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Strategic Management Case Study Of Sony Corporation The Vision Of Tomorrow

Verizon Communications, Inc., the parent company of Verizon Wireless, keeps its focus on technology as basis for delivering value to its target customers in the telecommunications industry, based on the specifications of the vision statement and mission statement of the business. A vision statement serves as a description of the future desired state of the business. For example, Verizon’s vision statement presents the importance of the inspirational role of the company in enhancing lives around the world. On the other hand, a mission statement sets the approach and general activities of the business. For instance, Verizon’s mission statement specifies the use of network technology and related technologies. In its corporate vision statement, the company establishes its value in the lives of its target customers. The corporate mission statement determines the nature of the activities of the business. In these statements, the company creates a general sense of what the business is all about and how to grow the operations of its various divisions and subsidiaries, such as Verizon Wireless.

Through its corporate mission statement, Verizon Communications, Inc. aligns human resource activities with the corporate vision statement, based on terms and emphases that are common between the two statements. Managerial decisions for all operations throughout the organization are guided through these statements. For example, as a subsidiary, Verizon Wireless uses the vision statement and mission statement of its parent company as basis for developing strategies for its specific market for wireless telecommunications services.

Verizon’s Vision Statement

Verizon’s corporate vision is “to inspire tomorrow’s creators to use technology to build brighter futures for themselves, their families and the world.” In this vision statement, the emphasis is on the role of the company in the lives of its stakeholders. This same role extends to the business activities of the company’s subsidiaries. For example, Verizon Wireless aims to fulfill this inspirational role in the lives of its customers in the wireless telecommunications market. The following are the components Verizon Communications, Inc.’s corporate vision statement:

  1. To inspire tomorrow’s creators
  2. To use technology
  3. To build brighter futures for themselves, their families and the world

The first component of Verizon’s corporate vision statement specifies the type of role that the company has in the lives of its stakeholders, which are called creators in this case. These creators may include customers and employees, among others. The second component of the vision statement establishes the type of organizational output that the company provides to its customers. For example, in the case of Verizon Wireless, such output comes in the form of wireless telecommunications products, through the use of wireless telecommunications technologies that form part of the company’s assets. On the other hand, the third component of the corporate vision presents the value that the company delivers to its stakeholders, especially customers. For instance, in the operations of Verizon Wireless, continually improving telecommunications services enable customers to effectively access information and communicate with the people that matter in their lives. Thus, the corporate vision statement indicates the core significance of technology in the company’s business. Such significance of technology is also established in the corporate mission statement of Verizon Communications, Inc.

Verizon’s Mission Statement

Verizon’s corporate mission statement is “We deliver the promise of the digital world to our customers. We make their innovative lifestyles possible. We do it all through the most reliable network and the latest technology.” This corporate mission pertains to what is known as the “Verizon Promise,” which has evolved through the years. Such evolution is an indication of the company’s continuous improvement and adaptation to account for new technologies and needs in the market. For example, the subsidiary, Verizon Wireless, was founded in 2000 to address new and emerging wireless telecommunications technologies and corresponding demand in the market. The following are the components of Verizon Communications, Inc.’s mission statement:

  1. We deliver the promise of the digital world to our customers.
  2. We make their innovative lifestyles possible.
  3. We do it all through the most reliable network and the latest technology.

The first component of the corporate mission statement shows focus on the promise of the digital world as a value that Verizon Communications, Inc. provides to its target customers. Details that describe this promise, however, are not specified. Nonetheless, it is arguable that this promise pertains to the effects of advanced telecommunications technologies in people’s lives, as implied in the other components of the mission statement. For example, the second component points to enabling customers to have innovative lifestyles through the company’s services, such as popular services from Verizon Wireless. On the other hand, the third component of the corporate mission refers to the nature of the business. For instance, to deliver its promise, the company uses reliable network technology and the latest technology, which involve cellular network technologies in the case of Verizon Wireless. Thus, the corporate mission statement guides business decisions, such as decisions on the type of assets to acquire to grow the business. Such technological nature of the business is also included in the company’s corporate vision statement. These corporate statements influence Verizon’s generic strategy and intensive growth strategies.

