Evaluating Mission Statements
A mission statement is a summarizing statement of a company's reason for being, what it really does, and for whom. It should encompass what products and services the company produces for which target market, as well as how it contemplates itself to be different or unique than others. It should not have statements of values, strategies, or objectives (although many companies make this error), but could have the company's customer value proposal. A mission statement answers the questions, "What do you do." and "What is your reason for being." The mission statement defines the purpose of the organization or in other words why the business exists (Abraham, 2012). Home Depot’s mission statement is, “The Home Depot is in the home improvement business and our goal is to provide the highest level of service, the broadest selection of products, and the most competitive prices. We are a values-driven company and our eight core values include the following: excellent customer service, taking care of our people, giving back, doing the “right” thing, creating shareholder value, respect for all people, entrepreneurial spirit, and building strong relationships. This mission statement is focused on satisfying customer needs rather than on the product. This mission statement does not specifically say who their customer base is. This mission statement does explain what customer needs the company is trying to satisfy. This mission statement does explain how the company will serve its customers. This mission statement does fit the current market environment. Their mission statement is vague on whether it is based on the company’s core competencies. This mission statement is motivating and it does inspire employee commitment. This mission statement is realistic. Depending on the customer, this mission statement can be seen as specific, short, sharply focused, and memorable. This mission statement is clear and easily understood. This mission statement...
References: Abraham, S. C. (2012). Strategic management for organizations. San Diego, CA: Bridgepoint Education, Inc.
Farfan, B. (2015). Company Mission Statements - Complete List of World’s Largest Retail Missions. Retrieved from http://retailindustry.about.com/od/retailbestpractices/ig/Company-Mission-Statements/Home-Depot-Mission-Statement.htm.
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