Wells Fargo, Hilton Hotels Corporation and Basf
Essay Preview: Wells Fargo, Hilton Hotels Corporation and Basf
Report this essay
Vision StatementsRavichander R. ArrabelliWestcliff University: BUS525 – Strategic Management in a Globalized Society16 July 2017Professor Dr. Donovan McFarlaneIntroduction        Vision statement along with mission statement is very important for any company. The vision statement on one hand provides direction for the employee behavior and on other hand acts as catalyst for inspiration within the employees and also the consumers ( Hawthorne, n.d.). In this paper we discuss about the vision statements of three different companies – Wells Fargo, Hilton Hotels Corporation and BASF using the tables provided in the textbook. And then we will rate them according to their characteristics and shortcomings. Wells Fargo:The vision statement for Wells Fargo is very short and easy to communicate as it can explained pretty quickly. The graphic representation is also provided by the vision and people can paint the picture of what kind of company they are and what kind of markets they want compete in. Any company operating in the finance industry can use this statement making too broad. The vision statement is also not distinctive as it doesn’t let them separate from its competitors (Boer, 2016). Another problem with the statement is that it is kind of vague as it doesn’t clearly call out the products. The initial look at the vision doesn’t look too inspiring because the words chosen do not showcase any necessary passion.
Hilton Hotels Corporation:Even though the vision statement for Hilton Hotels Corporation is comparatively big, it is focused on its employees, leaders, and stakeholders etc. (Martinez, 2016). The statement provided clear direction for the managers in making critical decision, thus making it focused. The statement can also be said graphical because it represents exactly what the management is portraying their company as and the markets they want to explore with a stamp of authority. The goals are in alignment and provides a unidirection for the strategic course that the top executives has planned. The goals set are realistic and achievable making it feasible as well. It is attractive for both internal and external people, making it a desirable. Finally, the vision statement for Hilton is easy to communicate as it can be clearly explained in 10 minutes.The shortcomings include not-forward looking nature of the statement. Although, it states the position where they want to be in the future, it doesn’t contain the duration or time to reach those goals. Another issue is that, the vision statement more resembles the mission statement that declares the general objectives and operation guidelines.BASF:        The vision statement for BASF is also lengthy like Hilton Hotels. It clearly calls out the growth of the company along with the growth of the employees. It is inspirational for the employees as well as stakeholders as it promises growth in the future (Martinez, 2016). The statement is forward looking with clearly calling out the types of products and the plans to accommodate the changes makes it directional. The targets are pretty achievable making the vision feasible. The statement is also easy to communicate with others even though it cannot be shrinked to a memorable slogan. Finally, it clearly provides direction to the manager for high returns and sustainable development it provides focused nature to the vision (Weiss & Burger, 2017). As for the shortcomings, there is no clear timelines mentioned anywhere making it vague. As it intends to become a worldwide supplier, the vision looks like it is dependent on the superlatives.