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ones are the only ones studied (Cuervo-Cazurra, elements of the strategy, being the mission and vision
Inkpen, Mussachio & Ramaswamy, 2014). Third, no the angular stones on the strategic planning processes
studies have been identified of this magnitude, of an organization (Hax & Majluf, 1984).
carried out by applying a qualitative technique, as
The mission is the set of immediate actions for the
these have only been focused on a specific country
development of concrete tactics that lead to the
(Robledo-Ardila & Rios-Molina, 2013).
achievement of the objectively established strategic
Furthermore, the research has many implications for planning, for the short term purposes and goals
the business practice: the analysis of the strategic (Aguilar & De la Maza, 2002). The above suggests
planning (mission and vision) leads to the that the temporality of the mission is a short period of
establishment of the correlation between the time, it affects the immediate and proximate actions of
company’s strategy and the real decisions taken on the organizations.
the different areas of the organization. Finally, this
job will help the managers to establish strategic Likewise, it is understood that the mission is
planning, more feasible to be carried out and so something that allows the organizations to achieve
diminish the risks for the companies. their vision. It is defined as an image of the future
that the organization sets, it is something unreal,
This is an empiric paper and seeks to determine if however, it opens the door to the visualization of
the IS is part of the strategic planning (mission and what they want to achieve, reflects the long term,
vision) of the 500 private and public largest aspirations and intentions of what they want to
companies of Latin America. To reach the previous become (Özdem, 2011; Thornberry, 1997). The
objective, a content analysis of the mission and difference between these two concepts lays mainly
vision was conducted, these elements are relevant to
of its temporality and the order of its application,
determine the strategic pattern companies follow
but they should both be consistent with each other.
(Drucker, 1974; Powell, 1992).
1. Theoretical framework A key point of an organization is for its vision and
mission to be consistent with each other. This provides
Strategic planning is a very antique administrative tool. the organization with elements to be able to generate a
However, during the 60’s with the appearance of greater impact on the different groups of interest
Ansoff’s Book “Corporate strategy” which emerged (Moore, Ellsworth & Kaufman, 2011). Moreover, in
from a formal concept. From this event, organizations some cases, the IS on a company’s strategy represents
started the institution of formal strategies to achieve an attempt to improve the quality of the products and
their objectives (López-Salazar, 2005). reduce the production expenses so that through these
Strategic planning is defined as the process by actions, the company is able to improve the IS
which the leading members of an organization (Kosacoff et al., 2014).
prevent the future and develop procedures and
2. Literature review
operations, which are necessary to achieve it. Other
authors define it as the art of formulating, The literature referred to studies on the mission
implementing and evaluating the decisions that lead and vision is diverse. Multiple studies have been
to the achievement of organizational objectives carried out in different economic sectors and
through the involvement of different functional regions around the world. Among the oldest, we
areas of the organization (David, 2009). can quote Pearce & David (1987), which from the
This is a practice that establishes the connection analysis of 500 companies, showed that there is a
between media and paths (strategies) and the goals, relation between the mission and the performance
purposes and results. Therefore, it requires a of the companies. This finding was confirmed by
collection of internal and external information of the Bart & Baetz (1998) and Bart, Bontis & Taggar
(2001) on Canadian and American companies.
organization in order to analyze the internal and
However, these last two have found a positive
external factors that can affect it. This helps
relation between mission and development and
strategic planning to generate an improvement on
highlight that this is the case only where the
the processes and decision making.
mission has specific elements such as appropriate
Ansoff (1965) formulated a strategy concept under justification, solid content and organizational
which includes not only goals determination and basic alignment (Bart, Bontis & Taggar, 2001).
objectives of the organization in a long term, but also
Other researches have focused on the subjects or more
points out the courses of action and assignment of
commonly found values of the mission of the
different resources of the organization that are helpful
companies. Williams (2008) identified the repetitive
to carry them out.
elements such as excellence, innovation and integrity
According to the above concept vision, mission, in a group of 1000 companies in different parts of the
strategy and action come along as the four key world, from information of the Fortune magazine.
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Problems and Perspectives in Management, Volume 14, Issue 3, 2016
Meanwhile, Peyrefitte & David (2006) point out that Within this ranking, there are Latin American
clients and their products and services are the most companies and subsidiaries of multinationals of
highlighted topics with a 70% of the missions out of countries outside the region (mainly American and
the 57 analyzed companies. King, Case & Premo European), as well as public and private companies.
