Geico: Company Analysis

The Mission Statement is a vital component in the strategic planning of a business organization. Creating a mission is one of the first actions an organization should take. This can be a building block for an overall strategy and development of more specific functional strategies (Abrahams, 1995). By defining a mission an organization is making a statement of organizational purpose.

Aflac Mission Statement from the web site in the assignment http://www.missionstatements.com. is: To combine aggressive strategic marketing with quality product and service at competitive prices to provide the best insurance value for consumers.

A vision statement should be a future oriented on what the organization is going to strive to become (Aguinis, 2013). This statement should be set for about five years in the future. The Centura Vision Statement is “Centura Health will fulfill a covenant of caring for our communities with excellence and integrity to become their partner for life.” (Centura, 2014). Agunis (2013) states that the eight characteristics to a good vision statement are it should be brief, verifiable, bound by a timeline, current, focused, understandable, inspiring, and a stretch.

I like to think that I exemplify GEICO’s core values of integrity, service, and growth in many ways. Since I believe that each truly goes hand in hand with the other, I feel it’s important to gain an understanding of each individually as a way to gain the ability to practice each one. Gaining an understanding of each individually also helps one to show others how they can choose to take on these values, too. Among values that one should hold close to them, integrity, service, and growth are among the most important, to me.

Strategy is a set of complicated tactics formulated by the executives of a company directed towards the achievement of company’s goal (Salmela, 2002). It is about all the path ways that a company would follow to reach its ultimate goal. It is a company’s strategy which helps to identify what it does better than the other companies in the industries, which may be different from what it does best. For successful strategy formulation and implementation, a company should know the needs of customers and should have knowledge of its competitors. Through a good strategy a company would identify that opportunity which makes it different from the others (Thompson, 2005).

General Mills mission and vision states, “We serve the world by making food people love (Purpose, 2014).” General Mills mission and vision was imbedded on their purpose page. General Mills mission is clearly stated in their purpose.

A strategy is a plan that is targeted over the long run. Business level strategies refers to strategic alternatives that an organization chooses from as it conducts business in a particular industry or market (Griffin,2002). A corporate level strategy means that a company manages its operations simultaneously across many industries and markets. Netflix operates across both a business and corporate level strategy. The main areas across which Netflix operate on in their corporate level are business portfolio and partnerships.

According to the financial report given, General Mills is an insolvent business. This is because even after making sum purchases and general expenses; it is still able to settle for them through its everyday operation. The various sources of money are also evidenced from the financial report.

A competitive strategy is a plan of action that a company develops towards attaining a competitive advantage over its competitors in the industry. Companies examines and research their competitors strengthen and weaknesses and compare them to its own. A company strategy can incorporate efforts to please customers, ward off competitive threats, and meet a unique competitive advantage.

A vision is basically the target goal for the company’s future. After reading the Mystic Monk Case, I came to the conclusion that the vision for the company is to earn enough profit to be able to purchase a Ranch called Irma Lake. In the case study, Father Daniel Mary states his vision, “We beg your prayers, your friendship and your support that this vision, our vision may come to be that Mount Carmel may be refounded in Wyoming’s Rockies for the glory of God”. In this statement, the Irma Lake Ranch is located in what he refers to as the Wyoming Rockies. The mission statement essentially is what is happening in the company at that time

The mission statement is a written document that an organization declares its core purpose. The mission statements defines the essence of the organizations needs and their core purpose of their existence. It describes the role that they play in the community and portrays the club’s image, charisma, and individuality. If the mission statement is written correctly it can provide an explanation to internal and external individuals on what the organization stands for. Some of the components that are key to the mission statement are members, product and service, market, technology and philosophy are just a few that should be in the mission statement. Without and effective mission statement to inspire your employees and members on why you exist it won’t mean anything to them. Here is an example of a mission statement from Kohl’s

A company's vision is a "general statement of its intended direction that evokes emotional feelings in organization members." (Dessler, 2003). The mission statement determines the type of business it will be by setting the purpose for the company, and

A company 's strategy consists of the competitive moves and business approaches that managers are employing to grow the business, attract and please customers, compete successfully, conduct operations, and achieve the targeted levels of organizational performance.

Vision is defined as the image that the organization aspire to became in the future. In order to develop a vision, it is important to ask how will the corporation look like “x” years from now if they accomplish their objectives? Thus, this vision will essentially set directions for the organization. There are some useful principles that makes a great vision such as, it should

A mission statement describes the objective of a company or an organization. It shortly defines the overall goal and clarifies why the company exists (Griffin,1990). A mission statement should indicate some core points..