Future Trends of Human Resource Essay Example for Free

Future Trends of Human Resource Essay 1. Introduction What does the human resource information system look like in the future? It is hard to find an accurate answer for me. Every year, thousands of HRIS specialists trying to predict the future trends of HRIS and, of course, their prediction differ. However, despite of what prediction they had made, I think social media will play an important role in next few years. In this paper, I will try to discuss what social media means to human resource and discuss three major players in the fieldFacebook, LinkedIn and Twitter. 2. Social Network Site vs. HR According to the 2011 Kelly Services Global employees Index research, published by the famous human resource service organization Kelly Services, social network site is becoming the â€Å"edge tool† in the future workplace. According to the research, social network site (SNS) is changing the way of life and work. It expanded its function from only entertaining to boosting working efficiency and enhancing the success rate of job applying. The research shows that over 80% of workforce is using SNS every day, while over 60% of workforce considers it as a work booster. According to the research, a lot of employees think they can develop an instant synchronized â€Å"expert tank†, from which they can acquire relative knowledge, skill and experience, so that they will be support by experts wherever, whenever. They also regard SNS as a pipe cleaner of the networking. By using SNS, they can manage their networking just within few clicks. It is a cost efficiency and personalized way. In addition, they also use SNS to relieve work pressure. According to the research, SNS is now penetrating to the area of traditional recruiting. The advantage of it includes no limits of time and space, cost efficiency and high reliability. The research indicated that over 90% active job seekers are now using SNS at least once per week. It also indicated that job seekers who age below 25 are more willing to use SNS as a tool to find job, while who age over 35 are more possible to find a job by using it. The research suggests that company should pay attention to what SNS may change the future workplace. According to the research, the most common worries toward SNS are affecting productivity, occupying internet and threating the information security. It also report that there are a lot of companies are now start using SNS to recruit, manage market, promote public relation and guide career development by setting new policies and using latest antivirus technics. 3. Facebook Facebook is a SNS launched in February 2004, owned and operated by Facebook, Inc. By the time of October 2012, Facebook has over one billion active users, more than half of them using Facebook on a mobile device. According to the research, 23% of Facebook users check their account 5 times or more per day. By the time of May 2012, Facebook received more than 1.6 billion visits per week. There are over 1,000,000 links shared on Facebook every 20 minutes. If you regard Facebook merely as an entertaining SNS, you will be absolutely wrong. In the era of internet, Facebook is now developing different social platforms. It transforms its function from just connecting and entertaining people to job bank and social synergy. By Facebook recently launched job applying app â€Å"Jobvite†, people can find, refer, and match jobs to friends with Jobvite’s proprietary matching technology, providing better access to opportunities for job seekers and more quality hires for employers. Users can connect and apply to jobs completely within Facebook; and they can see their status in the hiring process at any time, creating a positive, transparent relationship for companies and candidates. By using another job applying app â€Å"jobandtalent†, users can discover and leverage their existing Facebook network to find job opportunities and stand out to top companies. Jobandtalent claimed that they are working with world top companies like Goldman Sachs, Deloitte and Google. The fact is that the data stored on Facebook not only including job relate area, but also including other areas, such as daily life. Employer can acquire 360-degree background information of candidates via Facebook. â€Å"It is easy to track record of candidates on Facebook. These records may imply personal interests, personality and other attributes† Said an HR specialist, â€Å"Traditional resumes are monotonous, like masks, but these records are alive and we can totally tell a difference.