Table of contents
Component analysis of Standard Bank’s mission statement
Characteristics of Standard Bank’s mission statement
Component analysis of Edcon’s mission statement
Characteristics of Edcon’s mission statement
Industrial organization view regarding competitiveness
A. STANDARD BANK
2.1 Components of the Standard Bank’s mission statement
Standard Bank, in this case, has incorporated a mission statement within their vision. Looking at the vision statements, Standard Bank states,” …making a real difference to financial services in South Africa and other emerging markets”, and, ”…ensure long-term sustainability…”, which reads as being mission statements, leading them to their vision of being relevant in the societies that they speak of, as well as, reaching their vision of, “to attract, retain, develop and deploy teams of people with energy, passion and skills.”
When looking at the components of a mission statement, Standard Bank has used the components of mentioning their stakeholders/ customers - it is mentioned broadly, as they want to appeal to all people, with no emphasis on age, gender or race;
Their market they want to achieve in, being financial services for South Africans and emerging markets – new potential clients and potential globalization;
Their concern for their growth and profitability – This mission statement also hints at reaching out into global markets, leading to more potential clients. Their focus on the growth of their employees and their wealth can also lead to a more effective, efficient and motivated staff. By growing their internal stakeholders and reaching into new potential markets will assist in sustaining them in the financial industry and help them to grow financially, economically and as an employer of choice;
Standard Bank’s philosophy comes through as being a motivated team that wants to help their stakeholders grow, personally and financially. This attitude and ethic will lead to their employees being diligent, and thereby they will strive to grow the company. All stakeholders could feel like they really do have an investment in the company, so they will do their upmost to achieve the objectives of the company and live out the philosophy in their own lives;
Concern for their public image – Standard Bank wants to be seen as a motivated, caring and competent company, with the most skilled employees and financially growing clients and employees;
Concern for their employees - Standard Bank speaks of attracting the right people, internal and external stakeholders. They focus on team work, incorporating differently skilled people, as to give the best service to their customers;
Regarding technology, this component has been excluded. A mention of developing technology or improving the way their clients can bank, for example, Internet banking services, or purchasing on line; and a security chip in the cards issued, for the security of their clients’ money could add value and a sense of trust with the customers.
2.2 Characteristics of the mission statement
The characteristics of this mission statement are that it is broad in scope, yet not too long. It is inspiring for the stakeholders, showing care and concern for the employees and customers. However, it does not really mention anything about specific products or services, or reveal anything about Standard Bank being environmentally responsible. They could mention being affiliated with an environmental organization to rectify this.
Standard Bank’s mission statement is motivational, and this can only lead to growth, internally and in the market place. The scope is broad enough too, as to allow for growth in emerging markets, with potentially new products or services, and new customers. They have incorporated many components of...
Bibliography: 1. David, F.R. (2013) Strategic Management: Concepts and Cases. 14th Edition. England. Pearson Education Limited. Chapter 2 and 3
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4. Larson, E.W. and Gray, C.F. (2011) Project Management: The Managerial Process. 5th Edition. New York. McGraw-Hill/ Irwin Publishers. Chapter 1, Pages 10-11
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