Kaufmann JCPENNEY.docx – Strategic Management

Kaufmann JCPENNEY.docx – Strategic Management

Introduction

The purpose of this paper is to analyze the mission and vision statements of J.C. Penney Corpora±on and the company’s strategic direc±on.

Elements of a Mission and Vision Statement

A good mission or vision statement can and will vary in their content, length, and content. They will be very specific or slightly vague. To be effective, a mission or vision statement should be broad and not excessively specific. They should evoke feelings and emotions that are positive and motivate readers to take action. A good mission or vision statement will also give the impression that the company is worthy of time, support and investment, is successful, and has direction. [ CITATION Cha15 \l 1033 ]

J.C. Penney Corporation Mission and Vision Statements

J.C. Penney Corporation, founded by James Cash Penney in 1902, opened their first store with the mission statement of “Do unto others as you would have others do unto you”, a mission statement that was used as guidance as long as Penney was involved in his business. Today, the J.C. Penney Corporation has expanded on that mission statement, culminating in eight “Winning Together Principles that are the guiding principles defining how J.C. Penney employees are expected to work together in order to achieve performance superiority. [ CITATION Bar15 \l 1033 ] The eight “Winning Together Principles” are outlined as follows: Associates – We value, develop, and reward the contributions and talents of all associates. Integrity – We act only with the highest ethical standards
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K a u f m a n n | 1 Performance – We provide coaching and feedback to perform at the highest level. Recognition – We celebrate the achievements of others. Teamwork – We win together through leadership, collaboration, open and honest communication, and respect. Innovation – We encourage creative thinking and intelligent risk taking. Community – We care about and are involved in our communities. *”Winning Together Principles” quoted from [ CITATION Bar15 \l 1033 ] J.C. Penney Corporation has a vision statement that reads, “J.C. Penney is executing a strategic Long Range Plan that consists of four integrated strategies aimed at building a deeper, more enduring relationship with our customers, increasing the engagement and retention of our Associates, and delivering industry leading financial performance to our shareholders.”[ CITATION JCP15 \l 1033 ]

Evaluation of the Mission and Vision Statements

In the first quarter of 2013, J.C. Penney Corporation suffered larger than anticipated losses of $348 Million after the reign of CEO Ron Johnson, and spent $72 million in charges to restructure the corporation and in ma……………………..