Running head: A COMPARATIVE ANALYSIS OF MISSION STATEMENTS 1

A Comparative Analysis of the Mission Statements of Pharmaceutical Companies of

Pakistan and Bangladesh

Amina Rizan

Zara Nisar

Hafsa Zaki
A COMPARATIVE ANALYSIS OF MISSION STATEMENTS 2

Abstract
This article focuses on the comparative analysis of mission statements of pharmaceutical

sectors of Pakistan and Bangladesh. This article is based on the nine components of mission

statements: customers, products and services, market, technology, concern for survival,

philosophy, concern for public image, self-concept, and concern for employees. It is observed

that none of the pharmaceutical companies of Pakistan and Bangladesh have a comprehensive

mission statement inclusive of all the nine components. A qualitative content analysis

approach has been applied in this article for the analysis of mission statements. The study

also identifies that there exists a similarity between the companies of two countries as the

most least mentioned components in the statements were almost similar. Self-concept is the

most mentioned component in the mission statements of both the countries.

Keywords: Mission statements, content analysis, components of mission statements

A COMPARATIVE ANALYSIS OF MISSION STATEMENTS 3

Introduction

Organizational mission statement plays a vital role in the communication with

stakeholders and it addresses the stakeholders about the purpose of organization and its

direction. Organizations make objectives to achieve their mission and mission helps to

achieve the vision of the organization, which is the broad and ultimate purpose of

establishment of an organization. According to Drucker (1974), the mission statements are

essential for the formation of the company’s objectives. He also states that mission statements

provide the reason for being of an organization which is communicated to all of its

stakeholders.

Many researchers have analyzed the mission statements of various industrial sectors.

In doing so, they have found a link between presence of certain components in the mission

statements with the better firms’ performances (Bartkus, Glassman, & McAfee, 2006;

Williams, 2008). The industrial analysis has also helped in the determination of focus of a

sector towards specific components in the mission statements. While these researches have

improved our knowledge and significance of mission statements, most of the research has

been focused on Fortune-500, Fortune-1000 firms and on the industries of developed

countries (Peyrefitte & David, 2006; Williams, 2008). With a few exceptions, a little research

has been done on the firms and industrial sectors of developing countries. Despite of its

significance on the well-being of society, little research has been done on the mission

statements of pharmaceutical sector. In order to address this significant gap, we analyze the

mission statements of pharmaceutical sectors of two developing countries (Pakistan and

Bangladesh).

In this article, we identify the nine components of mission statements of the

pharmaceutical companies of Pakistan and Bangladesh. One of the reasons of selecting these

two countries is that both of these are developing countries and have comparable
A COMPARATIVE ANALYSIS OF MISSION STATEMENTS 4

demographic and economic status. We chose both of these countries because of the similarity

in the culture and also because Bangladesh was once a part of Pakistan. The sizes of the

pharmaceutical industries in both the countries is similar and have nine listed pharmaceutical

companies and the data was comparable.

The objective of this article is the analysis of the nine components of mission

statements of Pakistani and Bangladeshi pharmaceutical companies individually and also in

comparison to check how effectively these companies are communicating with their

stakeholders.

To this end this paper is organized as follows: First, we briefly review previous

research on mission statement analysis to identify the major themes and findings. Second, we

briefly discuss our data, research methods and our analytic approach which is followed by a

discussion of our detailed analysis. Finally, we discuss the main insights of our findings.
A COMPARATIVE ANALYSIS OF MISSION STATEMENTS 5

Literature Review

The purpose of this article is to analyze that how effectively companies are

communicating with stakeholders. In current competitive markets, managers make decision

to give the competitive edge to its organization. To develop the mission statement is the first

step in strategic planning because mission statement tells about the purpose of the

organization. Mission statement addresses to stakeholders about the values and limits, and

also tells that organization cannot go out of its limits so all the actions and decision must be

relevant to the actual mission of the organization. The pharmaceutical industry is developing

day by day and it has high economic importance. Cremer (1993) defines mission as “a

collection of values, beliefs and behavioral norms which are common among the members of

a company and affect the preferences and behaviors of the employees through the strategic

target.”