† It is not surprisingly true. Tell me if I wrong, if the records of a candidate show that he use the â€Å"f† word all the time, dare you or dare you not hire him? Job applicants like him will lose his opportunity from the beginning. Facebook is now challenging LinkedIn by this advantage. According to the survey conducted by Bureau of Labor Statistics, almost half of companies are now using Facebook in their recruitment process, such as Boeing and Dell. They use Facebook not only for job posting, but also for background investigation. However, research shows that there are different between social media behavior and real life behavior. It is to be studied whether it is reliable to investigate candidates via SNS. 4. LinkedIn LinkedIn is a SNS for professional people. Launched on May 5th, 2003, it is mainly used for professional networking. By the time of June 2012, LinkedIn reports more than 175,000,000 users in more than 200 countries. Monster is one of three largest job posting web site, however, its financial report showed a significant decline in business revenue. According to the market analyst, because of the blooming of LinkedIn, companies like Monster are losing market share in a large scale. Just like Facebook, LinkedIn founded upon the theory of Six Degrees of Separation. Also it was not designed for recruiting; LinkedIn became the major way to recruit in the U.S. by the time of 2006 and achieve profitability. LinkedIn is known as its high accurate matching rate. It can even â€Å"push† eligible candidates to employers by preset standard. According to the co-founder Reid Hoffman, it is more and more important for people to utilize their networking in the future. If you want to change you r job every two or three years, you have to maintain your networking to find new opportunities. SNS is the easiest way to do it. You don’t have to make call after call and desperate to find topic to cottoning up, you don’t have to visit people with gifts door after door. The only thing you have to do is just within few clicks, and you can make connection with people you want to. In his opinion, the value of LinkedIn is â€Å"concentrate in the value moment†. Also Facebook has more user base and more stickiness; it is not safe to say that LinkedIn is losing the game. The orientation of these two web-sites is different. The business scope of Facebook is wide and the â€Å"killer app† of it is social game and â€Å"Share†, while LinkedIn concentrate in professional occupations. In a way, the overlap of these two web-sites is small. People regard Facebook as â€Å"individual† and LinkedIn as â€Å"professional†. Compare to strong interaction of Facebook, LinkedIn is not that strong. However, this weak interaction as â€Å"professional community† is where it value lies. For the user of LinkedIn, log in every day and post threats is meaningless and way far from the identity of professional, it will only imply that you are not in the working status. In other word, user stickiness makes little sense for LinkedIn. In addition, compared to Facebook, LinkedIn is a real-name, high quality user concentrated SNS. In other word, the user group is rich and high-educated middle-aged professions. This user group is known as high business value. According to the statistics from Quantcast, in the United States, the proportion of user over 35 is over 70%, the proportion of user with bachelor or above education is over 75% and the proportion of user with over $100,000 incomes is over 39%, compared to Facebook with only 32%, 53% and 32% (Chart 1). Chart1 Demographic Analysis of Facebook and LinkedIn What’s more, in business related area, LinkedIn is highly recognized than Facebook. According to a research conducted by Jobvite, in job applicants who are now using or will use SNS to find jobs, more than 95% indicate that they will choose LinkedIn. Only 59% chose Facebook and 42% chose Twitter. In people who already find a job by using SNS, 89% of them used LinkedIn, 28% used Facebook. To sum up, although Facebook is now challenging LinkedIn in professional SNS area, LinkedIn is still No.1 in the field. 5. Twitter Twitter is an online social networking service and micro blogging service that enables its users to send and read text-based messages of up to 140 characters, known as tweets. Launched in July, 2006, the service rapidly gained worldwide popularity. By the time of 2012, over 500,000,000 active users generating over 340,000,000 tweets per day and handling over 1,600,000,000 search queries per day. Twitter has been described as â€Å"the SMS of the Internet† Unlike Facebook and LinkedIn, Twitter has its own characteristics. Firstly, there is a limit of characters for each tweet. You can only send up to 140 characters in one tweet. This limit made information fragmented. This kind of fragmented information eliminated the time of reading, and by this elimination user can spread their thought more accurately and more efficiency. Secondly, you don’t have to get â€Å"approval† to follow somebody. This character makes Twitter more like a broadcasting station. Users could follow the Twitter of their favorite celebrity, brand and company to acquire latest trend. Likewise, the later will use Twitter to improve public