Mission and Vision Statements of Under Armour
Under Armour is a renowned maker of athletic gear. The brand was established in the year 1996 and since then it has expanded its presence globally. Outside US too, the brand has established a strong presence. The brand has had several partnerships with elite professional teams and players which has helped it gain enormous traction with athletes in Japan, Europe, Canada and Latin America. Since its foundation, the brand is known best for innovation in athletic gear. After Heat Gear, Cold Gear and All Season Gear, the brand has now brought charged cotton to help athletes beat effects of season. The brand whose mission is to empower the athletes continues on its pursuit of innovation. Here is a discussion of its mission and vision statements.
Mission Statement of Under Armour:
To make all athletes better through passion, design and the relentless pursuit of innovation.
A mission statement is the cause that a company stands for. It mentions why the company exists and what it is trying to achieve. However, mission statements are not as simple as that. In the day to day scenario, they are used as yardsticks to measure the company’s performance and guide decision making at managerial and staff level. For this reason the mission statements must be specific enough to provide guidance on decision making and resource allocation. The mission statement of Under Armour is not as specific or precise. It should be both broad and narrow enough. However, it is too broad.
At its core are three things passion, design and innovation for athletes. This does not clarify what the company produces and what its competitive position is in the market. According to its mission statement its customers are mainly athletes. The mission statement does not discuss in detail what it makes and for whom it does. Neither is there any discussion of its financial objectives because shareholder value is also an important purpose of businesses which this mission statement does not include. The mission statement is too brief and needs to include several other factors like products, customers, key markets, financial and competitive position of the brand etc.
Vision Statement:
Empower Athletes everywhere.
A vision statement is like a line to the future. It illustrates the kind of future that the brand is trying to achieve and how it is trying to achieve it. The vision of Under Armour is very short which is to empower athletes. A vision statement can be brief but it has to be succinct and concrete. However, this one is again not so specific. It hardly talks of the brand’s future and does not mention how the brand is striving to achieve that future. Empowering the athletes is not a clear future position. Whether in financial terms or market size this is a not specific statement about future. There is no talk of what type of financial future the brand is trying to achieve and how it is investing to realize that kind of future. the vision statement does not provide a clear glimpse of future that Under Armour is trying to build for itself. Instead it just makes a brief indication of its central focus that is innovation for athletes. If the vision statement be revised it can include factors like market size, products, markets, CSR, employees and other important factors. This is essential so that the managers can accordingly make decisions and allocate resources to achieve that kind of future.
Basic principles or pillars of greatness at Under Armour:
Make Great Product: The central focus of Under Armour is innovation for athletes. It is why the brand focuses on making great products which it has kept bringing to the market one after one.
Tell a great story: Each product is like a great story that continues the tradition of innovation upon which the brand’s foundation was laid.
Provide great service: Customer and social service another key focus area at Under Armour.
Build a great team: Focus upon collaboration so people work together as a united team with a central focus.
Sources:
Under Armour website