Michael Yenca MGMT 492 9/29/2020 I. Mission Statement a. Spotify Mission Statement i. “To unlock the potential of human creativity by giving a million creative artists the opportunity to live off their art and billions of fans the opportunity to enjoy and be inspired by these creators.” b. 12 Components of a mission statement i. Basic product(s) and/or service(s)? 1. The mission statement clearly states its product is a platform that give artists an opportunity to share their art and fans an opportunity to enjoy said art. ii. Primary market(s)? 1. Spotify clearly states that their product market is creative artists and fans of those artists. iii. Principal technology? 1. Spotify lacks this component as they paint a broad brush by saying they create “the opportunity,” but do not mention the specifics of the technology of how to they achieve that. While they don’t achieve this component, I think it is best left out because people already know how Spotify is a platform-based application and would sound weird in a mission statement that has a wide overarching goal. iv. Description of survival? 1. Spotify does not have a description of survival and should add one to let shareholders and users know the firm is committed to the survival and growth of the company. Spotify should add a sentence to the mission statement stating, “our prices reflect a great value for our customers as well as our owners.” This will ensure to customers and owners that Spotify has desire to survive. v. Desire for growth defined? 1. Spotify clearly defines their growth by saying “millions of creative artists” and “billions of fans.” This is clearly referencing how Spotify wants to grow into the biggest platform for creators and fans. vi. Emphasis on profitability? 1. There is no statement on profitability. However, as stated in the survival revision, Spotify can add that sentence to make it clear to owners that this can be a creative venture as well as a profitable venture. However, they should be aware that some of their consumers are not the biggest fans of shareholder capitalism and might not appreciate a mission statement that focuses too much on profitability and growth. vii. Company’s philosophy? viii. ix. x. xi. xii. 1. We get a glimpse into Spotify’s philosophy when they mention “be inspired by these creators.” This is clearly a reference to how Spotify wants a platform that is meant to inspire people with art. Company’s public image? 1. Spotify addresses company image by saying they want to be a company that allows “artists to live off their art” and “fans the opportunity to enjoy.” This is a great sentence that protrays Spotify in a positive light for creators and listeners. Statement that reveals self-concept? 1. Spotify reveals self-concept by stating they want to “unlock the potential of human creativity.” By saying this, they are acknowledging they believe no other company has done this yet and they have the competitive advantage to do so as they are focused on art while others may be distracted. Customers a top priority? 1. Spotify mentions both of their “customers” by mentioning artists as well as the consumers of the art. They are the only two parties mentioned, not shareholders, so clearly customers are the priority of Spotify. Concern for quality? 1. Spotify does a poor job of mentioning their quality. They should add a line about how, “on a platform designed to inspire.” However, Spotify does not mention the platform at all and how it is better compared to the competitors. Inspirational statement for the company’s vision? 1. Spotify is very inspirational saying they want to “unlick the potential of human creativity” as well as wanting “millions of creative artists” and “billions of fans.” These inspirational comments tie into the company vision of where they see Spotify in the future.
