Std Bank and Edcon Case Study
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Table of contents 1
Component analysis of Standard Bank’s mission statement 2
Characteristics of Standard Bank’s mission statement 3
Component analysis of Edcon’s mission statement 4
Characteristics of Edcon’s mission statement 5
Industrial organization view regarding competitiveness 6
Bibliography 9
A. STANDARD BANK
2.1 Components of the Standard Bank’s mission statement
Standard Bank, in this case, has incorporated a mission statement within their vision. Looking at the vision statements, Standard Bank states,” …making a real difference to financial services in South Africa and other emerging markets”, and, ”…ensure long-term sustainability…”, which reads as being mission statements, leading them to their vision of being relevant in the societies that they speak of, as well as, reaching their vision of, “to attract, retain, develop and deploy teams of people with energy, passion and skills.”
When looking at the components of a mission statement, Standard Bank has used the components of mentioning their stakeholders/ customers - it is mentioned broadly, as they want to appeal to all people, with no emphasis on age, gender or race;
Their market they want to achieve in, being financial services for South Africans and emerging markets – new potential clients and potential globalization;
Their concern for their growth and profitability – This mission statement also hints at reaching out into global markets, leading to more potential clients. Their focus on the growth of their employees and their wealth can also lead to a more effective, efficient and motivated staff. By growing their internal stakeholders and reaching into new potential markets will assist in sustaining them in the financial industry and help them to grow financially, economically and as an employer of choice;
Standard Bank’s philosophy comes through
Table of contents 1
Component analysis of Standard Bank’s mission statement 2
Characteristics of Standard Bank’s mission statement 3
Component analysis of Edcon’s mission statement 4
Characteristics of Edcon’s mission statement 5
Industrial organization view regarding competitiveness 6
Bibliography 9
A. STANDARD BANK
2.1 Components of the Standard Bank’s mission statement
Standard Bank, in this case, has incorporated a mission statement within their vision. Looking at the vision statements, Standard Bank states,” …making a real difference to financial services in South Africa and other emerging markets”, and, ”…ensure long-term sustainability…”, which reads as being mission statements, leading them to their vision of being relevant in the societies that they speak of, as well as, reaching their vision of, “to attract, retain, develop and deploy teams of people with energy, passion and skills.”
When looking at the components of a mission statement, Standard Bank has used the components of mentioning their stakeholders/ customers - it is mentioned broadly, as they want to appeal to all people, with no emphasis on age, gender or race;
Their market they want to achieve in, being financial services for South Africans and emerging markets – new potential clients and potential globalization;
Their concern for their growth and profitability – This mission statement also hints at reaching out into global markets, leading to more potential clients. Their focus on the growth of their employees and their wealth can also lead to a more effective, efficient and motivated staff. By growing their internal stakeholders and reaching into new potential markets will assist in sustaining them in the financial industry and help them to grow financially, economically and as an employer of choice;
Standard Bank’s philosophy comes through
Bibliography: 1. David, F.R. (2013) Strategic Management: Concepts and Cases. 14th Edition. England. Pearson Education Limited. Chapter 2 and 3 2. Ehlers, T. and Lazenby, K. (2010) Strategic Management: Southern African Concepts and Cases. 3rd Edition. Pretoria. Van Schaik Publishers. Chapter 2 3. Kotler, P. and Keller, K. (2008) Marketing Management. 13th Edition. Prentice Hall Publishers. Chapter 2 and 3 4. Larson, E.W. and Gray, C.F. (2011) Project Management: The Managerial Process. 5th Edition. New York. McGraw-Hill/ Irwin Publishers. Chapter 1, Pages 10-11