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Mission Statement- An Analysis of Pharmaceutical Companies

Strategic Management
ASSIGNMENT 2

Mission Statement-
An Analysis of Pharmaceutical Companies

04th May, 2017

Submitted To:

Course Instructor: Mr. Pradeep Raj Pandey

Submitted By:-

Mohit Maheshwari

EMBA Fall 2015- Semester III (First Half)


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Mission Statement- An Analysis of Pharmaceutical Companies

Mission Statement

A mission statement is a short sentence or paragraph used by a company to explain, in


elementary and concise terms, its purposes for being. These statements serve a double purpose
by helping employees to stay centered on the projects at hand, as well as encouraging them to
discover innovative ways of going towards an increasingly productive achievement of company
goals.

Elements of Mission Statement

1. Target Consumers
An effective mission statement sets out, in broad terms, the target market. A
manufacturer that makes nuts and bolts might set its target market as retail hardware
stores, machine manufacturers, or both.

2. Target Region / Market


The business must determine what region it serves best and relay that information by way
of the mission statement. A garage, for instance, might set its target region to the
community while a magazine company might target an entire state.

3. Technology
For a business that relies heavily on technology, the mission statement should include a
description of the essential technology the company does or plans to employ. If nothing
else, this directs purchasing agents toward the appropriate vendors for goods and
services.

4. Employees
Every company has a policy regarding its relationship with employees. A mission
statement provides an opportunity to describe that policy in brief so employees know the
essentials of where they stand.

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Mission Statement- An Analysis of Pharmaceutical Companies

5. Image
Like people, companies develop public images. Careful companies craft the public image
they desire to set up and position out the major features of it in the mission statement.
This helps managers direct employees that stray from the sanctioned public image.

6. Values / Philosophy
Mission statements typically include a statement of company values. Values such as
client service, efficiency and eco-consciousness often appear on lists of company values.
At their best, company values should express principles the company explicitly tries to
affirm in day-to-day operations.

7. Financial Objectives
For for-profit ventures, businesses require clear financial objectives. A start-up company
might put one of its financial objectives as making an initial public offering of common
stock within two years. This permits the employees and potential investors know the
society intends to go public, with all of the legal and record keeping ramifications that
entails.

8. Products & Services


The delegation of a business also focuses on the products/services of the firm. What are
the major products and whether they require according to the need sand of the target
customers? The mission statement should clearly distinguish the merchandise.

9. Self-Concept
Self-concept means that what is the companys core competency. What is its scoring
business and distinctive competitive advantage? The mission statement should present
some data around it.

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Mission Statement- An Analysis of Pharmaceutical Companies

Evaluation of Mission Statements

1. GlaxoSmithKline
Our mission is to help people do more, feel better, live longer.

The mission statement of GlaxoSmithKline focuses on informing the reader around


the elements that are extraneous to the companys environment like consumers,
market, its products and the public image of the society. But the mission statement
fails to talk about the companys internal environment policies, for e.g. the
technology is used to produce medicines that will help the people to live longer and
feel better or the financial objectives the company shall be provided to its
stakeholders etc. The mission statement of GlaxoSmithKline is more consumers
oriented rather than being product oriented.

2. Merck & Co. Inc.


To provide society with superior products by developing innovative solutions
that improve the quality of life and satisfy customer needs, to provide employees
with meaningful work and growth opportunities and to provide investors with a
superior rate of return.

The mission statement of Merck & Co. Inc. is a balanced mission statement.
Moreover it talks about providing its employees the return for the work they have
been contributing towards the companys growth. It runs out to sing near the
technological advancement and the financial objective of the company which is
essential for the company.

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Mission Statement- An Analysis of Pharmaceutical Companies

3. Novartis
To discover, develop and market innovative products to cure diseases, to ease
suffering, and to enhance the quality of life. We also want to provide shareholder
returns that will reflect outstanding performance and to adequately reward
those who invest ideas and work in the company.

The mission statement of Novartis is the most balanced statement among the five
pharmaceutical companies analyzed. The companys mission statement covers the
broad base of its consumers as well as its stakeholders. The company fails to provide
the opportunities to employees and it shall be hard for the employees to know what
value they hold for the company. Employees are an integral part of the organization
and no organization should fail to recognize their hard work and dedication that has
led to the company's success.

4. Pfizer
We will become the most valued company to patients, customers, investors,
business partners and the communities where we work and live.

The mission statement of Pfizer more on valuing the people that are connected with
the company, like the patients, investors, customers etc., basically society as a whole.
The mission statement does not focus on the core competencies that the company has
or the company shall use to achieve in maximizing the value of the society.

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Mission Statement- An Analysis of Pharmaceutical Companies

5. Astra Zeneca
The people of Astra Zeneca are dedicated to discovering, developing and
delivering innovating pharmaceutical solutions, enriching the life of the patients,
families, communities and other stakeholders, while creating a challenging and
rewarding work environment for everyone.

The mission statement of Astra Zeneca is long and it tries to cover all the aspects of
customer oriented and product oriented mission statement. The company does not
focus on the financial objectives in its mission statement, which will be required if the
company plans to grow bigger and faster.

Tabular Representation of Components of Mission Statement

Merck & Astra


Components GlaxoSmithKline Novartis Pfizer
Co. Inc. Zeneca
Target Consumers
Target Region / Market
Technology
Employee
Image
Values / Philosophy
Financial Objectives
Products & Services
Self-Concept

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Mission Statement- An Analysis of Pharmaceutical Companies

References
1. Mission Statement- Investopedia
http://www.investopedia.com/terms/m/missionstatement.asp

2. Components of Mission Statement- Mission Statement Theory And Practice: A


Content Analysis And New Direction http://strategyclub.com/wp-
content/uploads/2014/09/David-pdf-file.pdf

3. Evaluation of Mission Statement


Glaxo Smith Kline- https://www.gsk.com/en-gb/about-us/our-mission-and-
strategy/

Merck & Co. Inc.- http://www.merck.com/about/home.html

Novartis- https://www.novartis.com/about-us/who-we-are

Pfizer- http://pfizercareers.com/career-types/mission-purpose-values

Astra Zenecea- https://www.astrazeneca.com/our-company.html

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