The Mission of Merck

Published: 2021-06-29 06:59:20
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Category: Business

Type of paper: Essay

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Current Mission Statement
The mission of Merck is to provide society with superior products and services by developing innovations and solutions that improve the quality of life and satisfy customer needs (5), and to provide employees with meaningful work and advancement opportunities (9), and investors with a superior rate of return (5).

1) Customer; 2) Products or services; 3) Markets; 4) Technology; 5) Concern for survival, profitability, growth; 6) Philosophy; 7) Self-concept; 8) Concern for public image; 9) Concern for employees


Mission Statement Revised
The mission of Merck is to provide drug wholesalers and retailers, hospitals, clinics, government, and healthcare providers (3) with superior products and services that improve human and animal health (1,2) by developing innovations and solutions with advanced technology that improve the quality of life and satisfy customer needs (4,5,7), and to provide employees with meaningful work and advancement opportunities (9), and investors with a superior rate of return (5). We strive to conduct business in an above and beyond ethical manor which contributes to our success (6,8).

1) Customer; 2) Products or services; 3) Markets; 4) Technology; 5) Concern for survival, profitability, growth; 6) Philosophy; 7) Self-concept; 8) Concern for public image; 9) Concern for employees

Overall Objective

To restructure its company, penetrate the vaccine, biologic, and emerging markets, and rebuild its reputation.

Strategies

Restructure and rebuild customer relationships through product, place, and promotion.

1. Product - Provide society with a new variety of quality product and services by:
i. Developing new products in existing and newly found markets.
ii. Restructure existing products and/or introduce new products through collaboration with acquisitions.
iii. (ADD)


2. Place - Acquire lost and new customers by
i. Emerging into new markets
ii. Expand existing product lines into new regions and markets
iii. Utilizing its newly formed structure to place its products more efficiently.

3. Promotion - Restructure and reposition products by
i. Offering products in newly found markets
ii. Restructure brand image with new acquisitions
iii. Restructure front end and back end promotions.


Company's Main Problem

Merck needs to reform its internal and external operations in order to meet its expected financial returns.

- Appeared in several court hearings due to a class-action lawsuit
- Declining revenue
- Lowest market cap in industry

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