Question
Unit 2: The Importance of Mission and Vision Statements
Case Study Analysis Paper: The Mission Statement
Prepare a case analysis for Vertu: Nokia’s Luxury Mobile Phone for the Urban Rich.
http://cb.hbsp.harvard.edu/cb/pl/13869357/13869379/8c9f5c6e71f70c7e1656143f94c6f6dd
Closely follow the Case Study Analysis Template by clicking on the hyperlink or you can also find it in Doc Sharing.
Please utilize this template format for this Assignment. Use titles and subtitles per the format for readability purposes.
Focus upon the idea of conducting a SWOT analysis with respect to Vertu’s and Nokia’s mission statements (you can
include its core values, purpose, and goals too). Please include the SWOT analysis with the four quadrants in the
appendix of your paper (after the References page). You can find the Case Study SWOT analysis template in Doc
Sharing.
Reference:
Kwong-Kay Wong, K. (2011, September 28). Vertu: Nokia’s luxury mobile phone for the urban rich. (Report No. W11208).
Watertown, MA: Harvard Business Publishing.
Assignment Checklist:
● Conduct a SWOT analysis on the case study companies’ mission statements.
● Create a case study analysis focusing upon the company’s mission statement.
Create at least two to three alternative solutions. Conduct further research on the featured case study company on its website
relative to news and press releases, community involvement, and the like. Use this information to help formulate your own original
two to three Alternative Solutions. After choosing one of the two to three Alternative Solutions, discuss the Selected Solution. In
the Implementation section, describe how your Selected Solution will be implemented.
Sample paper
Unit <Number> <insert name of case> Case Study Analysis
School of Business
MT460 Management Policy and Strategy
Author: <insert your name>
Professor: Dr. <professor’s name>
Date: <month> <date>, <year>
Case Study Analysis for Vertu
Company Name: Vertu
Topic of the Week: Management policy and strategy
Synopsis of the Situation
The mission and vision statements are critical in the running of the organization. The mission and vision statement provide strategic direction for the organization. The two terms are often confused to mean the same thing. However, the two have different meanings as used by organizations (Witcher & Chau, 2010). The vision statement describes what the organization hopes to achieve in future, while the mission statement describe the activities that the organization partakes in order to achieve the vision.
Mission and vision statements contribute immensely to the achievement of organizational goals and objectives. This is mostly through providing employees with a sense of purpose and belonging. Mission and vision statements outline the tone or the organizational climate that employees are expected to follow (Witcher & Chau, 2010). This is also important in establishing the culture of the organization.
Alternative Solutions
<Create at least three alternative solutions that are original and not from the case study itself.>
- Vertu could overcome the intense competition by identifying new market niche. A possible way to do this would involve looking for new countries to market the luxurious phones.
- Vertu should consider product differentiation. The success of Vertu’s brand of luxury phones attracted new firms into the market. In order to stay ahead of the competition, Vertu should consider delivering unique products to customers.
- It is important for Vertu to exercise future planning. Organizations that plan regarding their future growth are more successful compared to those that lack objective plans.
Selected Solution to the Problem
<Choose one of the Alternative Solutions that you created that will best fit and describe it.>
The best alternative is product differentiation. Product differentiation entails giving customers the reason to choose a particular product while ignoring the competitors’ products. The company should ensure that its selling preposition is in line with the customers’ needs. Product differentiation also involves creating a competitive advantage basing on various aspects such as price, quality of products, or the service provided to customers.
Since the mobile phones are targeted for the luxury mobile market, Vertu cannot be able to differentiate based on price as lowering the price too much could dilute the value of the mobile handsets. Increasing the price may also drive away the customers especially considering the presence of similar products in the market by rival companies. The most appropriate alternative is thus by improving the quality of products. Vertu can attract and retain more customers by improving the quality of the devices in terms of performance, operability, and longevity.
Implementation
<Discuss a plan in how you intend to implement the Selected Solution on behalf of the company featured in the case study.>
The implementation of a differentiation strategy should be well thought to avoid failure that may lead to high losses. The first step in the differentiation strategy involves conducting market research in relation to product at hand. The company may use various marketing research methods such as surveys, focus groups, and questionnaires to gain data on current needs and trends in the market. Research can enable the company identify the specific needs of the customers in the mobile industry. The second step is to identify the form of differentiation that is most suitable. In this case, product differentiation based on quality would provide the highest returns.
Thirdly, it is important to communicate the plan to all the business stakeholders such as suppliers, users, and retail outlets. The purpose of this is to ensure support for the differentiation strategy. The final step is to establish the basic, expected and desired needs in line with the new improved product. It is important to outline the specific parameters that must be met in introducing the differentiated handsets to users.
Recommendations and Conclusion
<Discuss one of the alternative solutions not chosen and express why this would be a good choice as well and wrap up the analysis.>
An alternative to the method discussed above would be future planning. Future planning is important for the survival of organizations in the highly competitive environment. Future planning should involve keeping up with customer trends, identifying recent developments in the mobile industry, and investment in new and emerging technologies. The mobile manufacturing industry is one of the fastest changing industries with new technologies emerging daily. Failure to keep up with the new technologies may lead to use of obsolete technologies.
Future planning would be a good choice since it can enable the company to stay ahead of the competition. Future planning can also enable the company take advantage of lucrative marketing opportunities in the future that can be converted into profits and growth for the company. By identifying a good mission, Vertu can be able to overcome the stiff competition in the mobile manufacturing industry.
References
Kwong-Kay Wong, K. (2011, September 28). Vertu: Nokia’s luxury mobile phone for the urban rich. (Report No. W11208). Watertown, MA: Harvard Business Publishing.
Witcher, B. J., & Chau, V. S. (2010). Strategic management: Principles and practice. S.l.: Cengage Learning.
Appendix
Figure 1. SWOT Analysis based upon the topic of the week for the company case.
Vertu SWOT Analysis
Strengths
- Strong brand name
- Premium pricing.
- Unique designs of the handsets.
Weaknesses
- Low functional benefits provided by the phones.
- High production costs associated with the Vertu phones.
- Target a small segment of the entire population.
Opportunities
- Untapped markets/new markets
- Change in tastes and preferences of consumers in favor of luxury goods.
- Ability to adapt other operating system such as Android with minimal costs.
Threats
- Competition from other handset manufacturers.
- Presence of counterfeit products in the market.
- Government regulations.
