Mission Statement and its Components

 Mission Statement and its Components

A 

Student Report

on

Mission Statement 

and 

Components of Mission Statement

Submitted to:

Mr. Muhammad Asif Malik

Submitted by:

Muhammad Usman Ahmad

Dated: 28-January-2019

Minha Paradise Mall

Introduction:-

Minha Paradise Mall is a clothing superstore located in Multan City, Punjab Pakistan. It provides a unique shopping experience to the customers in Multan and in its surrounding area, one that focuses on customer satisfaction first. We offer jewelry for every kind of function and season, hand bags and pouches, ready made dresses, dresses with handmade designs, boutique dresses for marriage ceremonies, birthday parties, daily life functions and dresses for different occasion with some amazing and beautiful designs, in all the seasons of the year. We also offer a lot of other entities which will catch the ladies attention. We understand that dress purchasing is a necessary and crucial experience one has to observe in everyday life. Our goal is to provide the customer with an enjoyable, honest service by satisfying individual customer’s practical shopping needs with a quality product.

We also believe it is important to have the best quality dresses at a low cost, and will back each dress with a three days limited warranty, but for claiming the warranty, the dress should not be harmed or roughly used. Our store will make enough profit by generating sales for the owners and to finance continued growth and development in quality products. It will provide job satisfaction and fair compensation to its employees, and a fair return to its owners. Hard work and performance is rewarded through bonuses and commissions. Job satisfaction is very important for employees and owners. We also maintain a friendly, fair, and creative work environment, which respects diversity, new ideas, and hard work which is enjoyable and profitable for all.

Key Objectives:

• Grow the business value, we will have to increase the value of our mall.
• Increase earnings, we will have to increase our profit in order to generate more revenue for the owners and continual financial growth in quality products.
• Dedication to provide the most affordable and best quality products and ‘make it happen now matter what’ customer satisfaction.
• Grow and explore the market, we will try to take bigger share of the market by attracting more customers and by exploring the market of other cities of Pakistan.

Essential Components of a Mission Statement:

Customer:

                We believe our first priority is to attract the people, of every profession, living in Multan and its surroundings as they can easily access our Mall. We will try to look into the traditions and customs of this area as I mentioned earlier in the introduction that we focuses on the customer’s satisfaction first. Mostly people in Multan like to spend more money while doing shopping for major functions like Marriages, Eid celebrations, Birthday parties etc. When we know our customers’ needs we can provide them the things of their best choices and by predicting their needs, we can earn their trust and loyalty.

Products or Services:

                Minha Paradise Mall products are; jewelry for every kind of function and season, hand bags and pouches, ready made dresses, stitched dresses, dresses with handmade designs, boutique dresses for marriage ceremonies, birthday parties, daily life functions and dresses for different occasion with some amazing and beautiful designs, in all the seasons of the year.

Minha Paradise Mall is in business to provide high quality jewelry and fashionable dresses which is quite useful and handy at lower and cheap prices. We are providing the service of warranty as well for highly paid garments like bridal dress for three days.

Market:

                We are currently operating in central Multan but till the next year we are planning to have two more stores in North and South Multan as well. We are aiming to achieve the revenue of 20500$ till the end of 2018 but we will try to increase our sales by 10% till the end of the next year, and if we succeeded in doing that we may explore the market of Islamabad or Lahore as well.

Technology:

                To have a complete control of our business and to reduce the chances of mistakes or mishaps we are using computer technology. By using computers we can keep a complete record of our business data such as sales per day, sales per year, stock information, means how much stock is sold and the remaining stock to be sold. Keeping the record of employees’ performance and then cash rewards and commissions are easy to offer using the computer technology. In the similar way we can have a check on our revenue generation every day, which is a necessary element for the owners of the store.

We are using internet, which is a great source of being aware of other businesses and to know your competitors’ ups and downs as well. We can have a bird’s eye view over good developments in business strategies by using internet technology. We are using scanning devices to scan the prices so we may not need to memorize the prices of commodities. We are using CCV TV Cameras for security measures.

Self-Concept:

                We are committed to leave our competitors as Al-Jannat Mall and Al-Hamra Mall, behind in generating healthy profits, within next two years by increasing our sales to maximum. We can do that by providing the finest quality product at our stores and by giving handsome bonus and commission packages to our employees so that they may work more efficiently and enthusiastically. We are also increasing the varieties of each and every product so that customers have more and more choices to choose the best. We are increasing the number of employees so that customers may not need to wait in the queue as the population of customers is increasing day by day.

