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Mission and Vision Statements

Submit a 750 words essay on the topic : Formulating and Developing Long term objectives.Furthermore, it will critically analyze the criteria to revise the existing vision statement.Hewlett Packard (HP) is a leading multinational information technology corporation&nbsp.that not only produces&nbsp.hardware&nbsp.and&nbsp.software but also&nbsp.provide a range of&nbsp.services to its customers. It is headquartered in Palto Alto, California, United States. However, the company is facing challenges from regional and international information technology manufacturers. According to Gartner, HP is facing tough competition from a Chinese IT manufacturing company, Lenovo since 2007.A vision statement elaborates the future prospect of the organization, where the organization pictures its self in the future, setting direction of the organization (Hill, Jones, & Schilling, 2014). On the other hand, the mission illustrates the current direction of the organization by describing the purpose of the organization. The vision and mission statement mainly focuses on the distinct features of the organization that makes the firm unique and defines competitive advantages of the organization. It also describes the identity of the organization that differs it&nbsp.from the competitors in the industry. However, HP does not have any official mission statement as it mainly states as “HP’s way.” Perhaps, the vision of the HP is based on its diversity as a key driver for its success that allows the organization to sustain its competitive edge in the industry. The company is focused to put all the difference prevailing across the globe in its business operation to fulfill customer’s demand (Peng, 2013). The core values and future prospect of the organization is focused to incorporate ‘diversity’ in its operations. HP defines its vision as&nbsp.follows.“We believe diversity is a key driver of our success. Putting all our differences to work across the world is

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