The primary value of a firm is the belief that they have a strategic plan that drives their mission and vision. The essay will compare and contrast the vision and mission statement of two fortune 500 companies, Ecolab and Chevron.
Ecolab, Inc. mission is "Our mission is to be the leading global innovator, developer, and provider of cleaning, sanitation and maintenance products, systems, and services. As a team, we will achieve aggressive growth and the fair return for our shareholders. We will accomplish this by exceeding the expectations of our customers while conserving resources and preserving the quality of the environment" (Ecolab, 2017). The company’s vision is “ To be the global leader in water, hygiene and energy technologies and services; providing and protecting what is vital: clean water, safe food, abundant energy and healthy environments” (Ecolab, 2017).
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Chevron mission is " Our Company's foundation is built on our Values, which distinguish us and guide our actions. We conduct our business in a socially responsible and ethical manner. We respect the law, support universal human rights, protect the environment, and benefit the communities where we work" (Chevron, 2017). The company’s vision is “ To be the global energy company most admired for its people, partnership and performance" (Chevron, 2017).
Based on the two mission statements above, the core value that comes out from Ecolab Company is determination. This might be the case because of the company’s aggressiveness to innovate and to provide diverse brands and services which would enhance the growth of the enterprise. According to Chevron (2017), Chevron mission values of respect earn them a greater support from the local people. Arguably, the values of the two mission statements are critical according to the nature of the business that each of the firms is engaged. It is crucial for the mission statement to entail the company’s basic purposes, their unique quality, and strengths, values, their core stakeholders in addition to their objectives.
In regards to the companies’ vision statement, Ecolab Company’s key point is their constant improvement to be a leading environmental firm globally regarding hygiene, safe food and water and a healthy environment. Therefore, it is clear that the core importance of Ecolab Company vision statement is the daily focus to improve their operation to keep track of its achievement but consideration safety, health and environmental sustainability. Chevron Company’s critical point of its vision statement is the aim of becoming the global leader in the energy industry (Chevron, 2017).
In terms of composition, and importance of the vision statement, it is clear that Ecolab vision emphasizes the need to be a global leader in the provision of clean water, safe food and adequate energy in addition to a healthy environment. Each of this composition is critical since they emphasize on being environmental friendly which is essential to every consumer. Therefore, the fact that they focus on issues related to health and environmental sustainability, they stand a chance to be fruitful and competitive. On the other hand, Chevron’s mission concentrates on the need to provide sufficient energy that would position them as the global energy form (Chevron, 2017). It would position them strategically in the market to be admired based on its performance, people, and partnership.
The companies’ mission statements regarding composition and importance, it can be said that Ecolab mission statement is to make them a global leader in innovation and provision of cleaning, sanitation and maintenance products (Ecolab, 2017). Innovation is of paramount importance to ensure that they continue to provide quality and unique products and services. It focuses on technology as the primary component that would enable them to achieve an aggressive growth. Conservation aspect of the resources and environment has also been emphasized as critical determining the direction of the company. Chevron mission statements regarding composition emphasize on the values that distinguish them from their rivals and guide their actions (Chevron, 2017). Sustainability issues are also highlighted where they focus on conducting their business in a socially responsible and ethical manner. Compliance with the law has also been outlined where they take into consideration human rights, the environment, and communities throughout their operation which has further positioned them strategically among sustainable companies.
Arguably, a company with a comprehensive mission statement plays an important role where it enables the firm to be a higher performer, but this would depend on the type of leadership to establish proper policies to keep their mission intact. Such is the case because; it often provides a vivid sense of direction that every stakeholder of the company should take to achieve the objectives and goals of the firm. In addition to this, the mission statement always embraces the company’s commitment to the clients, employees and the community. Therefore, where the three broad groups of staffs, customers and the company interact, the firm stands a greater chance to be successful in both the short run and long run. When the stakeholders understand the direction that the company wishes to take, it becomes easier for them to accomplish the objectives hence becoming a higher performer (Ecolab, 2017).
The mission and vision play a critical role in the industry-specific strategy formulation where they define the primary objective and goal of the company. With the goal in mind, it becomes easier to develop an industry-specific strategy that would enable them to accomplish their desire. Additionally, the mission defines critical measures of the company’s success and the target audience which are important in the s development of strategies (Ecolab, 2017). The vision, on the other hand, will help to define the purposes regarding the core values which would assist in the formulation of an effective strategy. Through communicating the values and goals of the company, the vision statement will help the management to identify a suitable industry-specific strategy that would assist them to meet the set objectives.
It would be important that the mission statement does not comprise of the monetary amount, ratios, objectives, percentages and even numbers to make it short and straightforward to be understood. The inclusion of the above might make the mission statement complex, and bulky hence might not be understood by the major stakeholders including the shareholders, the government, customers, and employees. Therefore, the mission should define who the company is and what they do and their targets which all define the business in a nut shell.
References
Chevron. (2017). Makingafortune.biz . Retrieved 9from http://www.makingafortune.biz/list-of-companies-c/chevron.htm
Ecolab . (2017). Makingafortune.biz . Retrieved from http://www.makingafortune.biz/list-of-companies-e/ecolab.htm
