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An Analysis of Mission Statement of Pakistani Commercial (Scheduled) Banks Using a Nine Points Scale Approach of Fred R. David

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An Analysis of Mission Statement of Pakistani Commercial (Scheduled) Banks Using a Nine Points Scale Approach of Fred R. David ijcrb.webs.com JUNE 2012 INTERDISCIPLINARY JOURNAL OF CONTEMPORARY RESEARCH IN BUSINESS VOL 4, NO 2 An Analysis of Mission Statement of Pakistani Commercial (Scheduled) banks Using A Nine Points Scale approach of Fred R. David Muhammad Farrukh Moin 1, Ahsan Ali 2, Ali Nawaz Khan 3 M.S. Students, Department of Business Administration, Federal Urdu University of Arts, Science, and Technology, Islamabad Campus, Pakistan. Abstract = Objective The objective of this study was to make a comparative analysis of the mission statement of all the scheduled banks operating in Pakistan, in order to visualize the quality of its mission statement using a Nine Point Scale model given by Fred R. David. Methodology Publication of Sate Bank of Pakistan (SBP) (December, 2011) informs that 44 scheduled banks were operating in Pakistan till the closing of December 2011, out of them 22 were domestic private Pakistani banks, that means (50%) of the population. A number of 21 domestic private Pakistani banks were used as a convenient sample to make analysis in this study. Data needed to make comparative analysis of mission statement were collected from annual reports of (2010 and 2011) and websites of these private banks. Limitation This study was limited to the local private banks operating in Pakistan. Thus, it may lack high Generalisability. Researchers may expand the spectrum of study by investigating other types of banks operating in Pakistan. Findings Overall, the score card of mission statement of (scheduled) banking setups in Pakistan were found above the average score card of mission statement. Banks were more focused on customers and concern for survival, growth and profitability rather market, technology, employees and self concept. Keywords: Mission statement, Scheduled Banks, Pakistan. 1. INTRODUCTION Business can be defined as a social unit. Today, business is more publicly observable and society also curious to get news’s of the movement of business. But, new social structure presents business with complex problem which were not in past (Hossain, 2004). “A business is not defined by its name, statutes, or articles of incorporation. It is defined by the business mission. Only a clear definition of mission and purpose of the organization makes possible clear and realistic business objectives” Peter Drucker (1973, & 1974, as cited in Ahmed, 2010; Biswas, Chowdhury, & Das, 2007; Hossain, 2004; Meraj, Hossain, I., Shahezaman, Akter, & Hossain, S., 2011). Mission articulates the business of the organization, for example, a production of products is manufacturer’s mission. Similarly to deliver education at local level is an institution’s mission (Hossain, 2004). Desmidt and Prinzie (2009) narrate that most of the organizations in both public and non earning setups are in believe that articulating a formal mission statement will give them edge in their position. Meraj et al. (2011) believe that Mission of the firm should be articulated to the stake holders and it can be best done via mission statement. Hossain (2004) defines mission statement as unique, clear and well written statement that articulate the mission to different parties (stake holders and shareholders) connected to an organization. COPY RIGHT © 2012 Institute of Interdisciplinary Business Research 102 ijcrb.webs.com JUNE 2012 INTERDISCIPLINARY JOURNAL OF CONTEMPORARY RESEARCH IN BUSINESS VOL 4, NO 2 Mission statement is the rationale for its existence (Desmidt & Prinzie, 2009; Meraj et al., 2011).Thus it gives idea of what does the firm want and whom it likely to facilitate (Meraj et al., 2011). Mission statement is an instrument that articulates business; target the market of the firm, and acts as force or mixture that joins different standards (Biswas et al., 2007). A corporate mission is more than good intent and fine thoughts. It sets the standard for the whole business so that organization can be flourished, Prosperous and achieve its outcomes (Hossain, 2004). “Corporate mission statements .... are the operational, ethical, and Financial guiding lights of companies. They are not simply mottoes or slogans; they articulate the goals, dreams, behavior, culture, and strategies of companies” (Jones and Kahaner, 1996: ix as cited in Ahmed, 2010; Biswas et al., 2007; Meraj et al., 2011). Ahmed (2010) writes mission statements can be observed all over the place in recent years. Biswas et al. (2007) feel various organizations hold mission statement that can not be shared at large possible reason may be setting the standard that are unrealistic and not a part of organizational traditions. Just articulating a mission