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BUS 411

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    1. Copyright 2005 Prentice Hall 1 BUS 411 Day 3

    2. Copyright 2005 Prentice Hall Ch 2 -2 Agenda Assignment # 1 die next class Discussion of Krispy Kreme Cohesion Case Discussion on Business Mission and Vision

    3. Copyright 2005 Prentice Hall Ch 2 -3 Krispy Kreme Key issues Finances Market place Strategic planning Mission & vision SWOT What should they do. Resources http://www.krispykreme.com/ http://www.umfk.maine.edu/infoserv/library/

    4. Copyright 2005 Prentice Hall Ch 2 -4 Chapter 2 The Business Vision & Mission Strategic Management: Concepts & Cases 10th Edition Fred David PowerPoint Slides by Anthony F. Chelte Western New England College

    5. Copyright 2005 Prentice Hall Ch 2 -5 Chapter Outline

    6. Copyright 2005 Prentice Hall Ch 2 -6 Chapter Outline (cont’d)

    7. Copyright 2005 Prentice Hall Ch 2 -7 “The last thing IBM needs right now is a vision.” (July 1993)

    8. Copyright 2005 Prentice Hall Ch 2 -8 Agreement on the basic vision for which the firm strives to achieve in the long run is critically important to the firm’s success.

    9. Copyright 2005 Prentice Hall Ch 2 -9 “What do we want to become?”

    10. Copyright 2005 Prentice Hall Ch 2 -10

    11. Copyright 2005 Prentice Hall Ch 2 -11 Shared Vision -- Creates commonality of interests Reduce daily monotony Provides opportunity & challenge Resource http://www.csuchico.edu/mgmt/strategy/module1/sld007.htm

    12. Copyright 2005 Prentice Hall Ch 2 -12 A national organization which represents its members in all aspects of poultry and eggs on both a national and international level.

    13. Copyright 2005 Prentice Hall Ch 2 -13 The Vision of Manley Baptist Church is to be the people of God, on mission with God, motivated by a love for God, and a love for others.

    14. Copyright 2005 Prentice Hall Ch 2 -14 The Vision of USGS is to be a world leader in the natural sciences through our scientific excellence and responsiveness to society’s needs.

    15. Copyright 2005 Prentice Hall Ch 2 -15 To be the first choice in the printed communications business. The first choice is the best choice, and being the best is what Atlanta Web pledges to work hard at being—every day!

    16. Copyright 2005 Prentice Hall Ch 2 -16 Vision Statement Examples The University of Maine at Fort Kent is a quality small public institution, with a curriculum tightly focused on undergraduate education in the traditions of the liberal arts and sciences. The university will select academic and professional programs of the highest quality, which respond to the needs of northern Maine and which build upon the region’s unique culture and rural environment. The university will be recognized nationally and regionally as the education and outreach partner of choice. We Are Committed to: A legacy of preparing quality teachers High quality affordable and accessible education Programs which foster a sense of community Technically advanced academic and distance learning environments Development of distinct rural-based identity and curriculum Expanded rural research and development activities Study and interaction with Maine’s wilderness environments Development of graduate program initiatives Expanded outreach activities A fully developed student life program that supports educational development Student preparation to meet the changing need of society Active community membership and cultural enrichment The University of Maine at Fort Kent seeks to become the finest small university within the University of Maine System and beyond. UMFK

    17. Copyright 2005 Prentice Hall 17 BUS 411 Day 4

    18. Copyright 2005 Prentice Hall Ch 2 -18 Agenda Assignment # 1 due Discussion on Business Mission and Vision Some Group work

    19. Copyright 2005 Prentice Hall Ch 2 -19 -- 90% of all companies have used a mission statement in the previous five years.

