(Mt) – Minnesota State Community and Technical College Management Discussion

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Organization Mission Statements Organization Mission Statement • A statement of the purpose of an organization • Answers the question: What is our reason for being in business? Components of a Mission Statement • Customers: Who are the firm’s customers? • Markets: Where does the firm compete geographically? • Concern for survival, growth, & profitability: Is the firm committed to growth and financial stability? • Philosophy: What are the firm’s basic beliefs, values, and ethical priorities? • Concern for public image: How responsive is the firm to societal and environmental concerns? • Products or services: What are the firm’s major products or services? • Technology: Is the firm technologically current? • Self-concept: What are the firm’s major competitive advantage and core competencies? • Concern for employees: Are employees a valuable asset of the firm? Components of a Mission Statement • Customers: Who are the firm’s customers? Be our customers’ favorite place and way to eat. • Markets: Where does the firm compete geographically? To refresh the world… • Concern for survival, growth, & profitability: Is the firm committed to growth and financial stability? Make Life better…to create shareholder value Components of a Mission Statement (con’t) • Concern for public image: How responsive is the firm to societal and environmental concerns? Components of a Mission Statement (con’t) • Products or services: What are the firm’s major products or services? • Technology: Is the firm technologically current? committed to bringing the best personal computing experience to students, educators, creative professionals and consumers around the world through its innovative hardware, software and Internet offerings. • Self-concept: What are the firm’s major competitive advantage and core competencies? • Concern for employees: Are employees a valuable asset of the firm? MGT 305 – Exam 3 Essay – Business and Fun in the Sun Assume your family owns and operates a local water park, Splash Beach, which has been in business for 15 years. Revenues are $5 million per season; equipment is neither new nor old; and the company has little debt, a good reputation in the community, and a flood of job applicants each summer. Demonstrate your knowledge of key strategic terms by responding to the following questions (write your answers in the designated box). 1. Splash Beach’s current mission statement is “to provide guests a relaxing and enjoyable experience.” You decide it is time to update it. After reviewing the ‘mission statements.pdf’ document, rewrite the water park’s mission statement in no more than 45 words. Many of your family members disagree about the direction of the company. 2. One member wants to grow your family’s business portfolio through unrelated diversification. Briefly describe this new business (there’s no word count limit). 3. One member wants to grow your family’s business portfolio through related diversification. Briefly describe this new business (there’s no word count limit). 4. One member wants to undertake a differentiation strategy. Briefly describe this approach and provide examples (there’s no word count limit). 5. One member wants to undertake a low-cost strategy. Briefly describe this approach and provide examples (there’s no word count limit). 6. One member wants to focus on TQM. Choose one of the 10 listed in the book and provide an example of how you could apply it to Splash Beach (there’s no word count limit).

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