Now-a-days, companies are giving more importance to mission statement as a

communication tool. In marketing literature, mission statement still gets less importance. A

new theory and practice is suggested for mission statement to give it a new direction, that it

must be in a manner that attract and keep the customers informed (Amato & Amato, 2002).

An organization must develop and communicate a clear business mission in both strategic

planning and marketing strategy. The mission statement plays an important role in managing

the organization-stakeholder relationship, it also communicates about the identity of firm to

stakeholders (Collins & Rukstad, 2008; Kohli & Leuthesser, 1997; Atril, Omran, & Pointon,

2005).

Some researchers have identified the relationship between the contents of mission

statements and financial performances of the organizations. In these researches, the

researchers have identified the either some contents effect the financial performances more or

not. An earlier study performed on the comparison of statements of high-performing Fortune-

A COMPARATIVE ANALYSIS OF MISSION STATEMENTS 6

500 companies with low-performing firms, found out that the higher performing companies

included corporate philosophy, self-concept and concern for public image, more often than

the others (Pearce & David, 1987). A study performed on mission statements of 83 large

Canadian and US firms found that statements which clearly specifies the contents “can affect

financial performance” (Bart, Bontis, & Tagger, 2001).

Some studies suggested that mission statement is not as much accurate as it should be.

Mostly organizations develop a mission statement and then they don’t pay any attention to

the exact purpose of the existence of the organization. A false and misleading mission

statement can damage the firm’s reputation. The main reason behind is that reputation built of

the creditability and if the creditability of the firm is in danger or it mislead the stakeholder so

how a firm could can seek the attention of the stakeholder. The arguments of the developing

the mission statement are based on two factors. First, the mission statement is the guideline

for the employees and managers in their behaviors and decision making process and

secondly, the mission statement is an externally directed message that is part of an auto-

communication or self-talk process.

Establishing a mission statement isn’t a one-man show, this is a team process in

which executives, top level management and employees sit together and sometimes a third

party consultant also needed. Such involvement engaged all the stakeholders in brainstorming

and discussion sessions in which each member expresses its opinion and views. After the

collection of all the opinions, firms’ chose the best views and convert them into mission

statement.

Theoretical Framework

The analysis is based on the fundamental nine components of mission statement given

by Pearce and David (1987) which should be a part of a mission statement for it to be

effective and comprehensive. The components are:

A COMPARATIVE ANALYSIS OF MISSION STATEMENTS 7

1. Target customers and market

2. Principal products or services

3. Geographic domain

4. Core technologies

5. Concern for survival, growth and profitability

6. Company philosophy

7. Company self-concept

8. Desired public image

9. Concern for employees

The definitions of these components have been taken according to the explanation

given by David, David and David (2014).

Table 1
Mission statement components defined

Components Definitions
Customers Who are the firm’s customers?
Products or services What are the firm’s major products or services?
Market Geographically, where does the firm compete?
Technology Is the firm technologically current?
Concern for survival,
Is the firm committed to growth and financial soundness?
growth and profitability
What are the basic beliefs, values, aspirations, and ethical
Philosophy
priorities of the firm?
What is the firm’s distinctive competence or major competitive
Self-concept
advantage?
Concern for public Is the firm responsive to social, community, and environmental
image concerns?
Concern for employees Are employees a valuable asset of the firm?
A COMPARATIVE ANALYSIS OF MISSION STATEMENTS 8

Data and Methodology

For the purpose of this study, all of the listed pharmaceutical companies of Pakistan

and Bangladesh were chosen. The companies were identified through the websites of national

stock exchanges of both countries. A total of 18 companies (9 in each country) were

identified and selected for this study. The mission statements of these companies were then

obtained from their respective annual reports available for download at the companies’

websites.

