Although Vermont Teddy Bear is a company with a rich track record in the business of "last-minute gifts", its mission statement lacked its basic goals and philosophies that aim to shape its strategic posture. Vermont's mission statement clearly speaks to someone who is well acquainted with what the company does and what it sells, which is in my opinion a crucial point that the company missed when they addressed its customers. The following points provide an insight on what went wrong when Vermont decided to formulate its mission statement: * The Basic Product the company sells:
Vermont's mission statement clearly failed to mention the type of product they sell. By defining the product the company simply distinguishes its offered products from competitive products of similar nature provided by other competitors in the market. * The company's targeted customers
In this element, the company mentions who are its customers or potential customers. What will it do to serve them and how will its customers find this company different from the other companies or competitors who provide similar products in the market. Although Vermont's mission statement might have implied that it is currently targeting American customers through :"The Vermont Teddy Bear brand represents the rich heritage of the "Great American Teddy Bear" begun in 1902.", yet this contradicts with the company's current plan in which it intends to exploit international markets, in other words, the company should revise its statement to include potential customers too. * The Technology applied:
By defining technology, the company tells its current technology that it uses in making its products "i.e. whether state of the art technology or hand-made technology". It also tells about the unique ways in which its products are technologically more advanced or distinguished then their alternates. Nevertheless, it is worth noting that the word "craftsmanship" found in the company's mission statement might tell that the company's products are hand-made, which distinguishes it from other players in the industry, given the fact that most stuffed toys today are manufactured. * The Company's concern for survival, growth and profitability: Vermont failed to fine the means it seeks to survive in the longer run given the fallback they are currently going through. It not merely lists them out but also defines the logic behind them and how will the company strive to achieve them; these goals serve as economic indicators for the company's performance, and hence indicates how far the company is from satisfying the principal claims and desires of its employees and stockholders. * The Company's Philosophy:
By defining philosophy, the company defines its way of working, its culture, its beliefs and how it sees work to be carried out. it is also an analytical way of defining the norms of which it runs. In my opinion, the company's mission statement had covered the company's creed through the following: "We will strive to wholesomely entertain our guests while consistently exceeding our external and internal customer service expectations." * Concern for public image
Concern for public image is a wide term that includes not only the corporate social responsibility but the overall impact of the actions taken by the company on its image, which in my opinion was totally dropped when formulating Vermont's mission statement. * Company's self concept
By defining the self concept, the company shows the outside world its core strengths and the place it sees itself in the future. When reviewing Vermont's mission statement, it is clearly evident that the statement failed to express the company's core strengths in terms of the entrepreneurship capabilities and a robust distribution channels. In light of what was mentioned above, I suggest that Vermont should revisit its mission statement, the following statement will help the BOD in their plans for the company: "Become...
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