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Portfolio Activity Unit 1

According to Pearce and David (1987), an effective mission statement articulates the

organization's desire for what it intends to achieve in the wider environment as well as the scope

of the business’s activities in terms of products and markets. In addition, it discloses competitive

advantages, reveals a company's product or service, target markets, clients, and philosophy, and

communicates the organization's commitment to survival, development, and profitability.

Some organizations may explicitly define their missions in terms of product, production,

or future terms. However, Kotler and Armstrong (2018) proposed that mission statements should

be market-oriented and defined in terms of satisfying basic customer needs. In the contemporary

environment, products and technologies eventually become antiquated, yet basic market

demands could endure for a long time. The mission of Amazon.com, which is "to be Earth’s

most customer-centric company, where customers can find and discover anything they might

want to buy online, and endeavor to offer its customers the lowest possible prices" is one of the

typical examples of a market-oriented mission statement. Amazon always begins with the

customers and thinking deeply about their constant concerns and long-term expectations. It is

easy to realize that all of Amazon’s offers are served to customers, such as elite shipping, one-

click shopping, referrals, premium discounts, and real-time support (Lenzner, 2018).

The mission statement, on the other hand, is always created based on a situation analysis

that includes consideration of both the external (economy, political-legal system, competition,

customers, etc.) and internal (firm’s financial and human resources, technological capacities,

etc.) environments. If certain key factors change, the mission statement should be updated to

serve as a guide for the business to allocate resources efficiently and take advantage of market

prospects effectively. Wal-Mart was well known for its mission statement of " We deliver low
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prices, every day," which allowed customers to be provided with a vast variety of items through

the greatest distribution network in the world. This gives customers an opportunity to do one-

stop shopping for all their needs for everything, including affordable items like clothing, food,

and electronics (Algrim, 2022). Customers are becoming more demanding as time goes on

because they want firms to be attentive to their needs and put them at the heart of business

activities. As a result, Wal-Mart revamped its mission statement in 2007 and incorporated the

more heartfelt slogan, "Save Money. Live Better." This new concept is favorably received by

consumers since they believe that buying goods from Wal-Mart would enable them to save

money on little things and improve the quality of life for their families (Ark, 2007).

During reading the material and completing the assignments, I posed numerous questions

to myself. Do strategic planning practices differ at various organizational levels, for instance?

Does the nonprofit organization also need to have a strategic plan to maintain operations? For all

my concerns, I have attempted to approach the course materials, reliable websites, and other

social media sources (YouTube, LinkedIn, Facebook, etc.) to get diverse perspectives and

broaden my knowledge. Additionally, I found it interesting that the mission statement not only

plays an important role in the business operation but is also necessary for our private lives. Each

of us must define our own mission based on our strengths and weaknesses to seize opportunities

and lessen uncertainty in order to achieve personal goals ultimately.

References
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Algrim, P. (2022, May 12). What is the Walmart slogan? (2022 facts). Algrimco RSS.

https://www.algrim.co/2875-walmart-slogan#toc_What-does-Walmart-s-Slogan-mean--

Ark, B. (2007, March 19). Wal-Mart unveils new slogan in ad campaign. Progressive Grocer.

https://progressivegrocer.com/wal-mart-unveils-new-slogan-ad-campaign

Kotler, P., & Armstrong, G. (2018). Principles of Marketing (17th ed.). Pearson.

Lenzner, R. (2018, April 24). Amazon celebrates 20 years of stupendous growth as 'Earth's most

customer-centric company'. Forbes.

https://www.forbes.com/sites/robertlenzner/2018/04/24/amazon-celebrates-20-years-of-

stupendous-growth-as-earths-most-customer-centric-company/?sh=7d9d2d3744dc

Pearce, J. A., & David, F. (1987). Corporate Mission Statements: The Bottom Line. The

Academy of Management Executive (1987-1989), 1(2), 109–115.

http://www.jstor.org/stable/4164734

Word count: 550