These statements were then compiled in a single document which was coded

independently by two researchers. While additional mission statement components have been

suggested by various researchers over the years, Bart et al. (2001) and Williams (2008) argue

that creation of new mission statement components hinders development of cohesive and

comparable research on mission statement analysis. Hence, we used a standardized approach

– that of Pearce and David – to facilitate comparison of our findings with prior studies.

Content analysis approach was used for the purpose of this study. Content analysis is

one of many research methods used for the analysis of data in the textual form. It is a

technique which describes the words in a systematic way. It quantifies the textual data to be

interpreted and analyzed. Graneheim and Lundman (2004) have said that “One of the most

basic decisions when using content analysis is selecting the unit of analysis. One

characteristic of qualitative content analysis is that the method, to a great extent, focuses on

the subject and context, and emphasizes differences between and similarities within codes

and categories.”

Both researchers worked independently and the mission statements were coded for the

nine components identified by Pearce and David (1987). The presence of a component within

a mission statement was coded as “1” and its absence was given the code of “0” on separate

coding sheets. The separate sheets of both the researchers were then compared and intercoder
A COMPARATIVE ANALYSIS OF MISSION STATEMENTS 9

reliability was calculated which was 85.79%. The intercoder reliability was calculated by

adding the intercoder reliabilities of all individual components and then taking a mean of all

reliabilities. There was comparatively a larger difference between the coding of customers

and self-concept, however, the differences among the components determined by both the

researchers were then resolved through mutual discussion.

The intercoder reliability can also be using Cohen’s Kappa. Cohen’s Kappa tells us

the extent to which the two researchers agree with each other in their coding, it is calculated

by using the following formula:

(Observed Agreement − Expected Agreement )

Kappa=
1−Expected Agreement

Observed agreement is the frequency with which the two measurements agree.

Whereas, expected agreement is calculated by calculating the expected values using marginal

frequencies and then by using these values the frequencies with which the two measurements

are expected to agree. Instead of calculating the intercoder reliability by-hand, we calculated

it by using an online software. The results of intercoder reliability and Cohen’s Kappa are

given in Table 2. A mean was taken of the values of Kappa calculated for each of the

component. The value of Kappa was 69.3%, where set of criteria is: less than 0% no

agreement, 0-20% poor, 20-40% fair, 40-60% moderate, 60-80% good, 80% or higher very

good.

Table 2

Results of intercoder reliability and Cohen’s Kappa

Percent agreement Cohen’s Kappa

Customers 66.7% 0.333
Products 83.3% 0.667
Market 94.4% 0.824
Technology 94.4% 0.87
Concern for survival 83.3% 0.667
A COMPARATIVE ANALYSIS OF MISSION STATEMENTS 10

Philosophy 88.9% 0.778

Concern for public image 94.4% 0.852
Self-concept 66.7% 0.25
Concern for employees 100% 1

Results

Tables 3 and 4 given below show the analysis of the mission statements of

pharmaceutical companies of Pakistan and Bangladesh.

A COMPARATIVE ANALYSIS OF MISSION STATEMENTS 11 10

Table 3
Components covered in the mission statements of Pakistani pharmaceutical companies
Concern for
Name of the Products survival, Concern for Self- Concern for Total
Customers Market Technology Philosophy
companies and services growth and public image concept employees components
public image
Abbott Laboratories
Yes Yes - - - - - Yes - 3/9
Limited

Ferozsons
- Yes - - Yes Yes - Yes Yes 5/9
Laboratories Limited

GlaxoSmithKline
Yes - Yes Yes - Yes - Yes - 5/9
Pakistan Limited

Highnoon
Yes - - - Yes - - Yes Yes 4/9
Laboratories Limited

IBL HealthCare
Yes Yes - - Yes - Yes - Yes 5/9
Limited

Otsuka Pakistan
- Yes - - Yes - - Yes - 3/9
Limited
Sanofi-Aventis
Pakistan limited - - - - - Yes - Yes - 2/9

