This essay is concerned with an evaluation of the mission and vision statements of the ING Bank. What does the "best bank" do and are mission and/or vision statements related to the strategy and success?
"The World's Best Banks: ING And Citibank Lead The Way", is the title of an article published in the Forbes magazine in March 2019. The author cites ING`s Head of global retail banking, Ignacio Juliá Vilar, with the following: “The mission of ING is for our customers to stay a step ahead in life and business,” Since she read this article the author knew that she wanted to find out more about ING´s mission and how it is related to the success of the bank.
Therefore, this assignment will start with the general introduction and the definition of mission and visions statement. To make this topic more explicit we will investigate the mission and the vision statements of ING Bank more closely. The interpretation in 3.2 Evaluation of ING´s mission and vision statements of the mission and vision statement are done freely without any insight information, only public available sources were used here. It follows that interpretation can differ from ING´s actual interpretation. Next to that a summary of the current banking environment will be given to complete the challenges and opportunities for the bank. To bring mission and vision statement together with strategy the Balances Scorecard developed by Robert S. Kaplan and David P. Norton will be introduced. It will be used as a tool to translate mission and vision into goals and actions. Next to that the Balances Scorecard extends the financial perspective with the customer, the internal business processes and the learning and growth perspective to measure and manage the tangible and intangible assets of the bank.
Table of Contents
- Introduction
- Mission and vision statements
- Mission statement
- Vision statement
- Practical example: ING Bank
- Disruptive change in the banking environment
- Evaluation of ING's mission and vision statements
- Interpretation of the mission statement
- Interpretation of the vision statement
- Using the Balanced Scorecard and the translation of mission, vision and strategy
- Conclusion
Objectives and Key Themes
This study aims to evaluate the effectiveness of mission and vision statements within an organization, analyzing both the opportunities and risks associated with them. It uses a practical example to illustrate the application of these concepts.
- The importance of clearly defined mission and vision statements.
- The impact of disruptive change on organizational strategies.
- Methods for evaluating the effectiveness of mission and vision statements.
- The application of the Balanced Scorecard framework to strategic planning.
- Analysis of a real-world example (ING Bank) to illustrate these concepts.
Chapter Summaries
Introduction: This introductory chapter sets the stage for the subsequent analysis of mission and vision statements, outlining the importance of these elements in organizational strategy and highlighting the need for a critical evaluation of their effectiveness. It likely introduces the scope and methodology of the study, foreshadowing the practical example of ING Bank used throughout the work. The chapter will establish the context for understanding the opportunities and risks associated with crafting and implementing effective mission and vision statements.
Mission and vision statements: This chapter provides a foundational understanding of mission and vision statements. It defines each term, distinguishing between their purposes and components. The section likely explores the ideal characteristics of effective mission and vision statements and discusses how these statements contribute to overall strategic alignment within an organization. The chapter may include examples of well-written statements, contrasting them with less effective ones, highlighting the key distinctions and impact of clarity and focus. This lays the groundwork for the practical application in the following chapters.
Practical example: ING Bank: This chapter delves into a case study of ING Bank, analyzing its mission and vision statements within the context of the disruptive changes affecting the banking industry. It likely evaluates the effectiveness of ING's statements, assessing their alignment with the bank's strategic goals and their ability to guide decision-making. The analysis might incorporate a framework like the Balanced Scorecard to provide a structured approach to evaluating the strategic fit and overall effectiveness of the statements in driving organizational performance and success. This chapter serves as a practical demonstration of the concepts introduced earlier.
Keywords
Mission statement, vision statement, strategic management, organizational strategy, Balanced Scorecard, ING Bank, disruptive change, banking industry, performance evaluation, strategic alignment.
Frequently Asked Questions: A Comprehensive Language Preview
What is the purpose of this document?
This document provides a comprehensive preview of a language study, including the table of contents, objectives, key themes, chapter summaries, and keywords. It offers a structured overview to facilitate understanding of the study's scope and content.
What topics are covered in this language study?
The study focuses on mission and vision statements within organizations. It explores their importance, the impact of disruptive change on organizational strategies, methods for evaluating their effectiveness, and the application of the Balanced Scorecard framework. A case study of ING Bank illustrates these concepts.
What are the key themes explored in the study?
Key themes include the importance of clearly defined mission and vision statements; the impact of disruptive change on organizational strategies; methods for evaluating mission and vision statement effectiveness; the application of the Balanced Scorecard; and a real-world analysis of ING Bank's mission and vision statements.
What is the structure of the study?
The study is structured into several chapters: an introduction, a chapter defining mission and vision statements, a case study of ING Bank analyzing its mission and vision statements within the context of disruptive changes in the banking industry, and a conclusion. Each chapter offers a detailed analysis related to the core themes.
How does the study utilize the ING Bank case study?
The ING Bank case study serves as a practical example to illustrate the application of concepts related to mission and vision statements, strategic management, and the impact of disruptive change. The study analyzes ING's mission and vision statements, assessing their alignment with strategic goals and effectiveness in guiding decision-making, potentially using the Balanced Scorecard framework.
What is the role of the Balanced Scorecard in this study?
The Balanced Scorecard framework is used as a tool to evaluate the effectiveness of mission and vision statements and to assess their alignment with the overall strategic goals of an organization. The case study on ING Bank likely utilizes this framework for a structured analysis of the bank's strategic performance.
What are the key takeaways from the chapter summaries?
The introduction establishes the context and methodology. The chapter on mission and vision statements defines these terms and explores their ideal characteristics. The ING Bank case study demonstrates practical application and analysis using frameworks like the Balanced Scorecard. The overall takeaway emphasizes the importance of well-defined mission and vision statements for effective strategic management, particularly in the face of disruptive change.
What are the keywords associated with this study?
Keywords include: Mission statement, vision statement, strategic management, organizational strategy, Balanced Scorecard, ING Bank, disruptive change, banking industry, performance evaluation, and strategic alignment.
What is the intended audience for this study?
The intended audience is likely academic, focusing on those interested in strategic management, organizational strategy, and the application of frameworks like the Balanced Scorecard. The case study approach makes it relevant to business students and practitioners as well.
- Quote paper
- Samantha Kim Schönhaber (Author), 2020, Mission and Vision Statements in an Organization. The Case of the ING Bank, Munich, GRIN Verlag, https://www.grin.com/document/932705