    20. Copyright 2005 Prentice Hall Ch 2 -20 “What is our business?”

    21. Copyright 2005 Prentice Hall Ch 2 -21

    22. Copyright 2005 Prentice Hall Ch 2 -22

    23. Copyright 2005 Prentice Hall Ch 2 -23 Reveal what an organization wants to be and whom it wants to serve

    24. Copyright 2005 Prentice Hall Ch 2 -24 Essential for effectively establishing objectives and formulating strategies.

    25. Copyright 2005 Prentice Hall Ch 2 -25

    26. Copyright 2005 Prentice Hall Ch 2 -26

    27. Copyright 2005 Prentice Hall Ch 2 -27

    28. Copyright 2005 Prentice Hall Ch 2 -28

    29. Copyright 2005 Prentice Hall Ch 2 -29

    30. Copyright 2005 Prentice Hall Ch 2 -30 It is the California Energy Commission’s mission to assess, advocate, and act to through public/private partnerships to improve energy systems that promote a strong economy and healthy environment

    31. Copyright 2005 Prentice Hall Ch 2 -31 The Bellevue Hospital, with respect, compassion, integrity, and courage, honors the individuality and confidentiality of our patients, employees, and community, and is progressive in anticipating and providing future health care services.

    32. Copyright 2005 Prentice Hall Ch 2 -32 John Deere has grown and prospered through a long-standing partnership with the world’s most productive farmers. Today, John Deere is a global company with several equipment operations and complementary service businesses. These businesses are closely interrelated, providing the company with significant growth opportunities and other synergistic benefits.

    33. Copyright 2005 Prentice Hall Ch 2 -33 Mission Statement Examples The University of Maine at Fort Kent is a liberal arts based university offering quality baccalaureate and associate degree programs responding to the needs of northern Maine. The UMFK academic experience provides close interaction with faculty, small classes and the use of leading technology to prepare students for lifelong learning and success as professionals and engaged citizens of a democracy. Our curriculum emphasizes the special challenges of rural communities in America. The university preserves and fosters an appreciation of the Acadian and Franco-American heritage and culture while welcoming students of all ethnic and racial heritages. We celebrate our proximity to the wonder of Maine’s wilderness and the joys of outdoor sports. UMFK contributes to the economic, social and cultural development of the St. John Valley and we believe that a diverse student body enriches the learning experience of all UMFK

    34. Copyright 2005 Prentice Hall Ch 2 -34

    35. Copyright 2005 Prentice Hall Ch 2 -35

    36. Copyright 2005 Prentice Hall Ch 2 -36

    37. Copyright 2005 Prentice Hall Ch 2 -37

    38. Copyright 2005 Prentice Hall Ch 2 -38 Define what the organization is Define what it aspires to be Limited to exclude some ventures

    39. Copyright 2005 Prentice Hall Ch 2 -39 Anticipates customer needs Identifies customer needs Provides product/service to satisfy needs

    40. Copyright 2005 Prentice Hall Ch 2 -40 Mission & Customer Orientation Customer manifesto (page 60) Do not offer me things Do not offer me clothes, offer me attractive looks Do not offer me shoes, Offer me comfort for my feet and the pleasure of walking Do not offer me a house, offer me security, comfort, and a place that is clean and happy Do not offer me books, Offer me hours of pleasure and the benefit of knowledge Do not offer me things, Offer me ideas, emotions, ambience, feelings, and benefits. Please, do not offer me things

    41. Copyright 2005 Prentice Hall Ch 2 -41 Affects development of vision & mission Responsibilities to – Consumers Environmentalists Minorities Communities

    42. Copyright 2005 Prentice Hall Ch 2 -42

    43. Copyright 2005 Prentice Hall Ch 2 -43

    44. Copyright 2005 Prentice Hall Ch 2 -44 2x average return on shareholder’s equity Positive relationship to company performance 30% higher return on certain financial measures

    45. Copyright 2005 Prentice Hall Ch 2 -45

    46. Copyright 2005 Prentice Hall Ch 2 -46 Components and Questions That a Mission Statement Should Answer Customers: Who are the firm’s customers? Products or services: What are the firm’s major products? Markets: Geographically, where does the firm compete? Technology: Is the firm technologically current? Concern for survival, growth, and profitability: Is the firm committed to growth and financial soundness? Philosophy: What are the basic beliefs, values, aspirations, and ethical priorities of the firm? Self-concept: What is the firm’s distinctive competence or major competitive advantage? Concern for public image: Is the firm responsive to social, community, and environmental concerns? Concern for employees: Are employees a valuable asset of the firm?

