Amex's mission statement is very vague. It does not give much detail, so it can be difficult to figure out where exactly the company is headed. However, when you read the business plan or the annual report that they issue periodically, you will get a better idea of exactly where Amex is headed. There are five key areas that I would like to discuss in this article, all of which contradict each other and lead to the conclusion that Amex is heading in the wrong direction.
The first area is tourism. The current statement says that Amex is “performing first for customer service and customer relations.” If they are continuing to help their customers with service, then that is one positive thing. However, if they are performing poorly on both accounts, then it becomes clear that they are sending mixed signals about how they feel about their customer service and customer relations departments.
The second area is the private sector. The mission statement states, “Our most important focus remains on the growth of our business in the Private Placewoods.” However, on their corporate website they state, “Our company now serves the transportation, distribution, and leasing sectors.” Those three divisions seem like they would go hand in hand very well. However, when you look at the profit margins that are reported for each division, it appears that the lease and transportation sections are paying Amex more money per transaction, even though they are not the primary revenue source.
The third area is government and consumer. The AMEX CEO mentioned the strong economy in his statement. This indicates that the consumer is still a strong market for them and that the government is supporting the economy in one way or another. It is hard to say whether or not the strong economy is hurting private lending and the profitability of these loans. It might have an effect, but as of right now there is not a clear picture of how much the economy has been damaged.
Overall, the AMEX mission statement is a positive one. They continue to emphasize that the business is strong in every category and it is doing just fine. One thing that seems to be a big part of their success is that they are able to attract very good talent and keep them in the company. The one area that seems to be a concern is whether they are being priced too high.
Many times when something has a high start up cost to start with, it ends up being very expensive to maintain over time. The Amex mission statement is a perfect example of this. They have chosen to charge a high price for the services that they offer. This is not a surprise considering the services that they offer, but it is something to be concerned about. As technology changes, it may become more feasible to reduce the price that one pays for the Amex services.
American Express – Our Mission Is Helping Others Accomplish Theirs – amex mission statement | amex mission statement
American express social media campaigns – amex mission statement | amex mission statement
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