relation to the target user group. Thirdly, most of user write and read tweets by using mobile devices. That means you will get first hand news via Twitter. An interesting statistic shows that within Twitter, Facebook and LinkedIn, Twitter has second largest influence of commercial both in B2B and B2C. Facebook has the largest influence of B2C commercial while LinkedIn has the largest influence of B2B commercial (Chart 2). Chart 2 Influences in Commercial For human resource, Twitter has two major functions. The first function is to use Twitter to improve company image. More and more companies now hiring Twitter specialist to manage company Twitter. The other is to recruit. Compare to Facebook and LinkedIn, Twitter is more cost saving, speedy and simple. According to William Fisher, the founder of job searching web site TwitJobSearch, there are more than 340,000 jobs posting in Twitter per month. TwitJobSearch release two appsJob-Deck and TweetDeck. Users can sort and find job posting related tweets by using these two apps. 6. Cites http://recruiting.jobvite.com/company/press-releases/2011/jobvite-launches-social-job-app-on-facebook-to-power-referral-hiring/ http://callcenterinfo.tmcnet.com/news/2011/10/03/5822750.htm

The March on Washington - August 28, 1963 Essay -- essays research pa

The March on Washington - August 28, 1963 One hundred years after the Emancipation Proclamation was written, African Americans were still fighting for equal rights in every day life. The first real success of this movement did not come until the Brown vs. Board of Education decision in 1954 which was followed by many boycotts and protests. The largest of these protests, the March on Washington, was held on August 28, 1963 â€Å"for jobs and freedom† (March on Washington 11). An incredible amount of preparation went into the event to accommodate the hundreds of thousands of people attending from around the nation and to deal with any potential incidents. According to the march organizers, the march would symbolize their demands of â€Å"the passage of the Kennedy Administration Civil Rights Legislation without compromise of filibuster,† integration of all public schools by the end of the year, a federal program to help the unemployed, and a Federal Fair Employment Act which would ban job discrimination (â€Å"The March on Washington† 11). In order for the march not to appear as a war of white versus black it had to be racially integrated so it looked like justice versus injustice. Some organizers wanted to call for massive acts of disobedience across America, but when the Urban League and the N.A.A.C.P. joined the organization of the march, they insisted against it. The march was originally going to be on Capitol Hill to influence congress, but because of a 1882 law against demonstrating there, they decided to march to the Lincoln Memorial and invite congress to meet them there, knowing that they would not. When planning the march, the organizers made sure that Washington D.C. was ready for anything so that the march could go on no matter the circumstances. Marchers were advised to bring raincoats, hats, sunglasses, plenty of water, and non-perishable food. To accommodate the expected 100,000 to 200,000 people, there were 292 outdoor toilets, 21 water fountains, 22 first aid stations, 40 doctors and 80 nurses along the march (â€Å"On the March† 17). The National Council of Churches made 80,000 boxed lunches for the marchers at 50 cents each. When the buses of people came to Washington D.C.’s outskirts, 5,600 cops and 4,000 army troops came to patrol the parade. People from around the country came by any means necessary to support the march. One man from Chicago began rol... ...und on the online database JSTOR by searching for â€Å"March on Washington† under African American studies, history, and political science. In addition to these articles, three were found simply by browsing through magazines written at the time of the march. Information about books written at the time was found by searching the appendices of book review indexes for topics related to the march. By looking around in the reference section for specialized encyclopedias, the African American Encyclopedia was located. Works Cited Book Review Digest 61 New York: The H.W. Wilson Company, (1965): 239. Dorman, Michael. We Shall Overcome. New York: Dial Press, 1965. â€Å"On the March.† Newsweek Sept. 1963: 17+. Nabrit, James M. Jr. â€Å"The Relative Progress and the Negro in the United States: Critical Summary and Evaluation.† Journal of Negro History 32.4 (1963): 507-516. JSTOR. U of Illinois Lib., Urbana. 11 Apr. 2004 Shaskolsky, Leon. â€Å"The Negro Protest Movement- Revolt or Reform?.† Phylon 29 (1963): 156-166. JSTOR. U of Illinois Lib., Urbana. 11 Apr. 2004 . â€Å"The March on Washington.† Time Magazine 30 Aug. 1963: 11+. â€Å"What the Marchers Really Want.† New York Times Magazine 25 Aug. 1963: 7.

