Mba Marketing Assignment on Mission Statements

7/31/2019 Mba Marketing Assignment on Mission Statements

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M501: Marketing Management

Assignment # 1:

Analysis of Mission Statements

(Multinational Financial Institutions in Bangladesh)

Prepared For

Professor G M Chowdhury,

Course Instructor

Institute of Business Administration (IBA)

Assessment Conducted by:

Group: S Y N E R G Y

Taskeen Fatema (Facilitator) Roll: 93Laura Mohiuddin (Writer) 73Nafisa Jareen (Presenter) 104


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04 April, 2007


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Introduction

Organizations develop mission statements to share with managers, employees, and

customers. A clear, thoughtful mission statement provides employees with a shared

sense of purpose, direction and opportunity. In brief, a mission statement is a

statement of the organizations purpose-what it wants to accomplish in the larger

environment. A clear mission statement guides the people in the organization.

We have thus conducted our analysis of ten Multinational Financial

Organizations based on six criterion (please refer to Appendix A) and have come to

the following conclusion:

The Best Mission Statement: To promote international monetary cooperation, exchange

stability, and orderly exchange arrangements; to foster economic growth and high levels of

employment; and to provide temporary financial assistance to countries to help ease balance

of payments adjustment. International Monetary Fund

Very few of the mission statements we studied have successfully conveyed their

goals, company policies and values, and taken into consideration the public of the

organization. IMF, we believe, has done this. Although the mission does not describe

company values and policies as well as some of the other missions, its goals have

been very clearly and realistically defined so as to commit every member of the

organization to a strong, focused, and well stated purpose. It has defined its core

competencies, and how it stands distinct from other similar organizations. The

mission statement also reflects a vision. Hence, IMFs mission is motivating,

memorable, fits the market environment, and has been very well conveyed to its

stakeholders.

The Worst Mission Statement: To be the most respected global financial service

company- CitiBank

Citibanks mission fails to have any of the important characteristics of a good mission

statement. Additionally, the idea of a financial institution striving to become a

respected one is ridiculous. The goal therefore makes little sense, and the market

environment is described only trivially the fact that the organization provides

financial services should be obvious to stakeholders without any such mention. Such

a mission will undoubtedly do very little in providing employees with a shared sense


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of purpose, direction, or opportunity. Additionally it has not taken stakeholders into

consideration, or defined them for that matter. The mission undoubtedly has no

originality or characteristic to distinguish it from other similar organizations - it is

rather very similar to some of the other bottom ranking mission statements.


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Appendix A: Organizations in order of their ranking in terms of having a good Mission Statement

Organization

Mission Statement

Realistic,

Limited,

Specificgoals

Stresson

company

policies&

values

Fit themarket

environment

Motivating

Conveyedto

stakeholders

Memorable and

Distinctive

Total

2

International

MonetaryFund(IMF)

To promote international monetary cooperation, exchange stability, and orderly

exchange arrangements; to foster economic growth and high levels of employment;and to provide temporary financial assistance to countries to help ease balance of

payments adjustment.

2 1 2 2 2 2 11

HabibBankLimit

ed

To be recognized as the leading financial institution ofPakistan and a dynamic international bank in theemerging markets, providing our customers with apremium set of innovative products and services, andgranting superior value to our stakeholders-shareholders, customers and employees.

2 2 2 1 2 1 10

The worldBank

Improving the investment climate and empoweringthe poor, as well as strengthening Bangladesh's coregovernance processes and institutions

2 1 2 1 2 2 10

IDLCTo help modernize the financial services industry, byintroducing modern modes of financial hithertounknown to Bangladesh.

2 2 1 1 1 1 8

Bank Al-FalahLimited

To develop & deliver the most innovative products,manage customer experience, deliver quality servicesthat contributes to brand strength, establishes acompetitive advantage and enhances profitability,thus providing value to the stakeholders of the bank.

1 2 1 1 2 0 7

IPDC To be the agent of change for development and toprovide investment solutions.

2 0 0 1 0 1 4

StandardCharteredBank

To be the world's best international bank. 0 0 1 1 0 1 3

Commercial Bank of

Redefining convenience in financial services 1 0 0 0 0 1 2


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Appendix A: Organizations in order of their ranking in terms of having a good Mission Statement

Organization

Mission Statement

Realistic,

Limited,

Specificgoals

Stresson

company

policies&

values

Fit themarket

environment

Motivating

Conveyedto

stakeholders

Memorable and

Distinctive

Total

Ceylon

LankaBang

la FinanceLtd.

To become the most respected financial servicesbrand in the country. 0 0 1 0 0 0 1

CitiBankTo be the most respected global financial servicecompany.

0 0 0 0 0 0 0

Scale: 2 (very good) 1 (satisfactory) 0 (absent)


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Appendix B: References

Marketing Management: 12th Edition: Philip Kotler& Kevin Lane Keller

Principle of Marketing: 11th Edition: Philip KotlerMission Statement Considerations - irp.savstate.edu/irp/Strat-Plan-Docs/missions.htm

Writing a Mission Statement -www.bplans.com/dp/missionstatement.cfm

About Mission Statements - http://irp.savstate.edu/StrategicPlanner/Mission.htm

http://www.bankalfalah.com/about/vision_mission.php

http://www.combank.net/newweb/html/abt_vision.asp

http://www.answers.com/topic/habib-bankhttp://www.idlc.com/aboutus.asp

http://www.ificbankbd.com/ificporfile.php

http://www.ipdcbd.com/services.html

http://www.lankabangla.com/about_vision.php

http://www.imf.org/external/about.htm
http://www.bplans.com/dp/missionstatement.cfmhttp://www.bplans.com/dp/missionstatement.cfmhttp://www.bankalfalah.com/about/vision_mission.phphttp://www.combank.net/newweb/html/abt_vision.asphttp://www.answers.com/topic/habib-bankhttp://www.idlc.com/aboutus.asphttp://www.ificbankbd.com/ificporfile.phphttp://www.ipdcbd.com/services.htmlhttp://www.lankabangla.com/about_vision.phphttp://www.bplans.com/dp/missionstatement.cfmhttp://www.bankalfalah.com/about/vision_mission.phphttp://www.combank.net/newweb/html/abt_vision.asphttp://www.answers.com/topic/habib-bankhttp://www.idlc.com/aboutus.asphttp://www.ificbankbd.com/ificporfile.phphttp://www.ipdcbd.com/services.htmlhttp://www.lankabangla.com/about_vision.php

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Mba Marketing Assignment on Mission Statements