INTRODUCTION
The objective of this paper is to evaluate and explain the importance of mission and statement, and values in determining the direction for the business in forthcoming years. In order to do so, this paper proposes a mission statement for the business by taking into consideration a variety of factors that are essential for growth of the business. The vision statement, on the other hand, helps in the deciding the future of the business. By taking into account the importance of vision statement, this paper focuses highly on developing a vision statement to define the strategic path and direction of the business in upcoming years. Along with the vision and mission statement, the guiding principles for the business have also been defined within this paper. The values of the business tend to focus highly on the topic of culture, social responsibility and ethics. The three factors (i.e. vision, mission and values) that help in determining the strategic direction have also been analyzed within this research study. Lastly, the paper tends to evaluate the achievement of competitive advantage through addressing the needs of the customers.
DUNKIN’ DONUT
It all started in 1950 when William Rosenberg opened the first store in Quincy Massachusetts. Dunkin’ Donut started expanding in the region through franchising. The first franchise was signed in the year 1955 in Worcester. With the passage of time, Dunkin’ Donut witnessed significant growth through franchising (Dunkin’ Donut, 2012b).
Dunkin’ Donut is one of the world’s leading franchiser of quick service restaurants (QSR) that serves its customers with hot and cold coffee instantly along with baked items, as well as ice cream. Being a dominant player in the market, Dunkin’ Donut has established over 17,400 distribution points in 55 countries. This is the prominent reason for such strong awareness in the market regarding Dunkin’ Donuts offering. Some of the most prominent offerings of Dunkin’ Donut include coffee, donut, bagel, muffin, along with breakfast category items (Dunkin’ Donut, 2012a).
MISSION STATEMENT OF DUNKIN’ DONUT
The mission statement of Dunkin’ Donut was laid down by the founder in the earlier years of the foundation. The original mission statement of the company was “to provide the customers with variety of hot and cold coffee along with donuts in a well established and modern store”.
But with the passage of time, the company revised its mission statement. The current mission statement of Dunkin’ Donut is “to strive to provide the customers with high quality donuts along with other bakery products and beverages to meet the constantly changing needs of the customers in the metropolitan market catered by the company” (Facebook, 2013).
The products and services offered by Dunkin’ Donuts are differentiated on the basis of freshness and quality. Dunkin’ Donut tends to provide its customers with experience through its delicious and tasty donuts, bagels along with high-quality hot and cold coffee and tea.
VISION STATEMENT OF DUNKIN’ DONUT
Dunkin’ Donut operates in a highly competitive market. The strategic direction of Dunkin’ Donut can be witnessed through its vision statement. The vision indicates that “the company aims to provide its customers with high-quality donuts along with fresh bakery and beverages to be recognized as a dominant player in the market”.
With the changes in time, Dunkin’ Donut has revised its vision into global vision. Dunkin’ Donut now plans for the future growth to meet the needs of the customers in different countries. Some of the prominent countries that Dunkin’ Donut aims to cater include India, Vietnam and California through rapid opening of stores (Dunkin’ Donut, 2012a).
GUIDING PRINCIPLES AND VALUES AT DUNKIN’ DONUT
Dunkin’ Donut aims to become a dominant player in the worldwide market due to which utmost attention is given to the core values and principles. Some of the guiding principles and values that are acknowledged to be the core reason for the success of Dunkin’ Donut are as follows:
- Core Values
The dominant core values that fuel the growth and success of Dunkin’ Donut are as follows;
- Honesty
Dunkin’ Donut embraces the truth and holds significant importance for those that are honest with the organization and to them (Dunkin’ Donut, 2012a).
- Transparency
Despite operating in a highly competitive market, Dunkin’ Donut tends to demonstrate openness to gain acceptance from the customers as well as the important stakeholders (Dunkin’ Donut, 2012a).
- Humility
Accepting and acknowledging the mistakes in front of the target audience while promising to avoid such mistakes and failures in the forthcoming years have significantly helped Dunkin’ Donut to achieve its desired goals and objectives (Dunkin’ Donut, 2012a).
- Integrity
The company promotes the idea of integrity within the organization. The employees are constantly motivated to say what they want and then fulfill their words.
- Respectfulness
The organizational culture at Dunkin’ Donut promotes and encourages diversity within the organization while honoring the dignity and respecting others (Dunkin’ Donut, 2012a).
- Fairness
Doing the right thing no matter the cost is one of the driving factors of Dunkin’ Donut. The company tends to focus highly on doing the right thing at the right time for the right people (Dunkin’ Donut, 2012a).
- Responsibility
Being a corporate citizen, Dunkin’ Donut holds itself accountable to the community in which it operates.
- Core Guiding Principles
The guiding principles that allow Dunkin’ Donut to remain in the right direction are as follows;
- Leadership
Leadership at Dunkin’ Donut has always considered them to be responsible for the success of the organization. In addition, the leaders at Dunkin’ Donut are inclined to take responsibility to arouse motivation and passion among the employees to fuel the growth and success of the organization in every market it operates in (Dunkin’ Donut, 2012a).