Analysis & Recommendations – Verizon’s Corporate Mission & Corporate Vision

Verizon Communications, Inc. has a vision statement that presents the value of the business, especially in terms of technology that enables customers. However, there are insufficient details to satisfy conventions and standards for the ideal corporate statement. For example, an ideal corporate vision should be future-oriented and should state a primary goal. While Verizon’s corporate vision statement does include a primary goal, it does not specify a future situation that the company wants to reach. Such future situation is essential to guiding the development of strategies throughout the organization, such as strategies for what is to become of Verizon Wireless, considering the continuing advancement of technologies in the telecommunications industry. In this regard, a recommendation to improve the corporate vision statement is to add more information about a target future situation of the business, such as a description of what Verizon will be in the decades to come.

The mission statement of Verizon Communications, Inc. satisfies conventions and standards. For example, the company specifies its target market as composed of customers of digital products. Also, the corporate mission includes the nature of the business and what it uses to provide its products to the target market. Specifically, Verizon uses network technology and related technologies. Such technologies include cellular telecommunications technology in the particular case of Verizon Wireless. Thus, the corporate mission statement is satisfactory in these aspects. However, it is ideal to include details on competitive advantage, employees or human resources, and business philosophy. Therefore, a recommendation to improve Verizon’s corporate mission statement is to add general information about human resource strategies, business beliefs, and approaches to ensure competitiveness in the information and communications technology industry.

References
  • Ekpe, E. O., Eneh, S. I., & Inyang, B. J. (2015). Leveraging Organizational Performance through Effective Mission Statement. International Business Research8(9), 135.
  • Kirkpatrick, S. (2016). Build a Better Vision Statement: Extending Research with Practical Advice. Rowman & Littlefield.
  • Pace, S. (2017). Shaping Corporate Brands: From Product Features to Corporate Mission. International Studies of Management & Organization47(2), 197-205.
  • Singal, A. K., & Jain, A. K. (2013). An empirical examination of the influence of corporate vision on internationalization. Strategic Change22(5‐6), 243-257.
  • Verizon – Who We Are.
  • Verizon Communications, Inc. – Form 10-K.
  • Verizon Wireless – Official Website.

Case Study & Case Analysis, Information and Communications Technology Industry, Information Technology, Mass Media, Telecommunications, Verizon Communications Inc. (Verizon Wireless), Vision and Mission Statements

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Definition of vision and mission: A vision statement focuses on tomorrow and what an organization wants to ultimately become. A mission statement focuses on today and what an organization does to achieve it. Both are vital in directing goals.

Mission, vision, values. We’ve heard this trio rattled off countless times, rapid-fire like they’re one catchy phrase — when, in fact, they are three very distinct concepts for organizations.

The lines especially get blurred with vision and mission statements. But when it comes to the drive and direction of your company today and tomorrow, you don’t want to have trouble seeing when you’re behind the wheel. And, the same rings true for your content marketing.

So, we’re breaking down the difference between a vision and mission statement — and rounding up stellar examples from top brands — to help you better understand and define your company’s essence with confidence.

What is the difference between a vision and a mission?

The vision statement focuses on tomorrow and what the organization wants to become. The mission statement focuses on today and what the organization does. While companies commonly use mission and vision statements interchangeably, it’s important to have both. One doesn’t work without the other, because having purpose and meaning are critical for any business.

What is a mission statement?

Your mission statement drives the company. It is what you do/the core of the business, and from it come the objectives and finally, what it takes to reach those objectives. It also shapes your company’s culture.

Mission statement questions look like:

  • What do we do?
  • Whom do we serve?
  • How do we serve them?

This trickle-down effect of a mission statement confirms its value at any company. Just by its definition, you can quickly see how a solid mission motivates a team to advance toward a common goal, because they started at the same place and they are working together to reach the same end-goal.

