professor
Office Location : 4th floor, Teachers’ lounge, Main Campus.

Assignment Submitted by:

Name: Maria Matin

ID: 202005005
Masters of Business Administration
 INTRODUCTION

A Mission Statement defines the company's business, its objectives and its approach to reach

those objectives. A Vision Statement describes the desired future position of the company.
Elements of Mission and Vision Statements are often combined to provide a statement of
the company's purposes, goals and values.

If the above examples are vision statements, what's a mission statement? A mission statement is,
in some ways, an action-oriented vision statement, declaring the purpose an organization serves
to its audience. It often includes a general description of the organization, its function, and its
objectives.

As a company grows, its objectives and goals may be reached, and in turn they'll change.
Therefore, mission and vision statements should be revised as needed to reflect the business's
new culture as previous goals are met.

Both mission and vision statements are often combined into one comprehensive "mission
statement" to define the organization's reason for existing and its outlook for internal and
external audiences -- like employees, partners, board members, consumers, and shareholders.

With that in mind, what does a good mission statement look like? Check out some of the
following company mission statements for yourself -- and get inspired to write one for your
brand.

A vision statement describes where the company aspires to be upon achieving its mission. This
statement reveals the "where" of a business. Below are some vision statements from well-known
companies to give you a sense of how a vision represents a brand.
 An ideal Mission statement have some components

1. Customers
2. Products or services
3. Markets
4. Technology
5. Survival, growth, and profitability
6. Philosophy
7. Self-concept
8. Concern for public image
9. Concern for employees

An ideal Vision statement have some components

 It is written in the present, not future tense. They describe what we will feel, hear,
think, say and do as if we had reached our vision now.
 It is summarized with a powerful phrase. That phrase forms the first paragraph of
the vision statement. The powerful phrase is repeated in whatever communication
mediums you have to trigger memory of the longer statement. It is not a brand strap-
line.
 It describes an outcome; the best outcome we can achieve. It does not confuse
vision with the business goal and objectives for a particular period of time. A vision
statement, therefore, does not provide numeric measures of success.
 It uses unequivocal language. It does not use business speak or words like
maximize or minimize.
 It evokes emotion. It is obviously and unashamedly passionate. However, it
separates the hard aspect of vision in what we see, hear and do from the soft aspect of
vision in what we think and feel.
 It helps build a picture, the same picture, in people’s minds.

Build vision statement with these components and we run the risk of informing, inspiring
and energising our people.
 Southeast bank

Southeast Bank operates branches throughout East and Middle Tennessee, blending modern
amenities with hometown service and decision making. Our customers enjoy access to
convenient digital and mobile banking platforms, such as online banking, mobile deposits,
person-to-person payments, automatic fraud monitoring, and a worldwide ATM network. By
looking at our business through the eyes of our customers, we have differentiated ourselves from
other banks and financial institutions. Because we are an independent local bank, we make
decisions quickly and locally without outside influence. From humble beginnings, Southeast
Bank has become a very dynamic bank providing innovative financial solutions for our
customers. We take a long term management view instead of managing to a quarterly balance
sheet that meets investors' or analysts' expectations. This enables us to provide greater value to
our customers and the communities we serve.

Our Commitment
 Understand our customers' needs and then exceed them
 Provide a source of financial strength for our communities
 Promote and support education
 Support our employees and their families

The city bank

Vision: The Financial Supermarket with a Winning Culture Offering Enjoyable Experiences

Mission:
 Offer wide array of products and services that differentiate and excite all customer
segments
 Be the "Employer of choice" by offering an environment where people excel and
leaders are created
 Continuously challenge processes and platforms to enhance effectiveness and
efficiency
 Promote innovation and automation with a view to guaranteeing and enhancing
excellence in service
 Ensure respect for community, good governance and compliance in everything we
do
Values:

 Result Driven
 Accountable & Transparent
 Courageous & Respectful
 Engaged & Inspired
 Focused on Customer Delight

Uttara Finance and investment Ltd.

