Relationship between the Mission and Vision Statements of Australian Banks - Case Study Example

Running header: Mission and vision statement Student’s name: Instructor’s name: Subject code: Date of submission: Table of Contents Running header: Mission and vision statement 1 Table of Contents 2 Mission and vision statement 3 Brief profiles of the companies 3 Mission and vision statement 3 Common wealth bank 3 Westpac 4 Bank of Sydney 4 Relationship between the mission and vision statements for the three banks 4 How mission and Vision statements differ 4 The steps in the creation of Vision and Mission Statements 5 Developing company mission and vision for a company as a CEO 6 Ultimate Tours and travel company Limited’s vision and mission statement 6 References: 7 Mission and vision statement NB// the three companies whose vision and mission statements have been presented below all operate in the banking industry in Australia. Brief profiles of the companies Common wealth bank – The bank is Australia’s leading provider of integrated financial services that include retail banking, business banking, premium banking, institutional banking, superannuation, funds management, investment, share booking products and services as well as insurance. It is one of the largest listed banks in the ASE and also in the Stanley Capital Global index. The bank boasts of its brand, scale and diversified business mix which are its strategic strengths. It is the most recognized banking brand in Australian financial services industry. It has many award winning brands including its wealth management business -Colonial first state, Bankwest and CommSec. It has the largest customer base in Australia while operating the largest financial services distribution network and most points of access in Australia. Westpac banking corporation- the company provides a wide range of banking and financial services in such markets as consumer, business and institutional banking as well as wealth management services. It operates in three segments including Australian financial services, Westpac institutional bank And Westpac New Zealand. The bank also has Westpac pacific, group services, core support and treasury as its other divisions. The bank delivers its services through ATMs, telephone and internet banking channels in Papua New Guinea, Fiji, Solomon Islands and Vanuatu. Its financial products include business transaction accounts, personal savings, business and personal lending products, business services as well as other international products. Bank of Sydney –the company provides financial services and offers general banking and investment services which include savings deposits, lending products, credit accounts, asset management, and insurance as well as advisory services. The bank serves retail and corporate customers throughout Australia. Mission and vision statement Common wealth bank Mission statement: the bank’s mission statement is to deliver unparalleled services to its customers, exceptional value to shareholders and goodwill to the community and also an ameliorating experience to its employees. Vision: The banks vision is to excel at securing and enhancing the financial wellbeing of people, business and community. Westpac Mission statement: The Company’s mission is to be the leading provider of financial services in the Australian and New Zealand markets. Vision: The Company’s vision is to be one of the world’s great service companies helping our customers, communities and people to prosper and grow. Bank of Sydney Mission statement: the banks mission is to grow together with our customers and our people through personal relationships and premium service Vision: The bank’s vision is to be Australia’s only true relationship bank. Relationship between the mission and vision statements for the three banks The company’s mission statements are related in that they are all focused on establishing good relationship between the companies and the clients while providing superior quality services to the customers. The company’s mission statements are related in that they are all stating the companies aims of becoming the best or greatest service providers to the customers, people and communities where they operate and even globally. How mission and Vision statements differ A company’s mission statement is mainly concerned about the present and is used in defining the customers, the desired level of performance and the critical processes to the company. The vision statement on the other hand focuses on the company’s future and acts as a source of motivation and inspiration to the company. The vision not only defines the future of the company but also the future of the industry and society in which the organization would want to affect a difference. The following table has been used to highlight the major differences between the vision and mission statement. Mission statement Vision statement About Mission statement is concerned about HOW the company will get to where the management wants it to be. It thus defines the company’s purpose as well as primary objectives as they relate to the needs of the customers as well as the team values. Vision statement is used in outlining WHERE the company would want to be and in so doing it communicates the company’s values as well as purpose Answer Mission statement gives answers about ‘WHAT does the company do as well as WHAT makes it different from others Vision statement answers about WHERE the company is aiming to be Time Mission statement’s focus is about the present leading to the future Vision statement’s focus is on the company’s future Function The mission statement outlines the company’s broad goals the reason for which it was formed. Vision statement outlines where the company sees itself in future hence inspiring the members to give their best while shaping their understanding of why they are working in the company Change Though the company’s mission statement may change, it ought to still ti back to the company’s core values, vision and customer needs Though the company may change its vision, such changes ought to be kept at minimum since the vision explains the company’s foundation The steps in the creation of Vision and Mission Statements 1. The first step in creating the company’s mission/vision statement is to define the issues that matter to most people in the community where the company is serving and especially the customers and other stakeholders. This can be done in various ways including; -conducting public forums or listening sessions with stakeholders to obtain ideas and opinions of how they would like the company to meet their needs and to transform their society (Tonny, 2014). - holding focus groups with the interest groups/stakeholders interested in the company’s success. - interviewing the company’s leadership about what they think the company’s mission/vision ought to be. 2. Determine the purpose for which you want to create the company’s mission/vision statement. Is it for marketing in a bid to attract customers? Is it to guide you in treating employees and customers? Is for providing focus on daily activities? 3. If the mission/ vision statement is for advertising and marketing purpose, think of a short, pithy phrase that accurately reflects what the company does and which accurately captures their interest. 4. Consider the company’s offerings from the customer’s view point and describe the company from the customer’s viewpoint. 5. Write a brief statement probably 25 words that will explain the unique end result of the company’s offerings together with the problems you solve and the benefits you provide. 6. Involve others in the company since they may have good thoughts about things you might not have considered in writing your statement. Give them a chance to participate in the process with a bid to deepen their understanding of the mission or vision hence strengthening their commitment. After every stakeholder that needs to be involved has been involved, agree on the final mission and/or vision statement that will guide the company. Developing company mission and vision for a company as a CEO The company in which I am the CEO is the Ultimate Tours and Travel Company limited. The company is situated in Sydney and has ten branches spanning across all the Australian states. The company has been in operation since 2001 and is also listed in the Australian stock exchange and has a license number 1065B64850105601. It has its headquarters in Sydney’s view park place along government road. The company offers various tours and travel services up to and including accommodation of clients. Since its establishment, the company has registered impressive growth as well as financial performance which have always ensured good returns to its customers. Ultimate Tours and travel company Limited’s vision and mission statement Mission The company aims at providing memorable holiday experiences throughout Australia while satisfying our clients and even exceeding their expectations at all times in a responsible manner. Vision The company aims at becoming the ultimate tours and Travel Company in Australia by providing the best quality services and products at all times ensuring continued innovation while faithfully demonstrating our commitment faithfully towards customer satisfaction. References: Tonny, M2014, Principles of management, London, Rutledge. Read More