On the other hand, a weak mission — or no mission at all — can have the opposite effect. Picture this: silos, miscommunications, flailing, feeling unmotivated. And, imagine what that does to a company. Scary, right?

For content marketers

Your content strategy supports the company’s mission statement — think of it as the HOW of what you do. This helps you stay on track, true to your brand and true to your goals. Every piece of content you create should be rooted in your mission statement, from the tone of voice to the call-to-action.

What is a vision statement?

Your vision statement gives the company direction. It is the future of the business, which then provides the purpose.

The vision statement is about what you want to become. It’s aspirational.

Vision statement questions look like:

  • What are our hopes and dreams?
  • What problem are we solving for the greater good?
  • Who and what are we inspiring to change?

The vision statement promotes growth, both internally and externally. A strong vision helps teams focus on what matters the most for their company. It also invites innovation. A purpose-driven company envisions success as a whole, because they know what success means for their company.

On the flip side, a lack of vision is a road to nowhere for a business. Imagine this: stagnation, outdated processes, moving without purpose, feeling uninspired. Can a company even survive without a clear vision? You know the answer to that one.

For content marketers

The content vision supports the company’s vision statement — this is the WHY of what you do. This helps you stay forward-thinking, true to your beliefs and true to your purpose. Every piece of content you dream up should fly high with your vision statement, from the inception of an ebook to the lofty blog subscriber milestone.

 

Brands that get it: 25 examples of vision and mission statements

So, what does great vision and mission statements look like? These companies are doing it right—they get it. And, they have the customer loyalty to prove it.

Company:Tesla
Mission: To accelerate the world’s transition to sustainable energy.
Vision: To create the most compelling car company of the 21st century by driving the world’s transition to electric vehicles.


Company:Amazon
Mission: We strive to offer our customers the lowest possible prices, the best available selection, and the utmost convenience.
Vision: To be Earth’s most customer-centric company, where customers can find and discover anything they might want to buy online.


Company:Patagonia
Mission: Build the best product, cause no unnecessary harm, use business to inspire and implement solutions to the environmental crisis.
Vision: A love of wild and beautiful places demands participation in the fight to save them, and to help reverse the steep decline in the overall environmental health of our planet.


Company:TED
Mission: Spread ideas.
Vision: We believe passionately in the power of ideas to change attitudes, lives and, ultimately, the world.


Company:LinkedIn
Mission: To connect the world’s professionals to make them more productive and successful.
Vision: To create economic opportunity for every member of the global workforce.


Company:Google
Mission:  To organize the world’s information and make it universally accessible and useful.
Vision: To provide access to the world’s information in one click.


Company:Uber
Mission: Transportation as reliable as running water, everywhere for everyone.
Vision: Smarter transportation with fewer cars and greater access. Transportation that’s safer, cheaper, and more reliable; transportation that creates more job opportunities and higher incomes for drivers.


Company: AirBnB
Mission: Belong anywhere.
Vision: Tapping into the universal human yearning to belong — the desire to feel welcomed, respected, and appreciated for who you are, no matter where you might be.


Company:Intel
Mission: Utilize the power of Moore’s Law to bring smart, connected devices to every person on earth.
Vision: If it is smart and connected, it is best with Intel.


Company:Ferrari
Mission: We build cars, symbols of Italian excellence the world over, and we do so to win on both road and track. Unique creations that fuel the Prancing Horse legend and generate a “World of Dreams and Emotions”.
Vision: Ferrari, Italian Excellence that makes the world dream.


Company:GoDaddy
Mission: We are here to help our customers kick ass. We do that by living our strategy and ruthlessly prioritizing our work to create simple elegant technology that delights our customers – all while delivering service that is second to none. Every single day, we join forces across teams and groups to break down barriers, build new markets and stare down the impossible until the impossible blinks.
Vision: We will radically shift the global economy toward small business by empowering people to easily start, confidently grow and successfully run their own ventures.