Vision to serve the nation through participation in the development of the economy as a leading
company of Bangladesh.
Mission • To be an outstanding company of motivated people with excellent team work spirit
• To provide quality services and ensure steady growth of the company
• To bring about a qualitative improvement in the life style of our people
• To provide lease finance to professional and technicians on attractive terms
• To encourage continuous technological development and creation of employment opportunities
• To ensure human resource development to meet the challenges of the time

Beximco Textile Ltd

Our Mission:
BEXIMCO Limited is Full service vendor with strong vertically production facilities as well as creative
and analytical capabilities which clearly set us apart from other south Asian vendors.

Our Vision:
 Gain market leadership in high value added apparel in USA & Europe .
 Use “Innovation” & “Speed” as prime drivers, rather than cotton & cheap labour .
 Dominate these markets in high quality :
Men's, Women's , Children

Shirts ( Dress & Casual )

Blouses ( formal & casual ) , Skirts, Jackets

Jeans & Casual non - denim bottoms

Knitted tops & bottoms

Jackets (Denim , Woven & Knit)

To become 1 billion USD company by 2021

Square Textile Ltd.

 realizes the need to stake out a competitive segment in the changing global market of today
through technological excellence and human expertise.   is committed to transpose its local
success to the world scene.

Vision and Mission:

To establish ourselves as a one stop source for the Global Knit Apparel market.

To satisfy and meet customer's expectation by developing and providing products and service on time,
which offer value in terms of Quality, Price, Safety & Environmental impact.

To assure complete compliance with the international quality standards.

To provide the employees internationally acceptable working condition /standards.

To promote the development and best use of human talent & equal opportunity employment.

To procure the most advanced & sophisticated technology suitable for producing desired product.

To attain highest level of competence through continuous development of the professional manage.
 Mission statement of 5 Companies

Name of the Custo Produ Mark Techno Concer Philoso Concern Self Concern
company mer ct or ets logy n for phy for concept for
service survival public employee
growth image s
and
profitab
ility
Southeast N Y Y Y Y Y Y N Y
bank ltd
The city bank Y Y N N N N Y N Y
Ltd.
Uttara Finance Y Y N Y Y N Y N Y
and investment
Ltd.
Beximco Textile N N N N N N Y N Y
Ltd.
Square Textile N N N Y Y Y Y N Y
Ltd.

Vision statement of 5 Companies

Name of the Graphic Directio Focused Flexible Feasible Desirable Easy to

company nal communicate
Southeast Y N Y Y Y Y Y
bank ltd
The city bank Ltd. Y N Y N Y N N
Uttara Finance Y N N N Y N Y
and investment
Ltd.
Beximco Textile Y N Y N N Y Y
Ltd.
Square Textile Y N Y Y Y Y N
Ltd.
Conclusion

From the findings of this study a conclusion can be drawn that Bangladeshi companies
are preparing their mission statements mostly in terms of 'philosophy and ethics'. In conclusion,
a vision statement outlines future aspirations, whereas a mission statement is crafted around
present actions (what, how, and for whom). They function hand-in-hand to define goals and the
actions that will achieve them. Together, we can identify your company's goals, purpose,
direction, and constituency. The mission and vision statements provide the foundation for
strategic planning. Without the mission or vision statement there is no basis for the strategic plan
of an organization. There is no direction for the organization to go in. The mission statement tells
who the organization is

Importance of Mission and Vision Statements in Strategic Planning and what they stand for. The
vision statement is giving a broad overview of where the organization sees themselves in the
next few years. These statements should be revisited and edited annually or as major changes in
the organization occur. The staff should be included in the strategic planning process. They are
able to give to provide insight from their personal experiences in their career field.
Bangladeshi companies are showing their mission statements in the annual
reports just to make it attractive to the public. The kind of mission statements that are prepared b
ymost of them cannot give any guideline for strategic management.