(2010), on an analysis of the 50 biggest companies These also represent economic sectors such as
according to Fortune Magazine, found that satisfying agroindustry, manufacturing, oil/gas, petrochemical,
customers, providing products and services of high transport, retail sales, food and aeronautics.
quality, getting international presence and providing
Once defined the sample of the companies for the
welfare to their employees, were the more frequent
study, a content analysis was carried out, which is a
strategic planning of these firms.
qualitative research technique which consists of
On the same frame of mind, Peyrefitte (2012), approaching the knowledge that allows interpreting the
studying 352 companies (also from the Fortune reality, through the categories that extract the metatext
Magazine), pointed out that customers are the most (Kemp & Dwyer, 2003). With this technique, it’s not
constant group of interest on the mission of a the style of the text what is intended to be analyzed,
company. On the contrary, the government is one of but the ideas expressed by it, being the meaning of the
the least taken into account. words, subjects or phrases that is intended to be
quantified (López-Noguero, 2002).
Another paper that analyzes the mission and vision
from the viewpoint of groups of interest is the one Per the above, the information was gathered through
done by Bartkus & Glassman (2008) which the review of websites of the companies which are part
identified the social matters as the least mentioned of the sample. For the content analysis, several key
on the mission and vision of the companies. words were analyzed to locate the presence or absence
of the IS. These words are: multinational, global,
In terms of the used technique, Kemp & Dwyer international, internationalization, world, worldwide,
(2003) applied the content analysis to the mission of among others, as well as composed words such as
50 airlines worldwide. Mainly identified self- external markets, worldwide, global, international and
concept elements (88%) and customers (72%). This other related words.
same technique was used by Anzai & Matsuzawa
(2014), with a group of Japanese universities, It was found that many companies did not have a
identifying elements such as education and research specific IS on their mission and vision, however,
on their missions. their websites had different links that talked about
their foreign operations. However, they were not
Another study that uses the content analysis is the considered on this study as didn’t meet the criteria
one of Robledo-Ardila & Rios-Molina (2013), who of having it included on their strategic planning
searched for the presence of the IS on the mission (mission and/or vision).
and/or vision of 398 Colombian companies.
At the same time, there were companies excluded
This study found that the internationalization appears
from the sample as no data was found, as well as those
on the vision of 151 companies (37.9%), on the
which had no mission or vision on their web-site. This
mission of 70 companies (17.6%) and on 44 out of
gave a result of 375 companies that were target of the
the 398 analyzed cases, it is included on both the analysis. Another fact that was considered was the
vision and mission (11.1%). kind of property, meaning, if the companies were state
It is important to point out that, except this last one, owned or private, to analyze them separately.
most of the researched are focused on lucrative In order to find the presence of the IS, the texts of the
companies, on developed economies (USA, Canada mission and/or vision of each company were analyzed.
and Japan), and Robledo-Ardila & Rios-Molina This allowed us to identify, first, which companies
(2013) only studied Latin America, although consider the IS on their objectives (expressed through
confined to a single country, Colombia. Therefore, it their mission and/or vision); and, second, if this is
is imperative to deepen on the study of the Latin something current, that is part of their daily living or
American companies as a whole. consider on short term (presence of the mission); or if
3. Method it is something merely demonstrative of a total
consistency on the company strategies.
For this paper, a review was carried out of the mission
and vision of the firms included on the ranking of “The 4. Results
largest 500 companies in Latin America” published by The ranking of “The 500 largest companies of Latin
the América Economia Magazine, which is one of the America” is done yearly by America Economia
most quoted source of information the business field in Intelligence to bring a business scenario of the main
Latin America (Cuervo-Cazurra & Dau, 2009). economical actors of the region. The countries
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Problems and Perspectives in Management, Volume 14, Issue 3, 2016
included are: Argentina, Bolivia, Brazil, Chile, The lack of representation of the state companies
Colombia, Costa Rica, Ecuador, Mexico, Panama, calls out to our attention, as these are only 38
Paraguay, Peru, Uruguay and Venezuela. (7.6%), as well as the involvement of two
companies that are property of two countries at the
The order of ranking is determined by the amount of
same time, in which Brazil is associated with
net sales in dollars up to December of the previous Paraguay and Chile, respectively.
year and the amounts gathered on official sources
and stock market in the case of open companies and In terms of the studied companies, as it was previously
memories, web-sites and questionnaires sent or mentioned, out of the ranking companies, some were
information from the press in the case of closed discarded as there was no data on them, wouldn’t
companies. For this study, the ranking of 2014 was express their mission, vision or both. Therefore, the
analyzed. Table 1 shows the main characteristics of sample was composed of 375 companies (75%) which
characteristics are presented on Table 2.
the companies included on such listing.
