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After evaluating the 3 vision and mission statements of CVS, Aflac and Bristol-Myers Squibb Company I believe the best of the 3 mission statements is the mission statement of Bristol-Myers Squibb Company. The mission statement I find most inspiring is Aflac. Having a clear mission statement is beneficial to customers, managers, employees, and shareholders. Out of the three mission statements, Bristol-Myers met all nine components of a mission statement. The mission statement outlined their customers, products and services, and commitment to their patients, employees, shareholders, and the environment. For example, it states, “Our commitment to our patients, customers, employees, global communities, shareholders, environment and other stakeholders, we promise to act on our belief that the priceless ingredient of every product is the integrity of its maker” (BMS.com).
“The mission is about the fundamental and unique purpose of business, in addition to business definition and scope, defining target customers and the value to offer them, and related issues” (Azaddin, 2012). The mission statement of Bristol-Myers identified the fundamental purpose of the business and how it relates to customers, employees, and shareholders. It succeeds in providing a core model of the company’s strategy and culture. One of the negatives of the mission statement of Bristol-Myers was it was a wordy and over the recommended length of 150 words. Compared to the two other companies I believe CVS lacked essential components of a mission statement. CVS’s mission statement focused on the customer. Improving lives and enhancing the health of their customers through their health services and plans. However, it lacked the link between customers, employees, and shareholders.
The mission statement I found most inspiring is Aflac’s mission statement. A mission statement should be inspiring, and the reader should want to be apart of the organization (David and David, 2003). As a customer, I believe Aflac does accomplish this in their mission statement. Reading Aflac’s mission statement and the values and culture of “The Aflac Way” you feel a sense of compassion and the companies want to protect its customers. “An effective mission statement should arouse positive feelings and emotions about an organization; it should be inspiring in the sense that it motivates readers to action” (David and David, 2017). The company also provides statistics on how much they have raised to support children with cancer across the nation. Reading this statement about how the companies’ sales have raised money for treatment programs, and cancer research are inspiring.
Aflac Supplemental Insurance. (n.d.). Retrieved from https://www.aflac.com/about-aflac/corporate-citizenship/philanthropy/duckprints/our-mission/default.aspx
Azaddin, S. K. (2012). Mission, purpose, and ambition: Redefining the mission statement. Journal of Strategy and Management, 5(3), 236-251. doi:http://dx.doi.org.saintleo.idm.oclc.org/10.1108/17554251211247553
David, F. R., & David, F. R. (2003). It’s time to redraft your mission statement. The Journal of Business Strategy, 24(1), 11-14. doi:http://dx.doi.org.saintleo.idm.oclc.org/10.1108/02756660310508218
David, F. R., & David, F. R. (2017). Strategic Management (16th ed.). Pearson Education Inc.
Mission, Vision & Values of Bristol Myers Squibb Company. (2020, February 26). Retrieved from https://www.bms.com/about-us/our-company/our-mission.html
We are health care innovators. (n.d.). Retrieved from https://cvshealth.com/about/purpose-statement