Mission and Vision Statement Serves as the

¶ … mission and vision statement serves as the foundation for many companies strategic plan. However, not all companies even have a mission statement. In fact, one survey found that out of one hundred CEOs that sixty percent had no mission statement and eight percent had no statement of values (Welch & Welch, 2008). There are many businesses that do not believe a formal mission is necessary. However, the mission serves as the first step in the strategic planning process and can be an invaluable tool to communicate both internally and externally.

This analysis will look at two mission statements, one from Home Depot and one from Nike to determine how these statements represent their organizations. Figure 1 Strategic Planning (QuickMBA, n.d.) Home Depot The Home Depot is in the home improvement business and our goal is to provide the highest level of service, the broadest selection of products, and the most competitive prices.

We are a values-driven company and our eight core values include the following: Excellent customer service Taking care of our people Giving back Doing the "right" thing Creating shareholder value Respect for all people Entrepreneurial spirit Building strong relationships Home Depot's approach to a mission statement is fairly broad and includes mention of service, selection and price.

This does give the consumer a vague feel for the way the business operates in the home improvement industry and generally lists how it will satisfy customer needs through offering a large selection at a low price. It does not necessarily state who the target market includes but one could imply that it includes home owners who are interested in improving their properties. The mission statement is also designed to be values driven and list a set of eight values that the company operates from within.

This mission statement is clear and simple while also being easy to understand. However I would not say that it is motivational or inspiring in any shape or form. Nor is the Home Depot mission statement memorable. Nike Our mission is to bring inspiration and innovation to every athlete in the world. Nike's mission statement definitely takes a much different approach than the Home Depot. It is much shorter, even less specific, and more visionary than descriptive.

It is purposely vague because the corporation engages in many different product lines in an expansive product mix. However, it does include the athlete description and Nike core competencies are all focused on athletics. The mission statement is focused, simple, and memorable. I think Nike's.