Hershey's Mission: Nurturing Strategic Objectives

Introduction

The Hershey's company, a renowned name in the chocolate industry, encapsulates its purpose through a concise yet impactful mission statement: "Bringing sweet moments of Hershey happiness to the world every day." In this essay, we delve into the components of Hershey's mission statement, exploring its relevance to the business world and its strategic objectives for the future.

The Components of a Mission Statement

Comprehending a mission statement involves dissecting its nine crucial components, encompassing Customers, Products/Services, Geographic Markets, Technology, Concern for Survival, Philosophy, Public Image, Employees, and Distinctive Competence.

A mission statement serves as a compass for a company, guiding its actions and delineating its identity.

At its core, a mission statement should elucidate the function of the business. Hershey's succinctly achieves this by expressing its dedication to bringing happiness through its iconic chocolate products. Yet, a more elaborate statement could detail specific aspects, such as providing high-quality confectionery delights and fostering delightful moments for consumers worldwide.

The Significance of Target Market and Company Values

Effectiveness in mission statements hinges on the articulation of the target market.

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Whether it be retail hardware stores for a nuts and bolts manufacturer or an entire country for a magazine company, defining the region of service is vital. Furthermore, articulating company values in a mission statement fosters transparency and aligns employees with the principles upheld. For Hershey's, values like customer service, efficiency, and an eco-conscious approach could find explicit mention.

Additionally, for technology-centric businesses, elucidating the essential technology employed becomes imperative. A mission statement acts as a beacon for purchasing decisions, directing the company towards the most fitting vendors.

Every mission statement should encapsulate the company's stance on employee relations, offering a succinct portrayal of the company's policies.

Strategic Objectives and Critique of Hershey's Approach

Effective mission statements go beyond mere declarations; they encompass a brief description of the business's strategic position in the market. Hershey's objectives, as outlined, revolve around promoting the health benefits of its chocolate, altering consumer mindsets, and increasing product awareness and sales.

However, a critical analysis employing the SMART criteria (Specific, Measurable, Attainable, Responsible person, Time-specific) reveals some gaps. Hershey's falls short in specificity, leaving goals vaguely defined. Measurable goals are imperative for management planning, and here Hershey's could enhance its articulation. While the goals are undoubtedly ambitious, ensuring they are attainable and assigning responsibility for their execution is essential. A more precise allocation of responsibilities would strengthen Hershey's strategic approach. Furthermore, incorporating a time-specific dimension would add a crucial element of urgency and direction to the objectives.

Let's delve deeper into each aspect of the SMART criteria to provide a comprehensive critique:

Specificity:

Hershey's objectives lack specificity, which is crucial for outlining the details of each goal. For instance, the mission to promote the health benefits of Hershey Chocolate could be more explicit. How does Hershey plan to convey this message? What specific health benefits are they emphasizing? Answering these questions would render the objectives more concrete and actionable.

Measurability:

Measurable goals are imperative for gauging progress and success. Hershey's could benefit from quantifying its objectives. For instance, specifying the percentage increase in consumer perception regarding the health benefits or setting a target for sales growth would introduce measurable elements to the objectives.

Attainability:

While ambition is commendable, goals must be realistic to be attainable. Hershey's should ensure that the objectives align with market realities and the company's current capabilities. Unrealistic goals can lead to frustration and ineffectiveness in the long run.

Responsible Person:

Assigning responsibility is crucial for successful goal implementation. Hershey's should clearly designate individuals or departments responsible for each objective. This clarity ensures accountability and facilitates effective collaboration within the organization.

Time-specific:

Adding a time-specific dimension to the objectives is essential for creating a sense of urgency and providing a clear timeline for accomplishment. Hershey's should outline when it expects to achieve each goal, fostering a more structured and goal-oriented approach.

Hershey's Strategic Backup Plan

Undoubtedly, Hershey's has crafted a strategic backup plan to complement its objectives. This plan encompasses entering new markets globally, producing new products, expanding through joint ventures and mergers, supporting environmental and social projects, deploying promotional materials for increased sales, and venturing into the domain of healthy chocolates.

Each of these strategies reflects Hershey's commitment to growth, diversification, and societal responsibility. The expansion into international markets, coupled with the introduction of new products, underscores Hershey's global ambitions. Moreover, the emphasis on environmental and social initiatives aligns with contemporary expectations of corporate responsibility, further enhancing Hershey's public image.

Conclusion: Savoring Success and Nurturing Growth

In conclusion, Hershey's mission statement encapsulates the essence of spreading joy through its sweet creations. A more nuanced and detailed mission statement could amplify its impact. The strategic objectives, while ambitious, require refinement in terms of specificity, measurability, and time-specific attributes. However, Hershey's strategic backup plan presents a comprehensive approach, reflecting the company's commitment to innovation, global expansion, and responsible business practices.

As Hershey's continues to navigate the dynamic landscape of the chocolate industry, refining its mission statement and objectives will undoubtedly contribute to sustained success and the cultivation of sweet moments for generations to come.