Philosophy:

          We believe in customers’ satisfaction first rather than putting something in their hands which will increase our profit or sales. We believe that if a customer is here to buy something for himself or for his children he has to be given a chance to choose the best and to his best satisfaction in a comfortable environment. That’s the reason we have introduced the warranty service for the satisfaction of our customers. We believe in customers’ cheers and joys and their best experiences at our stores.

Growth and profitability:

                We have a vision to expand Minha Paradise Mall business continuously, both locally and in other cities of Pakistan. We have set the vision to become the leading superstore in Multan and in any other city where we would open our new stores. What comes along this vision is that our shopping mall will be able to earn profits and revenues that can withstand further growth in the industry striking by lots of difficulties and dangers of being brushed aside by strong rivals in terms of providing different retail items to the general public. We are planning to have blessed Fridays in coming weeks, which will eventually boost our sales and profits as well. If our sales increases we are aiming to offer some cool cash rewards for our employees as well, which will consequently energize them. We are seeking to produce healthy financial rewards for investors and keep financial stability as well.

Public Image:-

                We believe that it is very necessary to create and keep a good image of our business. Our business image can be as good as the public’s perception of it. This perception can either boost our sales to the highest peaks of business or turn them over to the ground. Therefore, it is mandatory that we develop and implement those polices which ensure a good and healthy public image of our business.

                We have always took the social responsibility to protect our environment and been friendly to it. We have continuously been contributing to economic strength of the society and paying our taxes in time. We always tried to employee those people who can be extreme polite with our customers. Keeping the stats about sales and stock in mind I can confidently say that we have succeeded to gain a good public image of our business.

Employees:-

                We are providing the better welfare and we created a more comfortable and friendly work condition and we feel responsible for our employees. We are offering rewards and commissions on the basis of performance. The employees having some extra-ordinary interpersonal skills and exceptional abilities are being retained by offering a chance to win two Hajj tickets every year and some special packages of shopping as well.

First Mission Statement:

Minha Paradise Mall is a shopping mall dedicated to provide high quality products at reasonable prices, providing an opportunity to the common people to buy like rich people. We intend to make enough profits to generate a fair revenue for our investors. We also maintain a friendly, fair and creative work environment, which respects diversity, new ideas and hard work of our employees.

Second Mission Statement:

                Our mission is to become the most favorite shopping Mall in every neighborhood in which we are currently operating in. This will be accomplished by offering a variety of highest quality products at moderate prices. Our customers will be served by friendly, knowledgeable people that are dedicated to their jobs.

Third Mission Statement:

                We are aiming to touch the highest peaks of business through quality and values. We do business by our values, have fun and take pride what we offer. We maintain a work environment where people enjoy coming to work, to serve our customers and exceed their expectations, and to be profitable and result oriented for all.

Discussion on selected Mission Statement:

                I have chosen third mission statement as my final mission statement for my business. Now the question arises, why have I chosen the third mission statement having the option to choose any of the three mission statements? The answer to this question is quite simple, as you know that a mission statement defines a business and by defining a business I meant the mission statement will answer the following three questions;

• What does your company do for its customers?
• What does your company do for its employees?
• What does your company do for its owners/investors?

The mission statement I have chosen answers the above mentioned questions to an extent. It has an attraction for customers that they will be provided better quality products at low and cheap prices, which everyone desires now a days, to buy both quality and quantity by spending little money. This mission statement can take the employees attention as it say that we will maintain an environment where people to come to serve and exceed their expectations, means they will be rewarded generously and we will be responsible for them. This mission statement also have glamour for investors as there is a word profit for all of them in it.

Evaluation on Essential Points:

Customer:-

It reflects from the third mission statement that who we are targeting as our customers. It says that common people can buy good quality products like rich people. It means according the selected mission statement our customers will be common people who don’t have enough money to afford highly priced products.

Philosophy:   

                Through third mission statement one can easily put some light on philosophy of the business as it says we will maintain a work environment where people would come to exceed their expectations. It is obvious that our expectations increases in the place where once we get the things of our likeness and desire. So from the selected mission statement one can easily deduce that customer satisfaction will be taken care of very well.

Growth:

                Growth and profitability are evident from this mission statement as it is mentioned there that we will maintain the environment of profitability and result orientation. As you know when someone do result oriented business, the results can only be better if that business in generating a fair revenue for the investors. So this mission statement is promising a great deal of profit with the investors/owners as well.

Employee:

                This mission statement is also urging the people having extra-ordinary skills and abilities as it say that we will have an environment where people will love to work, exceed their expectations and profitability is mentioned as well. So it means people who have great abilities to work better will be rewarded likewise.