Intro to Marketing Midterm Review Sheet

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.

My thoughts are to have core values that will replace value statements. I believe five core values will be good, easy, and simple. One core value will be “We value people” this value should be respected by employees of the business. All people need to be value in order for the business to be held in high standards. The next core value will be

The mission defines the organization’s purpose, values, and core goals, providing the framework for all other plans. It is simple, vivid and compelling so that the employees from the janitor to the CEO, from the customers to investors can easily understand.

Corporate values are ‘the operating philosophies or principles that guide an internal conduct of the organization and its association with its clients, partners and shareholders’. It is also a fundamental and long-lasting belief that specific mode of conduction highly valued by the organization’s membership’ according to IBM corporate responsibility report (2002, What is the value of company).

The bold introductory quote above contains 2 assumptions: first, that an organisation’s core values can be ‘rooted in the moral and social development of our society over many generations’; and second, organisational values can influence the motivations of individuals. If these assumptions are true, it would follow that organisational core values have a fundamental role to play in any successful organisation. However, outside of initial training establishments and glossy strategy documents, RAF core values have not enjoyed a profile commensurate with the significance and potential alluded to above. What are core values; are they enduring? What effect do societal values have on organisations, given that organisations draw their members from society? A quick ‘google’ search on the subject of core values reveals a plethora of different subjects ranging from personal development, sociology, anthropology, psychology,

Core values do not respond to external variables such as fluctuating market trends or product diversifications. They remain constant and are a large component of the organization’s identity.

A CEO (Chief Executive Officer) signifies the superior ranking individual into any organization or further institutions, eventually accountable for making the administrative decisions. (Rouse)

This section will focus on customers’ needs, identifying collaborators and their strategic goals and identifying the competition that provides similar products.

The second of the core values is duty. Duty is more than that of doing your single job it is making sure that everyone on

There is a mission statement and set of core values that include quality of work, acceptance of diversity, integrity, and stewardship of resources. These traits are expected to make employees more productive, give employees higher job satisfaction, and create a more team-friendly environment.

Corporate-level strategies are liable for market definition; they address the entire scope of the business. This strategy helps a business to diversify its service. It gives them direction in which geographic region they should operate and which service markets to strive in. “Thus, an effective corporate-level strategy creates, across all of a firm’s businesses, aggregate returns that exceed what those

An essential component of leadership is to articulate and exemplify the organization's core values. These values must be clear, compelling, and repeated. The leader must both "walk the talk" and inspire his/her colleagues within the organization to also live these values. Values are at the core of individual, group or organizational identity. Values are relatively enduring conceptions or judgments about what is considered to be important to an organization. Agreement between personal and organizational values result in shared values which constitute the benchmarking of a successful business practice.

In a nutshell therefore, the corporate-level strategy would make decisions regarding strategic alliances, diversification, resource allocation, acquisition, and new business ventures formulation (Thomas, n.d).

Business-Level Managers: Be in charge of the business units and thus focus on the strategies specific to a particular business.

Core values are a person or an organization's fundamental beliefs, these principles prescribe behavior along with helping people understand the difference between right and wrong, “values are what motivate you in life. They are what guide you along the path of fulfilment, so essentially your values are the foundation of who you are” (C.Worsley). These values are important to have because they are what shape you, they make every person unique. Having a spirit of adventure, perseverance, and having patience are only some of my core values. Knowing what you cherish is very important and is something many people should revise.