Essentials of Strategic Management: The Quest for Competitive Advantage 4th Edition by John Gamble, Arthur Thompson, Margaret Peteraf

Exercise 1

Using the information in Tables 2.2 and 2.3, critique the adequacy and merit of the following vision statements, listing effective elements and shortcomings. Rank the vision statements from best to worst once you complete your evaluation.
VISION STATEMENT
American Express
We work hard every day to make American Express the world's most respected service brand.
Hilton Hotels Corporation
Our vision is to be the first choice of the world's travelers. Hilton intends to build on the rich heritage and strength of our brands by:
• Consistently delighting our customers
• Investing in our team members
• Delivering innovative products and services
• Continuously improving performance
• Increasing shareholder value
• Creating a culture of pride
• Strengthening the loyalty of our constituents
BASF
We are "The Chemical Company" successfully operating in all major markets.
• Our customers view BASF as their partner of choice.
• Our innovative products, intelligent solutions and services make us the most competent worldwide supplier in the chemical industry.
• We generate a high return on assets.
• We strive for sustainable development.
• We welcome change as an opportunity.
• We, the employees of BASF, together ensure our success.
Source: Company websites and annual reports.
TABLE 2.2 Characteristics of Effectively Worded Vision Statements

TABLE 2.3 Common Shortcomings in Company Vision Statements