Buss

The benefits of a clear and well define vision and mission statement is essential for a company’s strategic management. Rarick and Vitton found that firms with a formalized mission statement have twice the average return on shareholders’ equity than those firms with out a formalized mission statement. Business Week reports that firms using mission statements have a 30 percent higher return on certain financial measures than those without such statements (David, 2007). Therefore, 3M should update their mission and vision statements to recapture stakeholders and entrepreneurial spirit. 3M’s vision statement is clearly to identify the company core values and ideology, but their envision future is not clearly defined. On the other hand the mission statement defines the purpose of the company, distinguishes the firm from its competitor, identify the scope of the business and the market to be target, but is not easy retrievable from the company home page (Kenney, 2010). The primary objective of 3M’s implementation plan will be: to reword and create a vision statement that clearly envisions the future of the company and to have a more accessible and retrievable company mission statement. 3M will start implementing this strategic plan starting on July 2014 and will be expected to re-evaluate its success by December 2017 following the implementation plan shown below.

3M Implementation Plan

PRIORITY AREA: Change in 3M’s Vision and Mission Statement |

GOAL:Write a broad and strong vision statement that envisions 3M’s future. Create more accessibility to the company’s mission statement. |

Short Term Indicators |

By December of 2016, more than 75% of stakeholders should be aware of the update in vision of the company. |

By December of 2016, more than 90% of stakeholders should know were to find and retrieve the company’s mission statement. |

By December 2016, all employees should be familiar with the changes in vision statement and the location of the...