MasterCard: Vision, Mission and Value Statements

Strategic management is one of the most useful tools applied by business ventures in their efforts of realising their goals and objectives of an operation. Ahenkora and Peasah (2011, p. 278) explain that managers enhance the strategic positions of their entities through the adoption of mission statements, visions, goals, objectives and values aimed at fostering their operational processes. The current study seeks to undertake a critical analysis of the vision, mission and value statements of MasterCard; an American multinational dealing in financial services.

MasterCard’s vision statement: “A World Beyond Cash™” (MasterCard 2018, p.1). MasterCard’s operations aim to provide its customers with innovations that will enable technological transactions without the use of physical currencies. A review of this vision statement reveals MasterCard’s strategies of providing its clients with inspirations and hope through the inclusion of technologies in fostering transactions beyond cash.

Macedo, Pinho, and Silva (2016, p.37) explains that the mission statement of an organisation presents its purposes and scope of operation. According to MasterCard (2018 p.1), the company’s mission statement is ”Every day, everywhere, we use our technology and expertise to make payments safe, simple and smart”. An analysis of this declaration reveals that the operations of MasterCard are aimed at embracing different technological platforms with the aim of availing innovative systems of making cashless payments.

The value statement of a firm plays a significant role in guiding the actions and perspectives of its stakeholders. MasterCard embraces trust, partnership, agility and initiative as its fundamental values of the operation. To date, MasterCard’s impressive results are attributable to its ability to assume and put in motion, these values in its endeavours.

In conclusion, MasterCard uses its vision, mission, and value statements to guide its strategic operations. While the firm’s mission statement communicates its purposes of operation, the vision reveal its futuristic struggles. On the other hand, MasterCard’s value statement reveals the moral standards upheld by the corporation.

Bibliography

Ahenkora, K & Peasah, O., 2011. ”Crafting strategy that measures up”. International Journal of Business & Management., vol. 6, no. 10, pp. 278–283.

Macedo, I.M., Pinho, J.C. and Silva, A.M., 2016. Revisiting the link between mission statements and organizational performance in the non-profit sector: The mediating effect of organizational commitment. European Management Journal, 34(1), pp.36-46.

MasterCard 2018. About MasterCard: Who we are. [Online] Available at: <https://www.mastercard.com.au/en-au/about-mastercard/who-we-are/vision-mission-values.html> [Accessed July 21, 2018]