The Searle Company

- Yes Yes Yes Yes Yes Yes Yes Yes 8/9
Limited

Wyeth Pakistan
- - - Yes - - - - - 1/9
Limited

Average score 4/9 5/9 2/9 3/9 5/9 4/9 2/9 7/9 4/9
A COMPARATIVE ANALYSIS OF MISSION STATEMENTS 12 11

Table 4
Components covered in the mission statements of Bangladeshi pharmaceutical companies

Concern for
Name of the Products survival, Concern for Self- Concern for Total
Customers Market Technology Philosophy
companies and services growth and public image concept employees components
public image

ACME
Yes Yes Yes - Yes Yes Yes Yes Yes 8/9
Laboratories Limited
Beacon
Pharmaceuticals - Yes - Yes Yes - - Yes - 4/9
Limited
Beximco
Pharmaceuticals Yes Yes - - Yes Yes Yes Yes - 6/9
Limited
Central
Pharmaceuticals Yes - Yes - Yes - - Yes - 4/9
Limited
GlaxoSmithKline
- - - - - Yes - - - 1/9
Bangladesh Limited
Ibn Sina
Pharmaceutical Yes - Yes - Yes Yes - - - 4/9
Industry Limited
Orion Pharma Limited Yes - - Yes - Yes - Yes Yes 5/9

Renata Limited - - - - Yes - Yes Yes - 3/9

Square
Pharmaceuticals - - - - Yes Yes Yes Yes - 4/9
Limited
Average score 5/9 3/9 3/9 2/9 7/9 6/9 4/9 7/9 2/9
A COMPARATIVE ANALYSIS OF MISSION STATEMENTS 13

It can be observed in table 3 that there is only one company, The Searle Company

Limited, which has covered maximum of eight components in its mission statement. This

company has not mentioned who its customers are, thus missing one of the nine components.

Wyeth Pakistan Limited is the company which has least components covered in its mission

statement. Only one component, technology has been addressed in its mission statement.

While table 4 which shows the analysis of mission statements of Bangladeshi

pharmaceutical companies shows that only one company covered eight components and one

of the nine companies covered only one component. ACME Laboratories Limited covered

eight components in its mission statement, and GlaxoSmithKline Bangladesh Limited

covered only one component. ACME Laboratories Limited did not mention anything

regarding technology in its mission statement. GlaxoSmithKline Bangladesh Limited has

only communicated about its philosophy and missed all other eight components in its mission

statements.

The components of mission statements are then analyzed on average score basis in

which we have determined that on average how many times a single component have been

discussed in the mission statements of pharmaceutical companies of each country. Table 5

shows the average frequency of each component in the mission statements of pharmaceutical

companies of both the countries. It also exhibits that how much importance is given to each

component in the mission statements of the companies. The table also helps in the

identification of the component to which the most importance is given within the mission

statements of the countries.

A COMPARATIVE ANALYSIS OF MISSION STATEMENTS 14

Table 5

Average scores of the pharmaceutical companies

Components Pakistan Bangladesh

Average
Percentage Average score Percentage
score
Customers 4/9 44% 5/9 55%

Products and
5/9 55% 3/9 33%
services
Market 2/9 22% 3/9 33%

Technology 3/9 33% 2/9 22%

Concern for
5/9 55% 7/9 78%
survival
Philosophy 4/9 44% 6/9 67%

Concern for public

2/9 22% 4/9 44%
image
Self-concept 7/9 78% 7/9 78%

Concern for
4/9 44% 2/9 22%
employees

Table 5 shows that 78% of the companies of Pakistan have communicated about their

self-concept i.e. their competitive advantage and the least importance has been given to the

market and concern for public image components in their mission statements.