On proportional terms, the representability of the
You can see the greatest presence is Brazil with 202
sample by countries did not have sensitive differences
companies that represent the 40.4% of the total, next excepting for a slight decrease on the Argentinean
is Mexico with 118 (23.6%) and Chile with 66 participation (from 8.4 to 6.13%), as well as the
(13.2%). The above is consisting with these increase of the presence of Mexican companies (from
countries being the most dynamic economics of the 23.6 to 24.8%).
region and, in the case of Brazil and Mexico, the
most populated countries. On the other hand, Table 2. Distribution of the companies in the sample
countries with smaller economies such as Costa by country and type of property
Rica, Uruguay and Panama only participate with a Private State owned Total %
couple of companies and Bolivia with one. Argentina 23 0 23 6.13
Bolivia 1 0 1 0.27
Table 1. Main characteristics of “The largest 500 Brazil 134 15 149 39.73
companies in Latin America” Chile 45 7 52 13.87
Colombia 16 3 19 5.07
Private State owned Total %
Costa Rica 1 1 2 0.53
Argentina 41 1 42 8.4
Ecuador 2 1 3 0.80
Bolivia 1 0 1 0.2
Mexico 90 3 93 24.80
Brazil 187 15 202 40.4
Panama 0 1 1 0.27
Chile 59 7 66 13.2 Peru 23 2 25 6.67
Colombia 23 3 26 5.2 Uruguay 0 2 2 0.53
Costa Rica 1 1 2 0.4 Venezuela 2 1 3 0.80
Ecuador 2 1 3 0.6 Brazil/Paraguay 0 1 1 0.27
Mexico 115 3 118 23.6 Chile/Brazil 1 0 1 0.27
Panama 1 1 2 0.4 338 37 375 100
Peru 29 2 31 6.2 Source: own ellaboration based on data from América Economia,
Uruguay 0 2 2 0.4 2014.
Venezuela 2 1 3 0.6
As for the mention of the IS on the mission and vision,
Brazil/Paraguay 0 1 1 0.2
in Table 3, there are some examples of some
Chile/Brazil 1 0 1 0.2
companies that were studied to show the presence of
462 38 500 100
the identified key words on the text and per a content
Source: own ellaboration based on data from América analysis these were considered as indicative of the
Economia, 2014. presence of the IS.
Table 3. Examples of the presence of IS in the mission and vision of the companies
Company Mission Vision
To perform in the oil and gas industry in an ethic, safe and To be one of the five largest integrated companies in the world and the
profitable way, with social and environmental responsibility, preferred one by its stakeholders. (http://www.petrobras.com.br/en/about-
PETROBRAS
providing products suited to the needs of its clients and us/strategy/)
(Brazil)
contributing to the development of Brazil and the countries
where it operates.
To provide people all over the world with the opportunity to To be a leading food and confectionery company in Latin America, as well
Arcor enjoy delicious and healthy food and confectionery products of as in the international market, and be recognized for our sustainable
(Argentina) high quality that will turn their everyday life into magical practices and our ability to venture into new businesses. (www.arcor.com)
moments of gatherings and celebrations.
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Problems and Perspectives in Management, Volume 14, Issue 3, 2016
Table 3 (cont.). Examples of the presence of IS in the mission and vision of the companies
Company Mission Vision
Nemak is committed to manufacturing complex, Become a world leader in the automotive industry
high-tech aluminum components for the global We aim to build on our track record of growth and industry leadership,more than three
automotive industry. decades in the making, by delivering Sustainable Growth through Excellence. At Nemak,
this means imprinting Excellence on four key pillars: People, Systems, Core Processes
We aim to become a leading company in and Innovation, while maintaining our Values and Behaviors as foundation for our vision.
technology, cost, quality, and service. (http://www.nemak.com/#home)
Nemak
We look for an integral development for our
(Mexico)
personnel and our suppliers and we recognize our
responsibility to the environment.
Source: own ellaboration with data from the corporate web pages.
As you can see on the examples above, the companies that were studied, indicating those
companies express their IS in different ways, that had IS on their mission and vision.
whether visualizing as worldwide or Latin American
leaders, conceiving the world as their market or Out of the 375 companies, a little less than half
comparing the quality of their products with global (186 equivalent to 49.6%) do not mention IS, while
standards. the remaining 50.4% (189 companies) refer
4.1. The presence of the international strategy explicitly to their mission and/or vision on IS
(IS) on the sample. Figure 1 shows all the (see Table 4).
