An analysis of organizational vision and mission statements with a focus on Eastman Chemical Company

Abstract

This work examines the purpose, construction, and identification of stakeholders in organizational vision and mission statements. This work also reviews differing views on the governing objectives of publicly held companies and concludes that the objective of maximizing shareholder value, while acting responsibly toward all the other stakeholders, provides the best opportunity for providing long-term value to all The Eastman Chemical Company vision, "to be the world's preferred chemical company", and the mission, ''to create superior value for customers, employees, investors, suppliers, and publics", are closely examined. Value creation, from each stakeholder's point of view, is evaluated, including the view of the employee investor. At Eastman, all employees have some equity ownership in the company. The thesis concludes that the Eastman vision and mission are both realistic and achievable, albeit difficult. Success will depend on effectively aligning the decisions and actions of the workforce to the vision and mission. Creating value for the various stakeholders requires that the value drivers for each is understood and that tensions among stakeholders be anticipated and managed. The ability to pick up on and act on "early warning signals" that threaten the firm's core capabilities, its competitiveness, and stakeholder satisfaction are critical for success.