Company:Caterpillar
Mission: To enable economic growth through infrastructure and energy development, and to provide solutions that support communities and protect the planet.
Vision: Our vision is a world in which all people’s basic needs — such as shelter, clean water, sanitation, food and reliable power — are fulfilled in an environmentally sustainable way and a company that improves the quality of the environment and the communities where we live and work.


Company:Toyota USA
Mission: To attract and attain customers with high-valued products and services and the most satisfying ownership experience in America.
Vision: To be the most successful and respected car company in America.


Company:Samsung
Mission: Become one of the world’s top five brands by 2020.
Vision: Inspire the world. Create the future.


Company:Wikimedia
Mission: To empower and engage people around the world to collect and develop educational content under a free license or in the public domain, and to disseminate it effectively and globally.
Vision: Imagine a world in which every single human being can freely share in the sum of all knowledge. That’s our commitment.


Company:Ebay
Mission: To be the world’s favorite destination for discovering great value and unique selection.
Vision: Our vision for commerce is one that is enabled by people, powered by technology, and open to everyone.


Company:Ikea
Mission: Offer a wide range of well-designed, functional home furnishing products at prices so low that as many people as possible will be able to afford them.
Vision: To create a better everyday life for the many people.


Company:Cisco
Mission: Shape the future of the Internet by creating unprecedented value and opportunity for our customers, employees, investors, and ecosystem partners.
Vision: Changing the way we work, live, play, and learn.


Company:Sony
Mission: A company that inspires and fulfills your curiosity.
Vision: Using our unlimited passion for technology, content and services to deliver groundbreaking new excitement and entertainment, as only Sony can.


Company:Southwest Airlines
Mission: The mission of Southwest Airlines is dedication to the highest quality of customer service delivered with a sense of warmth, friendliness, individual pride, and company spirit.
Vision: To become the world’s most loved, most flown, and most profitable airline.


Company:ADP
Mission: Power organizations with insightful solutions that drive business success.
Vision: Be the world’s authority on helping organizations focus on what matters.


Company:Kaiser Permanente
Mission: Kaiser Permanente exists to provide high-quality, affordable health care services and to improve the health of our members and the communities we serve.
Vision: We are trusted partners in total health, collaborating with people to help them thrive and creating communities that are among the healthiest in the nation.


Company:Coinbase
Mission: The mission of Coinbase is to create an open financial system for the world.
Vision: Digital currency will bring about more innovation, efficiency, and equality of opportunity in the world by creating an open financial system.


Company:Facebook
Mission: To give people the power to build community and bring the world closer together.
Vision: People use Facebook to stay connected with friends and family, to discover what’s going on in the world, and to share and express what matters to them.


Company:Whole Foods
Mission: Whole Foods Market is a dynamic leader in the quality food business. We are a mission-driven company that aims to set the standards of excellence for food retailers. We are building a business in which high standards permeate all aspects of our company. Quality is a state of mind at Whole Foods Market.
Vision: Whole foods, Whole People, Whole Planet.



Mission vs. vision: Know who you are and where you’re going

The mission statement focuses on today and what we do, and the vision statement focuses on tomorrow and what we want to become. Both are important to a company’s survival.

Call it the essence, beating heart, or the defining characteristic — whatever you call it, make sure your your mission and vision are clearly defined and understood for the sake of your content and your company.

Get a content mission and a content vision statement down on paper. Share it with your team members. Then you can measure your future content efforts against the two.

Knowing who you are and where you’re going is the foundation of an organization’s success. So, who are you? And, where are you going? Get tips on how the nature of planning itself can help your envisioned goals materialize: Mastering Time Management: The Five Primal Flows of Time.

About Britt

Britt Skrabanek is the Co-Owner and Principal Consultant at Superneat Marketing. Armed with content and branding strategy, she’s on a mission for the greater good of every business. She lives in Portland, Oregon, where she is working on her fourth novel. Follow her on Twitter.

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