Sample Coursework Paper on Merck Pharmaceutical Company

Merck pharmaceutical, a global healthcare company, was incorporated in 1970, and it provides health solutions in biologic therapies, prescription medicines, and health products for animals. According to Reuters (2016), Merck’s pharmaceutical segment consists of vaccine products and pharmaceuticals products for human health, which the company markets directly or uses joint ventures. Merck’s pharmaceutical company is listed among the world companies that are successful. The paper discusses Merck’s core values, core purpose and Big, Hairy Audacious Goals.

A company’s vision consists of two major elements: an envisioned future and core ideology.  The core ideology is constant or unchangeable whereas the envisioned future is the company’s aspirations, which are what to create, achieve, or become. Further, the core ideology comprises core purpose and values. Ideally, core values are the significant and enduring components of an organization, which are a set of the company’s guiding principles free of external justification. Merck Company has various core values, which are: a collective social responsibility, an innovation that is based on science, focusing on the company’s all aspects of definite excellence, the profit that benefits humanity, integrity and honesty (Merck, 2016).  Conversely, an organization’s core purpose is its reason for existence, particularly what motivates the work of the company; notably, the core purpose of Merck is to preserve and make human life better.

Envisioned future or rather big, hairy audacious goals (BHAGs) are an organization’s set goal or focal point of effort, which is a stimulant for team spirit while vivid descriptions are the engaging, vibrant and distinguished definition of the achievement of the BHAGs. Merck’s BHAG is to transform the company from a chemical manufacturer to an outstanding drug-making worldwide company that possesses research capability competing with any major university. The vivid descriptions are to bring a new life to industry and commerce where science will be advanced, knowledge increased, and human life improved winning over disease and suffering (Collins& Porras, 2011). Core values, purposes, and BHAGs are essential elements in a company because they tune the organization to adapt to changes that were applied by Merck pharmaceutical company when it was up for grabs.

 

References

Collins, J.,& Porras, J. (2011). Building Your Company’s Vision. Boston: Harvard Business Review Press.

Merck. (2016). Featured Stories. Merck.com.

Reuters. (2016). ${Instrument_CompanyName} ${Instrument_Ric} Company Profile | Reuters.com. Reuters. Retrieved 23 April 2016,