The most communicated components in the mission statements of Bangladeshi

companies are self-concept and concern for survival, growth and profitability. These two

components have been mentioned by 78% of the companies. Unlike Pakistani companies, the

least addressed components in the Bangladeshi companies are technology and concern for

employees.

In Pakistan, the second most addressed components are products & services and the

concern for survival, growth and profitability, which are communicated by 55% of the

companies. Whereas in Bangladesh, the second most important component which is

mentioned by 67% of the companies is the philosophy of the pharmaceutical companies.

A COMPARATIVE ANALYSIS OF MISSION STATEMENTS 15

Table 6

Customer or product orientation

Customer or Product Bangladeshi Customer or Product

Pakistani Companies
oriented Companies oriented
Abbott Laboratories ACME
Customer oriented Product oriented
Limited Laboratories Limited
Beacon
Ferozsons
Product oriented Pharmaceuticals Customer oriented
Laboratories Limited
Limited
Beximco
GlaxoSmithKline
Customer oriented Pharmaceuticals Product oriented
Pakistan Limited
Limited
Central
Highnoon
Customer oriented Pharmaceuticals Product oriented
Laboratories Limited
Limited
IBL HealthCare GlaxoSmithKline
Product oriented Customer oriented
Limited Bangladesh Limited
Ibn Sina
Otsuka Pakistan
Customer oriented Pharmaceutical Customer oriented
Limited
Industry Limited
Sanofi-Aventis Orion
Customer oriented Product oriented
Pakistan limited Pharma Limited

The Searle Company

Customer oriented Renata Limited Customer oriented
Limited
Square
Wyeth Pakistan
Customer oriented Pharmaceuticals Product oriented
Limited
Limited

We also compared the pharmaceutical companies of both the countries on the basis of

their product and customer orientation. Table 6 shows that most of the Pakistani companies

are customer oriented and only two out of the nine companies are product oriented. While the

analysis of mission statement of Bangladeshi pharmaceutical companies shows that four out

of nine are customer oriented and the rest of the companies are product oriented.
A COMPARATIVE ANALYSIS OF MISSION STATEMENTS 16

Discussion

It can be observed from Table 5 that in Pakistan majority of the companies i.e. 78%

gave the most importance to self-concept in their mission statements. In Bangladesh the

maximum frequency of occurrence was of self-concept and concern for survival, growth and

profitability in the mission statements of pharmaceutical companies. This analysis shows that

the pharmaceutical companies of both the countries give the most importance to the

distinctive competence advantage in their statements. As compared to Pakistani companies,

Bangladeshi companies give more importance to their concern for growth, survival and

profitability which shows that Bangladeshi companies are more committed to growth and

financial soundness. This result also conforms with the studies performed by Pearce and

David (1987) on the analysis of Fortune-500 and Fortune-1000 firms, where most of the

high-performing companies included self-concept in their mission statements.

It can also be observed that in Pakistan after self-concept the most occurring

components were products and concern for survival, whereas in Bangladesh concern for

philosophy is the second most occurring component. Philosophy conveys to the stakeholders

of the company about their basic beliefs and ethical priorities. People today pay attention to

ethical standards of a company and this factor should be at a higher place on the priority lists

of the companies.

As mission statement is a tool of communication of the company’s direction and

mission to their stakeholders, and the most important stakeholders of the companies are their

shareholders and customers. It is interesting to see that customers get the third place in the

most mentioned components of the mission statements of the companies of both the

countries, whereas it is should be the most important component. A possible explanation of

lesser importance given to the customer component in the mission statement could be that it

is generally accepted that the population as a whole can become the customers of the
A COMPARATIVE ANALYSIS OF MISSION STATEMENTS 17

pharmaceutical companies. This could be the reason why most of the companies in both the

countries did not define who their customers were in their mission statements.

