Mission and Vision Statements and the Companys Strategic Direction Research Paper

Mission and Vision Statements and the Companys Strategic Direction - Research Paper Example However, it has developed and adopted a unique system known as â€Å"The HP Way†. This is a unique ideology or philosophy that refers to the way things are done at HP (Lacy & Mullins, 2002). Therefore, although the company lacks clear mission and vision statements, the elements of these are captured in the company’s shared values and corporate objectives. These are stated below. Although HP lacks specific mission and vision statements, the shared values and corporate objectives have some of the key elements of effective mission and vision statements. To evaluate HP’s mission and vision statements as captured in â€Å"The HP Way†, an evaluation matrix will be important. The evaluation matrix below (Table 1) comprises of three columns. The first column contains the salient elements of the mission statement based on Zainbooks website. According to the website, mission statements should contain at least nine elements including; One of HP’s corporate objectives is customer loyalty, which shows the company’s commitment to providing value and highest quality to win customer loyalty and respect. However, the objective does not specify the company’s customers. The growth element is clearly stated in HP’s corporate objectives. One of the company’s corporate objectives is growth, which explains the company’s nature of identifying and seizing growth opportunities. Through its market leadership corporate objective, HP is committed to becoming the market leader through its competitive advantages in developing and delivering innovative and useful solutions, products, and services. The strategic direction is an important element in ensuring the success of a company. A company without a strategic direction is like a plane without a pilot that moves haphazardly. Such a business, like the plane, is likely to collapse. HP has had a clear strategic direction over the years since its formation. The growth and success of the company is proof of this.