- Innovation
Innovation has always been the heart and soul of Dunkin’ Donut. Through innovative ideas and processes, the organization has always been inclined towards the achievement of excellence in everything Dunkin’ Donut does. Product and process improvement is a prominent example of innovation at work at Dunkin’ Donut.
- Execution
Dunkin’ Donut holds itself accountable for its actions rather than blaming others for its failures. Dunkin’ Donut is a family that takes immediate responsibility for its success as well as failures.
- Social Stewardship
Dunkin’ Donut is a cultural hub. Being a good corporate citizen, the company strictly follows the rules and regulations laid down by the government. In addition, the company acknowledges the importance of giving the community back. This is the prominent reason that Dunkin’ Donut has worked day and night for the improvement of the community and the society in which it operates (Riley, 2013).
- Fun
Dunkin’ Donut considers its failure as an opportunity to learn wisely with an aim to eliminate the mistake in the forthcoming days. Taking the challenge head-on is one of the specialties of Dunkin’ Donut. Every challenge provides the company with an opportunity to enhance their knowledge due to which every challenge is approached with enthusiasm, commitment and energy.
- Coaching and Support
Coaching and support is one of the prominent guiding principles at Dunkin’ Donut. The success of the company relies on the success of the wholly-owned stores and franchisee due to which Dunkin’ Donut provides its franchisees with continuous coaching and support to enhance their performance and productivity.
STRATEGIC DIRECTION OF DUNKIN’ DONUT
Dunkin’ Donut has consistently provided its customers with fresh and high-quality products to satisfy their needs from time to time. Freshness and quality has always been the spotlight for Dunkin’ Donut to engage and attract potential customers, while the product diversification allowed the company to retain its existing loyal customers.
This reflects that the vision, mission and guiding principles of the company are constantly fueling the growth and success of Dunkin’ Donut. For instance, the superior focus on becoming the dominant player in the international market is constantly encouraging the company to enhance its expansion in the international market. This is one of the reasons that the company aims to expand its operations in 3 countries simultaneously. On the other hand, the mission along with the vision and guiding principles of Dunkin’ Donut has constantly helped the organization to remain committed to its long-term plans rather than short-term plans (Dunkin’ Donut, 2012a).
The commitment towards the society has provided Dunkin’ Donut with a sense of direction. Being a corporate citizen, the company has constantly focused on the development of the community along with the development of its internal and external resources.
This reflects that the source of strategic direction has always been the mission, vision and guiding principles at Dunkin’ Donut. The overall success and the outstanding growth in the prior years have been due to the utmost dedication and commitment of Dunkin’ Donut towards its core values and principles.
ACHIEVING COMPETITIVE ADVANTAGE
Analyzing the needs of the customers in the market is one of the specialties of Dunkin’ Donut. Despite the rising competition, Dunkin’ Donut focuses highly on meeting the needs of the customers through product innovation rather than focusing on the competitors.
Relationship marketing at Dunkin’ Donut has been the core strength of the organization for the achievement of overall organizational goals. In addition, the marvelous relationship skills at Dunkin’ Donut have provided the organization with an opportunity to strengthen its competitive edge in the market over others. As a result, the organization has always been provided with diverse loyal customers in the market.
The use of internet and social media website such as Twitter, Facebook and Youtube has always been an added advantage for the organization. Through such social media websites, Dunkin’ Donut creates a dialogue between its customers and provides them with continuous feedback regarding how great the company’s products are. Through the crucial information gained from continuous interaction, Dunkin’ Donut modifies its products to provide the customers with new products from time to time. This significantly helps in the addition of creative advantage.
The proactive approach used by Dunkin’ Donut over the years has allowed the organization to take the competition head-on. For instance, Dunkin’ Donut has taken its fiercest rival; Starbucks, head-on due to its unrivalled competitive advantage.
CONCLUSION
Vision and mission statement of an organization along with the core values and guiding principles play an essential role in the success and performance of the organization. In the case of Dunkin’ Donut, all the factors played an essential role not only in the success of the organization but also in the creation of additional competitive advantage. In addition, it provided Dunkin’ Donut with an ability to stay on track while expanding in the local and international market to enhance its market share. The performance of the company is totally dependent on the mission, vision and guiding principles as these factors fuel the success within an organization.
References
Dunkin’ Donut. (2012a). Annual Report. Retrieved September 16, 2013 from http://files.shareholder.com/downloads/ABEA-68SCR9/2556218952x0x650114/408603D0-6E62-422F-AB40-3A7C89686005/DNKN_2012_Annual_Report_Final_.pdf
Dunkin’ Donut. (2012b). Dunkin' Donuts. Retrieved September 16, 2013 from http://news.dunkinbrands.com/Content/Detail.aspx?ReleaseID=190&NewsAreaID=29&ClientID=3
Facebook. (2013). Dunkin Donuts Mission Statement. Retrieved September 16, 2013 from https://www.facebook.com/DunkinDonutPerth/posts/402775753116108
Riley, C. (2013). Dunkin’ Brands Publishes 2012 Corporate Social Responsibility Report: Focused on Sustainable Solutions. Dunkin Donuts, Retrieved September 16, 2013 from http://www.dunkindonuts.com/DDBlog/2013/06/dunkin_brands_publi.html#sthash.IgawapCK.8iMpILix.dpuf
