Vison, mission and objectives for yum brands
According to Tiffany, Peterson, Barlow (2010) a mission statement is of “your company’s purpose, establishing and what it does. ” Yum are really direct explaining what they want to do by being a leading brand, (Appendices 3) however they don’t explain to the consumer who they really are, there is not mention of their services. According to Wheelen and Hunger (2012) a narrow mission statement states the ‘primary businesses’. The mission statement seems narrow, though it has some generic words which give it a more broad approach, comparing to their vision statement which gives intent and direction.
Nevertheless it does tell us what the company is providing. Wheelen and Hunger (2012) also mention that it should be fundamental and unique’ by looking at the mission statement it doesn’t resemble personal identity. 3. 3 values Tiffany, Peterson, Barlow (2010) describe a value statement as “the set of beliefs and principles that guide your companies actions and activities” values should be a ompany’s distinctive core belief. What the company believes in and how it should strive towards in the future.
Yum does not have a clear value statement (Appendices 3) however this is something everyone has but applied to a company, this should resemble how people see you as a company, unfortunately as said above it really focuses on the financials not taking into account how they want to ‘maintain high customer service standards’ and how they want to ‘remain a brand leader’. Not showing all interests of shareholders, employees and customers.
These values seem o be specific to their company needs and they do put an action in their as they want to see 13% EPS growth annually. Their values seem set out for ‘expansion’ and growth’ 3. 4 Objectives Wheelen and Hunger (2012) describe objectives as “the end results of planned activity, they should be stated as action verbs and tell you what is accomplished by when you quantified if possible. ” it’s the targets you are set out to connect your mission to your vision, and are long term, continuous strategic areas that get you moving.
Yum has 4 major objectives (Appendices 4). Linked in with a SMART model Appendices 5). They seem generic, giving us an objective of what they want to do but not giving us a timescale to be achieved, it states where they want to improve e. g. china. But no indication to what is realistic; these are very open objectives. 4. Conclusion These statements give a company good strategy which should be a complete master plan on how they will achieve and succeed. Fundamentally they are there to fulfill every stakeholder/shareholder need.
Analyzing their statements, Yum seem to be clear in where they want to see there selves going mainly focusing on their finance nd the development of growth especially in China. In context with a power matrix this would be considered to be ranked there main stakeholder/shareholder objective. Growth and expansion is their main goal, and as for investors, employees and customers they see growth as an attractive prospect, indicating success and these prospects attractive Yums objective as well as other major companies is to have long term investment and by showing profit and growth these are what investors are looking for.
Appendices 2. 3. 4. Vision “Committed to continuing the success realized during our first ten years. Our success as only Just begun as we look forward to the future, one which promises a long runway for growth, especially on an international level” Mission “To build a vibrant global business focusing on being driven to succeed, investing in the expansion and improvement of the company and the surrounding communities, and being a leading brand throughout the globe. Values “We maintain a consistent commitment to deliver at least 10% EPS growth annually. With more than 39,000 restaurants in over 130 countries and territories, Yum! Brands’ international growth sees no signs of stopping as we continue to enter international arkets, introducing people around the world to our winning brands. ” Objectives 1. Build leading brands in China in every significant category.