does not directly lead to significant financial betterment. Mission statements are stated to articulate essential features as well as to get it. Thus, narrates the actual soul of an organization and serves as knowledge composition. For them, many scholars of public management feel that a significant and un-ambiguous mission is favorable for value (Desmidt & Prinzie, 2009). In order for an organization to do and go well mission statement is vital (Ahmed, 2010; Biswas et al., 2007). It can be expressed in different medium like internal reports, annual reports etc. (Hossain, 2004). But it can be varied in terms of wording, arrangement and lengthwise measurement, from organization to organization. Mission statement can lead to profits and raise shareholders value (Biswas et al., 2007; Hossain, 2004; Meraj et al., 2011). Generally the main source of business disturbance and breakdown is lack of proper thoughts on mission and purpose of business (Hossain, 2004). Biswas et al. (2007) claim that mission statement helps and guides in finalizing lower level objectives. Mission statement is amongst the most essential building block of organization. Large Corporations, small businesses and non profit organizations can also get benefit by expressing mission statement. Small businesses can grasp their vision through mission statement. Desmidt and Prinzie (2009) narrates mission statement should disclose the “strategic blue print” of the setup and serves as base for several management applications. And directs the bosses and ensures effectiveness of resource management practices. It has become a vital means, for communication visibly, to display organization’s dedication and sincerity. Thus, mission statement resultantly provides subsequent benefits such as: Translates the path and rationale of firm: The stakeholders and shareholders get informed by the path of organization, for smaller and longer tenure. COPY RIGHT © 2012 Institute of Interdisciplinary Business Research 103 ijcrb.webs.com JUNE 2012 INTERDISCIPLINARY JOURNAL OF CONTEMPORARY RESEARCH IN BUSINESS VOL 4, NO 2 Sets the boundary line: Serves as boundary line while taking any decision like to pursue un-realistic objectives. Helps in decision making: It can be served as standard for decision making like in unforeseen situation to keep the organization on right path. Encourages and induce workers: It helps the workers to make sure that organization’s commitment is upfront in each case (Ahmed, 2010; Biswas et al., 2007). 1.1 COMPONENTS OF MISSION STATEMENT Fred R. David (1999, 2003 as cited in Ahmed, 2010; Biswas et al., 2007; Hossain, 2004; Meraj et al., 2011) suggests that a valuable mission statement demonstrates nine components: i. Customer: This content carries information regarding customers. ii. Products or Services: This part carries information regarding products and services. iii. Markets: Area, locations, and boundaries where the firm wants to flourish. iv. Technology: Is the firm using state of the art technology? v. Concern for survival, growth, and profitability: Is the organization committed in terms of financial success and future existence? vi. Philosophy: Describes the primary views, desires, and virtuous urgencies of the company. vii. Self-concept: What are the organization’s unique proficiencies or key competitive edges? viii. Concern for community perspectives: Is the firm committed to societal well-being? ix. Concern for personnel’s: Are workers considered as intellectual assets for the organization? Desmidt and Prinzie (2009) believe essence of mission statement may be not worthy because of its visualization in different styles. Thus individual ambiguity needs to be minimized by negotiating and collective approach to enhance and its understanding, right meanings at wider level. 1.2 MISSION STATEMENTS OF LOCAL/DOMESTIC PRIVATE BANKS OF PAKISTAN Allied Bank Limited In Annual Report (2011) of Allied Bank Limited, Mission Statement suggests to: Deliver enhanced services to our clients. Deliver state of the art technological outcomes to fulfill clients’ demands. Form ongoing significance through development, proficiency and multiplicity for the stakeholders. Deliver a stimulating Work setting and return, devoted group partners on the basis of their skills, efficiency and productivity. Perform an active role in facilitating to the public This Bank gets an Individual Score of 5 points (see table 01) out of scale of nine points. COPY RIGHT © 2012 Institute of Interdisciplinary Business Research 104 ijcrb.webs.com JUNE 2012 INTERDISCIPLINARY JOURNAL OF CONTEMPORARY RESEARCH IN BUSINESS VOL 4, NO 2 Al Baraka Bank (Pakistan) Limited Mission Statement of Al Baraka Bank (Pakistan) Limited at its website suggests to: Encounter the economic requirements of societies of global village by accompanying business morally according to rules of Sharia, maintain the high standards of performance and incorporating the
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