    47. Copyright 2005 Prentice Hall Ch 2 -47 PepsiCo Mission PepsiCo’s mission is to increase the value of our shareholders’ investment. We do this through sales growth, cost controls, and wise investment resources. We believe our commercial success depends upon offering quality and value to our consumers and customers; providing products that are safe, wholesome, economically efficient and environmentally sound; and providing a fair return to our investors while adhering to the highest standards of integrity.

    48. Copyright 2005 Prentice Hall Ch 2 -48 Ben & Jerry’s Mission Ben & Jerry’s mission is to make, distribute and sell the finest quality all-natural ice cream and related products in a wide variety of innovative flavors made from Vermont dairy products. To operate the Company on a sound financial basis of profitable growth, increasing value for our shareholders, and creating career opportunities and financial rewards for our employees. To operate the Company in a way that actively recognizes the central role that business plays in the structure of society by initiating innovative ways to improve the quality of life of a broad community—local, national and international.

    49. Copyright 2005 Prentice Hall Ch 2 -49 Mission Statement Evaluation Matrix

    50. Copyright 2005 Prentice Hall Ch 2 -50 Mission Statement Evaluation Matrix

    51. Copyright 2005 Prentice Hall Ch 2 -51 Group Work Two groups Page 69 Experiential Exercise 2A A business mission statement is an integral part of strategic management. It provides direction for formulating, implementing, and evaluating strategic activities. This exercise will give you practice evaluating mission statements, a skill that is a prerequisite to writing a good mission statement. Evaluate (15 min) Criterion Productions, Inc. Mid-America Plastics Hatboro Area YMCA UMFK On next slide Rainbow Cove, LLC On next slide

    52. Copyright 2005 Prentice Hall Ch 2 -52 Mission Statement Examples UMFK The University of Maine at Fort Kent is a liberal arts based university offering quality baccalaureate and associate degree programs responding to the needs of northern Maine. The UMFK academic experience provides close interaction with faculty, small classes and the use of leading technology to prepare students for lifelong learning and success as professionals and engaged citizens of a democracy. Our curriculum emphasizes the special challenges of rural communities in America. The university preserves and fosters an appreciation of the Acadian and Franco-American heritage and culture while welcoming students of all ethnic and racial heritages. We celebrate our proximity to the wonder of Maine’s wilderness and the joys of outdoor sports. UMFK contributes to the economic, social and cultural development of the St. John Valley and we believe that a diverse student body enriches the learning experience of all Rainbow Cove, LLC The mission and vision of Rainbow Cove, LLC is to develop the properties owned on Big Madawaska Lake, Maine into several profitable business ventures that satisfy the following four requirements; Benefit the economic condition of Northern Maine Preserve the unique Swedish cultural heritage of the Big Madawaska Lake region Foster an appreciation for the natural beauty of Northern Maine Promote environmentally sound, four-season outdoor recreational activities

    53. Copyright 2005 Prentice Hall Ch 2 -53 Evaluation

    54. Copyright 2005 Prentice Hall Ch 2 -54 Group Work There is no one best vision or mission statement for a given organization. Analysts feel that KKD needs a clear vision and mission statement to prosper. Writing a mission statement that includes desired components—and at the same time is inspiring and reconciliatory—requires careful thought. Mission statements should not be too lengthy; statements under 200 words are desirable. INSTRUCTIONS: Take 15 minutes to write a vision and mission statement for KKD. Scan the case for needed details as you prepare your statements. Join with three other classmates to form a group of four people. Read each other’s statements silently. As a group, select the best vision statement and the best mission statement from your group. Read those “best” statements to the class.

    55. Copyright 2005 Prentice Hall Ch 2 -55 Mission and Vision for KKD KKD Vision Statement: KKD strives to be the leading choice of consumers for specialty baked goods and beverages. KKD Mission Statement: Krispy Kreme seeks to maintain its loyal customer base and attract new customers in both current and developing markets with its commitment to quality and consistency in its doughnuts, other baked goods, and beverages (1, 2, 3, 8). Krispy Kreme will lead the industry via a commitment to innovation, service, growth, and quality (4, 5). Its channel system and franchise system ensure profitability for retailers and franchisees while providing convenient access for customers. Krispy Kreme desires to instill the belief that the company is a set of capabilities, not just a product or brand (6, 7, 8, 9).