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Problems and Perspectives in Management, Volume 14, Issue 3, 2016
of certainty on their next and future strategies, and Table 5. Presence or absence of IS in the mission,
(3) interest on the IS only for a specific period of time, vision or in both according to the type of property
for specific projects and periods, (4) to consider the IS
% of the State % of the
complex on short term and (5) not knowing the Number Private
sample owned sample
benefits the IS may bring. Companies that don’t
186 173 51.18 13 35.14
mention the IS
Table 4. Presence or absence of IS in the mission, Companies that
vision or in both mention the IS only in 43 37 10.95 6 16.22
the mission
Ratio to
Number Percentage Companies that
500
mention the IS only in 94 86 25.44 8 21.62
Companies that don’t mention the IS 186 49.6 37.2 the vision
Companies that mention the IS only in the Companies that
43 11.47 8.6
mission mention the IS in the 52 42 12.43 10 27.03
Companies that mention the IS only in the mission and vision
94 25.07 18.8
vision Total companies that
189 165 48.82 24 64.86
Companies that mention the IS in the refer to the IS
52 13.87 10.4
mission and vision Sample total 375 338 100.00 37 100.00
Total companies that refer to the IS 189 50.4 37.8
Source: own ellaboration.
Sample total 375 100 75
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Problems and Perspectives in Management, Volume 14, Issue 3, 2016
world”; PDVSA (Petroleum of Venezuela) that targets more like requirements to meet rather than guidelines
to “be recognized national and internationally”; and to follow. This may be due to some degree of
PETROECUADOR, that mentions as its mission “the ignorance of business trends and the environment in
national and international commercialization of which businesses operate. It may also be a reflection
hydrocarbons”. that there is no formal planning process tailored to the
needs of the company and the context of this.
Discussions and conclusions
If this is the situation in an extracted sample of the 500
The aim of this study was to analyze whether the IS
largest companies in Latin America, we might ask:
is present in the mission and vision of the 500
how is the situation of small and medium enterprises
largest companies in Latin America. This seeks to
(SMEs); how much congruence do they have in their
provide empirical evidence about the presence of IS
in the strategic approaches (mission and vision) strategic approaches and if the size of the company is
business in an emerging and under-studied market relevant to this issue. We tend to think that there is an
as Latin America (Cuervo-Cazurra, 2010). even lesser degree of consistency based on authors
Importantly, the results show that IS is generally not such as Arroyo-Venegas (2008), who has identified a
considered a priority in the strategy of more than lack of strategic vision in SMEs. However, this will be
half of these companies. subject of future research.
Overall, it was observed that companies consider the Future research lines
IS mostly in their vision, that is, in the long term, the This work is a first approach to the issue of IS in Latin
vast majority being focused on their domestic markets. American companies. Seeks to give an overview from
This may be an indication that companies in Latin which future research can be studied, for example, the
America maintain the paradigm that to be strong strategic approaches of enterprises of small economies,
abroad, they must focus first on the domestic market. such as the Central American countries. Comparative
Another important finding is the increased presence of studies with companies in other regions of the world,
inclusion of IS in the vision of state companies both emerging and developed, identifying differences
(64.86%) above their private peers. In addition, between countries and sectors, etc.
evidence was found that the present state companies While this study focused on the 500 largest companies
not only perform important operations in their strategic in Latin America, which are leaders in their home
approaches, but also in international markets. For countries and in the region, it is important to note that
example, Petroleos Mexicanos (PEMEX) has
SMEs are holding the business sector (Cardozo,
important assets in the United States and Spain.
Velázquez de Naime & Rodriguez-Monroy, 2012). It
Almost half of the companies in the sample do not would, therefore, be relevant to conduct similar studies
consider the IS on the mission or vision. However, focused on these type of businesses.
empirical evidence has begun to be collected for future
They could also analyze other strategic elements in
studies, it shows that, in fact, these IS practices are
such statements as: quality, social responsibility,
carried out. In fact, most of the companies in the
ethical factors and financial performance. This could
sample have significant investments in Latin American
be comparative studies to establish a pattern of factors
countries and even some of these are world leaders in
which are taken into account by companies when
their sector, such as CEMEX (Mexico) and
establishing their strategies.
EMBRAER from Brazil (Goldstein, 2010; Lucea &
Lessard, 2010; Santiso, 2008). Acknowledgement
The results also indicate that, in many cases, strategic The authors acknowledge the support offered by the
approaches expressed in the mission and vision are UCC Business School for this Project.
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