Business

Vision StatementEffective ElementsShortcomingsWells Fargo

Rank 5

We want to satisfy all of our customers financial needs, help them succeed financially, be the premier provider of financial services in every one of our markets, and be known as one of Americas great companies.

Easy to Communicate (despite the lack of apparent focus and distinction, the concept and services offered can be easily explained in ten minutes)Not distinctive (does not set this company apart from competitors)
Vague or Incomplete (doesnt say what kind of products they are going into it could apply to any company in the industry)

Too Broad (this vision statement can apply to any company in the finance industry)
Bland and uninspiring (the words do not showcase the necessary passion, and the word great is relatively superlative in nature

Others
(Verbose  uses the word financialfinancially too many times within the same sentence)
(uses incorrect English  it says one of Americas great instead of greatest)Hilton Hotels Corporation

Rank 3

Our vision is to be the first choice of the worlds 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
Focused (Is specific enough to provide managers with guidance in making decisions and allocating resources)
Graphic (the vision statement paints a picture of the kind of company that management is trying to create and the market positions the company is striving to stake out)
Directional (Is forward-looking describes the strategic course that management has charted and the kinds of productmarketcustomertechnology changes that will help the company prepare for the future)
Feasible (the goals set here are achievable)
Desirable (after looking at this vision statement, its employees and any other audience would take a liking to the plans implied by it)
Easy to Communicate (can be explained in ten minutes)It is slightly Not forward-looking in the sense that despite the fact that it states where it wants to be (graphic element), it fails to mention the time span or deadline that it is allowing itself to reach that place. This time span or deadline is a major component of the
Vision Statement.

However, the main shortcoming of this Vision Statement is that it sounds more like a Mission statement, which by definition is a declaration of the general objectives and principles of operation of an organization (en.wictionary.org). According to this definition then, the Hilton Hotels Vision Statement looks like a Mission Statement.The Dental Products Division of 3M Corporation

Rank 4
Become THE supplier of choice to the global dental professional markets, providing world-class quality and innovative products.

Note All employees of the division wear badges bearing these words, and whenever a new product or business procedure is being considered, management asks, Is this representative of THE leading dental company
Graphic (the vision statement slightly paints a picture of the kind of company that management is trying to create and the market positions the company is striving to stake out)
Feasible (after it is explained a little, it is clear that the goals set here are achievable)
Desirable (deriving from the above effective element, the results of the goals set in this vision statement are desirable)
(Thompson, Strickland,  Gamble).
Not distinctive (does not set this company apart from competitors)
Vague or Incomplete (doesnt say what kind of products they are going into it could apply to any company in the industry)
Too Broad (this vision statement can apply to any company in the finance industry)
Too reliant on superlatives (the use of the word the in capital letters does not imply much more than self-labeling with cool sounding words)
Not forward-looking (the statement fails to indicate whether the management intends to alter the companys current productmarket customertechnology focus or not, and how if the intension stands)H.J. Heinz Company

Rank 2

Be the worlds premier food company, offering nutritious, superior tasting foods to people everywhere. Being the premier food company does not mean being the biggest but it does mean being the best in terms of consumer value, customer service, employee talent, and consistent and predictable growth.
(Distinctive) (it is capable of informing readers of what it is aiming at exactly)
Graphic (the vision statement paints a picture of the kind of company that management is trying to create and the market positions the company is striving to stake out)
Flexible (the vision statement depicts flexibility in the nature of the business)
Feasible (the goals set here are achievable)
Desirable (the results of the goals set in this vision statement are desirable)
Easy to Communicate (the idea can be explained completely though precisely in ten minutes)Not forward looking (the vision statement missed out on the time factor  it fails to mention the number of years it plans to take in order to reach its vision, so in that sense, the Vision Statement is sort of incomplete).Chevron