Market and concern for public image were the least addressed components in the

mission statements of the companies of Pakistan. Whereas in Bangladesh the least addressed

components were technology and concern for employees. Only 22% of the companies

mentioned their targeted market and their concern for public image in Pakistan and 22%

companies mentioned technology and concern for employees in Bangladesh. In today’s

world, people are much concerned about the environmental issues and that is why they expect

the companies to address this issue in their mission statements. Despite of the significance of

concern for public image Pakistani companies pay least importance to this issue in their

mission statements.

It is also interesting to observe that the companies in both the countries gave very less

importance to technology in their mission statement. But in today’s age it is often said that

technology is the most important pre-requisite for becoming successful in the business world.

For example, a study done on the analysis of mission statements of pharmaceutical sector of

Iran, Turkey, USA and India also found that the companies gave the least importance to

technology in their mission statements (Azizi & Hosseinabadi, 2014). This result also

conforms with another study performed on the pharmaceuticals of Bangladesh in which

technology was among the least prioritized elements (Arefin, Rajib, & Bhuiyan, 2011). This

shows that mostly pharmaceutical companies do not give much importance to the technology

element in their mission statements.

Employees are the backbone of any company and each organization needs their

employees to be working effectively and efficiently in order to thrive in the business world.

However, the pharmaceutical companies of Pakistan and Bangladesh have given very less

importance to their employees. Only 22% of the companies in Bangladesh have

A COMPARATIVE ANALYSIS OF MISSION STATEMENTS 18

communicated to their employees in their mission statements. Whereas 44% companies in

Pakistan have addressed their employees in their mission statement which is greater than the

Bangladeshi companies. This result shows that Bangladeshi companies are not giving the

required attention to the concern for employees’ component in their mission statements.

Whereas 44% of the Pakistani companies are addressing the employees which show that

Pakistani companies have given more value to their employees in the mission statements as

compared to the Bangladeshi companies.

The highest importance given to self-concept and concern for survival, growth and

profitability shows that pharmaceutical companies of both the countries are giving more

importance to their profitability and competitive advantage instead of other human oriented

components such as customers, concern for employees, concern for public image, and

philosophy. This is a surprising finding because pharmaceutical companies are generally

directed towards the betterment of health of society instead of monetary benefits.

The analysis shows that most of the Pakistani companies are customer oriented and

only two out of the nine companies are product oriented. The analysis of mission statement of

Bangladeshi pharmaceutical companies shows that four out of nine are customer oriented and

the rest of the companies are product oriented. This also shows that in the Bangladeshi

companies there exists an approximate balance between customer and product orientation.

This shows that Pakistani companies focus more towards their customers whereas

Bangladeshi companies have a slight tilt towards their products in their mission statements.

Conclusion

In this article, after the qualitative content analysis we found that the mission

statements of pharmaceutical companies of Pakistan and Bangladesh are not comprehensive

as none of the companies have covered all nine essential components of mission statement. 4
A COMPARATIVE ANALYSIS OF MISSION STATEMENTS 19

out of 9 companies have covered more than 50% of components in Pakistan and 3 out of 9

companies in Bangladesh have included more than 50% of the components.

Further, our analysis shows that most of the companies in both the countries have

given the most importance to self-concept in their mission statements. The second most

occurring component is concern for survival, growth and profitability in Pakistan, which is

the most important component, along with self-concept, in the mission statements of

Bangladeshi pharmaceutical companies.

The least discussed components in both the countries were different. Market and

concern for public image were the least discussed components in the companies of Pakistan.

While, in Bangladesh, technology and concern for employees gained the least importance in

mission statements of its pharmaceutical companies.

Further, our analysis also shows that most Pakistani companies are customer oriented,

while, there is no set pattern in Bangladeshi companies regarding customer and product

orientation.

There is a further room for research in this field where future researchers can relate

the presence of components of mission statements with the financial performance of these

pharmaceutical companies. Also, in future, this research can be extended to pharmaceutical

sectors of other developing countries as well to determine the similarities and differences in

the mission statements.

A COMPARATIVE ANALYSIS OF MISSION STATEMENTS 20

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