Garbage and Recycling

One of the most pressing environmental issues facing the contemporary society is the issue of garbage. As much as the global population continues to rise, people have become more wasteful and the products of modern convenience such as plastics have rendered the earth a dumping ground for non biodegradable refuse. This problem crosses all international boaders and touches of all the world people. Although some specialists argue that recycling is not good and beneficial from an economic perspective, some people believe it will reduces the need for new landfills, creates job, saves energy, and conserves resources. Increasing in Population results an increase in waste which requires finding and buying more landfills to bury the increasing amount waste, and this is becoming a very serious problem in many areas around the world. The question is how can government find a place for the huge quantities of material where does not affect humans health. Every Canadian knows that Toronto has world-class garbage problems. A growing number of Torontonians feel uncomfortable about shipping garbage to distant landfill sites. Until 2010, our trash will continue to be shipped to Michigan, and then it will be dumped at a newly purchased landfill site near London, Ontario (News at U of T). But within the next four or five years, the city needs to choose more alternate method for dealing with residual wastes. Diseases from poisonous gases and micro-organisms in the air near garbage dumps and poisoning by polluted underground water and soil may result in serious health problems too. The UN Development Programme (UNDP) estimates that more than five million people die each year from diseases related to inadequate waste disposal systems. Therefore, Landfills are not seen as attractive additions to the neighborhood. Neighborhoods are concerned about not only health hazards but also noises, increased traffic, lowered property values, toxic gases and effluents, and all these problems mean for the government spending more money to overcome such problems, but recycling seems to be the only solution. Recycling can reduce some of these costs, and communities can even make money by selling certain recyclable materials (Lopez). Many people think that landfills and incinerators are more cost- ffective than recycling, but it is not true. Statistics show that when recycling programs are designed properly, they save at least as much money as landfills an incinerators would. A large percentage of waste that is brought to the landfills can be recycled or reused. By paying close attention to what we are putting in our garbage cans and recycling materials whenever possible we can increase the stream of goods produced by recycling rather than using up precious space and money in landfills. Recycling not only cut down our litter it can add to our growing economy by saving energy. Energy savings can be seen when most materials are recycled. One example of valuable energy savings is the recycling of aluminum cans. It takes 95 percent less energy to recycle an aluminum can than it does to make a new can from bauxite ore (denver). Plastic bags made from recycled polythene rather than virgin materials save two thirds of the energy required for production and reduce the water used by almost 90% , or recycling a single glass bottle can save enough energy to light a 100-watt light bulb for 4 hours (Thrope). According to the U. S. Environmental Protection Agency, in 2000, recycling resulted in an annual energy savings of at least 660 trillion BTUs, which equals the amount of energy used in 6 million households annually (Denver). Companies that make new products from recycled material use 30 percent less energy. That's because they don't have to process the raw materials from scratch. For example, a company in Cedar Rapids, Iowa, called Cedar River Paper makes cardboard boxes by recycling paper products from all over the Midwest. If Cedar River Paper didn’t use recycled materials, they'd use up a lot of a trees – and a lot of energy to cut them down, transport them hundreds of miles and grind them into paper pulp (Rinaldi). http://www. alliantenergykids. com/stellent2/groups/public/documents/pub/phk_ee_001509. hcsp Recycling generates significant economic benefits by creating jobs for communities. In fact, the Office of the Federal Environmental Executive estimates that recycling and remanufacturing industries account for approximately one million manufacturing jobs and more than $100 billion in revenue. As a matter in fact, the drive for efficient handling and use of recycled materials spurs innovation which is a key to long-term economic growth. Recycling is a very important step in slowing down and eventually stopping wasting of earth's natural resources. In other words, The less we concentrate on recycling, the more we will rely on use natural resources which will results in depletion of the world’s natural resources and the increase of garbage mass. By reusing materials and re-manufacturing them into new products we are reducing the amount of virgin natural resources that we need to use. . For example, for every ton of recycled paper that we use we can save 17 trees (denver),but unfortunately, paper and its derived products such as carton are now being recycled successfully everyday. Can you imagine that 44 million newspapers are thrown away every day in the United States. This is like throwing 500 000 trees into a landfill each week. The loss of natural resources affects animals too. Our landfills are taking over animal’s habitats and causing many species to become endangered. For example, Animals like black footed ferrets and prairie dogs are in danger of becoming extinct (Baron). We should think broadly because recycling has a large impact in our economy over the past few decades. Although recycling of wastes entail large hidden costs in collecting, sorting, and manufacturing, it can solve issues concerning landfills. When we recycle our waste products rather than throw them all in the garbage we save room in landfills. Recycling plants also create many more jobs than people would think. Recycling activities around the country promote community development while reducing the need for new landfills, preventing pollution, saving energy, and preserving natural resources. The economic value of clean air, water and land is significant, but difficult to quantify. Since recycling plays an important role in protecting these natural resources it must be attributed an economic value in this context, as well (Rinaldi).

