Everybody that is in business is there to make a profit (some firms are just tax shelters) and there are only so many products and services available. What sets the competition apart is how they execute their business practices. This is where a mission statement becomes the “blueprint” for doing business. “The mission statement needs to be longer than a phrase or sentence, but not a 2-page document” (David, 2003). This document not only points the managers in the right direction, it also gives the employee a sense of why they are working for this company. In addition, the mission statement not only gives purpose and direction, it should also give motivation and pride not only to the employees of the company but also their customers. The bottom line in any business is to make a profit and in order to do this; the business must find a way for their customers to spend money in their firm. Whole Foods Market ® incorporates many of the guide lines discussed in the readings; however, their mission statement exceeds the two page recommended length.
II. BODY OF WORK
(a) The importance of a mission statement. Whole Foods Market ® follows the basic guidelines for a mission statement with the most important aspect, motivation. This motivation was not only just for the customers to shop with them but also for their employees. “Business Week reports that firms with well-crafted mission statements have a 30% higher return on certain financial measures than firms that lack such documents” (David, 2003). In twenty-five years, Whole Foods Market ® was able to extend their business concept to “157 stores in 28 states” to include “the District of Columbia, Canada, and Great Britain” (WFM, 2004). Mission statements are to ...
... middle of paper ...
...way of life. Whole Foods Market ® has an intrinsic value; they are trying to sell a better, healthier life style that relates to becoming a better member of society. Whole Foods Market’s ® mission statement is a little long; however, it is motivational to both the customers as well as the employees.
David, F.R. & David, F.R. It's time to redraft your mission statement. Journal of Business Strategy, 24(1), 11-15.
Dr. Onken, Marina, Module 1 Notes, Vision, Mission, Objectives, and All That Jazz, MGT 499 Strategic Management, “Touro University International”
Fishman, C., The anarchist's cookbook. Fast Company, July, Issue 84, 70-79, http://www.fastcompany.com/magazine/84/wholefoods.html.
Whole Foods Market ® (WFM), Mission Statement, Philosophy and Declaration. Whole Foods Market IP, L.P, http://www.wholefoods.com/ company/ philosophy. html
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