Question

Open your textbook to Tables 2.2 and 2.3 from chapter 2: Critique the adequacy and merit of the vision statements on page 34 of your textbook, listing effective elements and shortcomings. Rank the vision statements from best to worst once you complete your evaluation.

Wells Fargo: We want to satisfy all of our customers' financial needs, help them succeed financially, be the premier provider of financial services in every one of our markets, and be known as one of America's great companies.

Hilton Hotels Corporation: Our vision is to be the first choice of the world's travelers. Hilton intends to build on the rich heritage and strength of our brands by:

• Consistently delighting our customers

• Investing in our team members

• Delivering innovative products and services

• Continuously improving performance

• Increasing shareholder value

• Creating a culture of pride

• Strengthening the loyalty of our constituents

BASF: We are "The Chemical Company” successfully operating in all major markets.

• Our customers view BASF as their partner of choice.

• Our innovative products, intelligent solutions and services make us the most competent worldwide supplier in the chemical industry.

• We generate a high return on assets.

• We strive for sustainable development.

• We welcome change as an opportunity.

• We, the employees of BASF, together ensure our success

Answer 1

Vision statement- A vision statement for a company describes the long-term objectives of the company or how the company wants to see or dream itself after 5-10 years or longer. it is a future picture of the company. It provides a way for stakeholders, especially the employees, to understand the meaning and purpose of your business so that they can direct their activoities accordingly to achieve the organisation goals.

A vision statement helps in planning and execution of corporate level strategies.

Effective elements of a vision statement: Some of the important elements of the vision statement are as follows:

• It should be motivational in nature - the statement should be such that it motivates the employees working there and the different persons related to the company to create trust among the various stakeholders.
• It should reflect the cultures and values of the company.
• It should benefit the organisation in the future.
• As it is the future or long-term position of the company, it should be forward looking.
• It should include the company's region for existence.

Shortcomings of a vision statement: A vision statement should not be too ambitious which makes it difficult or impossible to achieve. It should use clear, concise and jargon-free language which can be easily understood by everyone. It should be compelling to each and every employee in the company.

Ranking of vision statement:

Rank 1: Hilton Hotels Corporation: Our vision is to be the first choice of the world's travelers.

It is a forward-looking, growth oriented statement and concise as well so that every employee can memorise it quickly. It is also reflecting the culture of the organisation.

The rest of the statement is the mission which is:

Hilton intends to build on the rich heritage and strength of our brands by:

• Consistently delighting our customers

• Investing in our team members

• Delivering innovative products and services

• Continuously improving performance

• Increasing shareholder value

• Creating a culture of pride

• Strengthening the loyalty of our constituents

Rank 2: Wells Fargo: We want to satisfy all of our customers' financial needs, help them succeed financially, be the premier provider of financial services in every one of our markets, and be known as one of America's great companies.

It is again a good vison statement however it can be concise so that everyone can memorise and revive quickly.

Rank 3: BASF: We are "The Chemical Company” successfully operating in all major markets.

It is the worst statement because it shows the current state and not the forward-looking one. It is actually the mission and values not the vision of the company.