Business Strategy Review Of Bonner Paints - Free Essay Example

Sample details Pages: 10 Words: 2872 Downloads: 9 Date added: 2017/06/26 Category Business Essay Type Analytical essay Did you like this example? Jim and Bill Bonner set up a medium size paint company named by Bonner paints. But they have about average sale during last several years and earning average profit for last several years. Now they want to get retirement from their business. Don’t waste time! Our writers will create an original "Business Strategy Review Of Bonner Paints" essay for you Create order They also have a good team for their business which is very loyal to their business and they want to sell their business to their senior managers Tony Edmunds working as sale and marketing manager, Vernon Smith working as the chief accountant and Roy Crawford is working as the production manager. Basically Boner paints produce high quality paints for their industrial customer by making more than 200 variety of the paint. But here the most important thing that should be consider is that Jim Boner has the basic chemical expertise relating the production field and always do some experiment and explore different formulas to make new paints. Bill has complementary sales skills and tried to enhance the sales of the company. That is main competitive advantage that the company has over its competitors. The main reasons of the failure of the Bonar paint are that the both brother who are the owner of the business they not do take any suggestion of the senior manager. And they mostly produce the paints according to the orders that is very risky business if they make the paints according to the markets need and trends they should not have to face such problems. Strategic Analysis Analysis is the current business standings, internal and external threats and advantages of the business. We have tried to use best of its available resources and analyze its business strategy by using different tools and techniques for micro and macro level of business standings Strategic analysis of a company can be done in different two ways Micro level Macro level For the Micro level we can use different tools like PESTEL Analysis etc. PESTEL Analysis PESTEL stands for Political, Economical, Social, Technological and Legal. Political, Legal and Economical factors do not affect the Bonner paints too much the most factors that can disturb the business of the Bonner paints are discussed below Political factors means how the government interferes in the business and what are the affects of the government new rules and regulations on the business. In this type of business the political factor does not disturb the growth and operations of the business. Only described rules and regulations should be followed. Legal issues also do not have directly relation to this business basic rule and regulations should be obeyed by the Bonner paint industry Environmental factor can disturb the Bonner paints business like that people may starts use the wall paper instead of the paints or while making the paints they should also take care of the extreme weather of the regions. Paint may spoiled by the weather and it also can emit some gases that are harmful for the human body and atmosphere as well. Boner paint industry can also be affected by the technical factor if there is suddenly the new technology introduced in the market. They should have to adopt the new and latest technology that is available in the market and always try to explore new techniques that can reduce the production cost and company can earn more profit. Social factor is most important factor that can also affect the business of the boner paints. In social factor we have to analyse either the society of the area is affected by the wastes of the business or not or it support and encourage the business or not. Porter Five Forces We can also use another tool to analyse the business but it is used for the macro level to analyse the business strategy. In porter five forces we have five different aspects that can be discussed to analyse the business strategy. New Competitors- There is always chances for the new entry of the same type of the business in the market. In case of Bonner paints there are many different brands available in the market and also chances of the new entry in the market. So new business owners must aware of this aspect while making the strategy for the business. They should have to maintain the standard level and introduce some unique formula that should be very hard and difficult to be copied. Substitutes- There are so many substitutes of the paints available in the markets for example instead of using the paint people can use wall papers. To overcome this threat Bonner paints should introduce some special and unique varieties of the paints and also maintain that standard. Buyer bargaining power Buyers create the increase or decrease trend in the demand of goods and services. The buyer bargain power is strong in the market. There are many other competitive businesses and substitutes available in the market. The Bonner Paints should improve their standards by providing better and low cost paint. Supplier Bargaining Power Suppliers bargaining power is the power of suppliers who provide raw materials to our business. They can induce the business to purchase raw materials on higher cost. According to this type of business, the supplier s bargain power is higher. Because there are many paint manufacturing businesses in the market doing same type of businesses. The suppliers bargain power is higher, Bonner Paints should research the market and search for suppliers, supplying better raw material at lower cost. Intensity of Rivalry Intensity of rivalry means level of competition. If there are more competitors in the market then the intensity of rivalry is higher