Rank 1

To be the global energy company most admired for its people, partnership and performance. Our vision means we
provide energy products vital to sustainable economic progress and human development throughout the world
are people and an organization with superior capabilities and commitment
are the partner of choice
deliver world-class performance
Earn the admiration of all our stakeholdersinvestors, customers, host governments, local communities and our employeesnot only for the goals we achieve but how we achieve them.
Focused (Is specific enough to provide managers with guidance in making decisions and allocating resources)
Graphic (Paints a picture of the kind of company that management is trying to create and the market position(s) the company is striving to stake out)
Directional (Is forward-looking describes the strategic course that management has charted and the kinds of productmarketcustomertechnology changes that will help the company prepare for the future)
Flexible (Is not a once-and-for-all-time statementthe directional course that management has charted may have to be adjusted as productmarketcustomertechnology circumstances change)
Feasible (Is within the realm of what the company can reasonably expect to achieve in due time)
Desirable (Indicates why the direction makes good business sense and is in the long-term interests of stakeholders, especially shareowners, employees, and customers)
Easy to Communicate (does not even need extra ten minutes to explain itself  can be reduced to a simple and memorable short slogan such as the global energy company)Although the list of shortcomings does not list this one, I would like to point out here that the main shortcoming of this Vision Statement is that it sounds more like a Mission statement, which by definition is a declaration of the general objectives and principles of operation of an organization (en.wictionary.org). According to this definition then, the Chevron Vision Statement looks like a Mission Statement.

Not forward looking (the vision statement missed out on the time factor  it fails to mention the number of years it plans to take in order to reach its vision, so in that sense, the Vision Statement is sort of incomplete).
1. In the paper you said that the main shortcoming of this Vision Statement is that it sounds more like a Mission statement, which by definition is supposed to provide answers to How are we going to get where we have envisioned ourselves to be in the next few years Could you please tell me as to what this definition refers To mission statement To vision statement If it refers to mission statement, then it is wrong. If it refers to vision statement, then I do not see how this supports your answer that the vision statement sounds more like a mission statement. Could you please elaborate on that

In answer to this Please see the yellow highlighted part alongside the Hilton Hotels Vision Statement. I looked up the definition of mission statement elsewhere, and recalled that timeline is an important part of the vision statement. There shouldbe no contradiction now.

2. Wells Fargo has only one effective element in its list, yet it ranks higher than the Dental Products Division of 3M Corporation, which has not one but 3 effective elements. Why Could you please give me an explanation to that, too

In answer to this I have re-evaluated the vision statements before ranking them all over again. I have re-evaluated them on the basis of the number of effective elements and shortcomings that each of them has, in the following way
Number of Effective Elements
- Number of Shortcomings
 a, b, c, d, e (one for each vision statement).

These letters a to e represent the value of each vision statement and the higher the value, higher the rank.
However, in this case, Hienz and Chevron were both getting the same score, so I evaluated them further on the basis of how many resources they have included in their vision statements (Chevron has talked about 9 areas of life being touched by their business people, partnership, performance. human development, and all stakeholdersinvestors, customers, host governments, local communities and our employees, while Hienz has talked about 5 aspects related to their business people, consumer value, customer service, employee talent, and consistent and predictable growth. Therefore, Chevron in my opinion ranks higher than Hienz in Vision Statement rankings).

Your third requirement, The Rankings are as follows
1. Chevron (Effective Elements  Shortcomings  5)
2. H. J. Hienz (Effective Elements  Shortcomings  5)
3. Hilton Hotels (Effective Elements  Shortcomings  3)
4. The Dental Products Division of 3M Corporation (Effective Elements  Shortcomings  -2)
5. Wells Fargo (Effective Elements  Shortcomings  -6)

Here, I would also like to point out that previously, I was of the opinion that the Vision Statement of Chevron fails to mention where it wants to be in the next decade or so. However, I am surprised as to how I could say that since the first thing they say is that they want to be the global energy company. Therefore, I have changed that shortcoming to the other point that I feel strongly about the fact that in all the vision statements fail to mention their timeline to achieve their goal.