and if there are less or few competitors available in the market than the intensity of rivalry is lower. According to the Bonner Paints, the level of rivalry is higher. Because there are many DIY paint manufacturers available in the market Task B: Operational advantages and disadvantages of Bonar paints. Roy Crawford is the production manager and the Tony Edmunds is the sales manager of the company and they both have different strategies. Here we discuss the advantages and disadvantages of the strategy of the operational manager Roy Crawford. He wants to reduce the ranges of paints on the limited numbers and increase the productions of some particular verities so that they can get advantages and perfection of same verities. While the Tony Edmunds says that if they reduces the number of verities they can lose the customer and good will also. They should not have to reduce the verities but they have to reduce the productions of the products. Advantages Reduce the range of paints in order increase the production of specific ranges will result in increase in sales and profit. Getting perfection on the limited product range will improve production quality and quantity. Adopting this strategy will reduce the cost of production and increase the volume of production. This strategy will improve the quality of production that will result in increase in sale volume and customer satisfaction. Producing specific range of paints will decrease the cost of production and will give the company enough resources to improve research and development of the company Improving quality of production will increase repetitive customers. By applying this strategy Bonar paint can get repetitive customer which is the key success of the business and company can get more business from one customer. Extra innovation cost will be reduced by the production of specific range of paints. That means company do not have to bear any extra cost for th e innovations which takes highly extra cost. Producing specific range of quality paints will increase the volume of sales. Now Bonar paints can sell increase the volume of specific products and can increase its sales which means company can earn healthy profit. Increase in production of the limited number of verities will increase perfection. By adopting this strategy company can get perfection in specific range of paints which may cause to increase the good will of the company. Increase in good will of the company. Disadvantages Strategy of Roy Crawford has also some disadvantages should be kept in mind; following are some drawback of his strategy. Reduction in variety may result in loss of potential customers. Company can loss its potential customers which were doing big business with the company. By reducing the range of the paints company may lose its potential customer which means revenue of the company will decrease and companys business may affect. The most important drawback of this strategy that the growth of the company may stop due to no innovations. Company may not compete and survive in the market due to no innovations. Company has to stop the production of number of products to achieve desired results. By doing this company can stop the production of such variety which gives the competitive advantage to the company. There are many advantages and disadvantages of this strategy which are not ignorable but according to me Bonar paints has to analyse that what are the specific range of paints are enhancing and doing good business and are giving more profit to the company. Company should not stop the production of these varieties and should stop the production of those verities which are casing loose for the business or earning very low profit. Company should not stop its innovations and must allocate some portion of its profits in research and innovations for the growth and batter future of the company. For the industrial paints company produce paint on order basis. Company should not loose these industrial customers and should try to get more orders and should take some steps to complete the orders on time. Company should also have to introduce some general paints which are mostly used in the markets and should improve the quality and can increase productions of such varieties, for this purpose company have to make some research. Bonar paint should have to explore some new markets to increase the sale. Task C Key areas where change needed for successful buyout of Bonar paints While taking the decision of the successful buyout of the Bonar paints the three managers of the Bonar paints Roy Crawford the production manager Tony Edmunds the sale manager and Vernon Smith the chief accountant of the company must take step regarding the successful buyout. They should have to consider following points. In the first step the all the managers which are going to own the company should be fully award of the mission, vision, goals and objectives of the company. Now they are going to own the company and they should have to think like the owner of the company first they were managers now they are becoming owner of the company and now they should have to take quick decision where it is necessary and has also to take suggestions and opinions of the administrations as well. All the managers must have good coordination among them, and all the companys issues must be discussed. All the managers have to bring different strategy for new environment. They can balance them. All the managers should have to participate in decision making regarding company issues. As the company do not have much funds the sales manager Tony Edmunds has to make a research that following varieties of the paints are doing good business he should pin point them and have to increase their productions. They must have to appoint the Jim and Bill Bonar as the new production manager and sales and marketing manager because both have incredible experience in their field and also knows about the companys working and its position. If they appoint other managers the new managers first have to understand the companys working its rules and regulation that is a very long process. Roy Crawford has to pin point the range of paints which is earning nominal profit or suffering loss. He should have stopped the production of these paints with the consent of all other partners. Tony Edmunds has to get some new contract for the industrial paints and Roy Crawford should have to a ssure it that all the orders should be completed and delivered on time. Task D Advantages and Disadvantages of developing formal Mission Statement of Bonar Paint Mission Statement ÂÂ  Mission Statement is the one line companys purpose of existence the mission statement of the company should describe about the all companys working and its purpose of existence and all other matters should be highlighted in the mission statement of the company. Mission statementÂÂ  is a brief description of a companys fundamental purpose. A mission statement answers the question, Why do we exist?(1) In the Bonar paints they have to develop new mission statement of the company because they are going to cut-off a wide range of the paints so they have to change it and they are also going to improve the quality of the paint that will show the companys new working policies and objectives. Advantages of mission statement The mission statement ensures some transparency for investors and employees alike so they can have some confidence as to any potential use of their resources be they capital investment or labour. A mission statement is also designed to ensure that all stakeholders are clear on the overarching purpose of the company so everyone can be focused on the same goals and objectives. When someone reads a mission statement in aÂÂ  business planÂÂ  they are looking to get a feel for the range of activities that the company will focus on, in other words its core purpose and what it stands for.(2) A mission statement is like your North Star. A North Star, is not a place you go, it is a fixed point giving you perspective on where you are going. Your mission statement keeps you headed in the right general direction. A mission statement is a very specific umbrella statement explaining why you do everything you do within your organization.ÂÂ  (Bobb Beihl) A mission statement is a statement of the organizations reason for being, its purpose what it wants to accomplish in the larger environment.ÂÂ  (Kotler p.49). It explains why the organization does what it does. It says what, in the end, the organization wants to be remembered for.(Drucker). A clear mission statement acts as an invisible hand that guides people in the organization.ÂÂ  (Kotler p.49). An effective mission statement clearly defines who the customer is and what services and products the business intends to provide. It also serves as a guide for day-to-day operations and as the foundation for future decision-making. Contemporary strategic marketing perspectives indicate that an organization should define a business by the type of customers it wishes to serve, the particular needs of those customers groups it wishes to satisfy, and the means or technology by which the organization will satisfy these customer needs. Thus the firm will be perceived and act more customer market-o riented. (A customer-satisfying entity, not a product-producing entity.)ÂÂ  (Kerin Peterson, p.2). A companys Mission Statement acts as the companys compass. The mission is the path. (The vision is the end point.) The mission directs the company to its vision (dream). With it, anyone in the organization can always judge the direction the company is moving in relation to its stated purpose. With it, one can easily make adjustments to keep the company moving in the direction intended. Missions may need to be revised every few years in response to every new turn in the economy. A company must redefine its mission if that mission has lost credibility or no longer defines an optimal course for the company.ÂÂ  (Kotler p.68) Without the mission statement, a company is lost, and will drift according to the pressures of the business environment. The fundamental problem, termed mission creep, has been a diffusion of focus. There is the tendency of successful organizations to try to extend their influence beyond the limits of their core expertise. So if you want to stay focused, develop a clear, concise mission statement.(3) Disadvantages of mission statement There are many disadvantages of mission statement but the main disadvantage of the mission statement is that you cannot change it again and again. One you have developed a mission statement you can make some changes over the period of time, if you change your mission statement then its means that you are not enable that what you have to do or why you are establishing a company. In the mission statements you describes that what you have to do and why you are doing and you bound the company. Conclusion While forming a company you should have any special and clear purpose behind it. So company should have a clear and concise mission statement so that the people can understand the purpose of formation of the company. Through this the company can get good reputation and clients trust. Mission statement is the main theme, objective or reason of existence of a company. It explains the business nature. Mission statement shows the great impact on the public. It should be concise, comprehensive and clear. Bonar paint should have to introduce its mission statement they should have to tell their customers about purpose of its business, products and different varieties of the paints. That people can trust on the products of the Bonar paints.