The mission statement of the Bank of America is “to offer lending and investment products providing service to all the individuals with any income levels to create sustainable practices for all these individuals.” The mission statement is a written document and communicates the strategic direction of the Bank as a company. The mission statement provides a key vehicle for communicating ideals and a sense of direction and purpose to the internal and external stakeholders who may invest in the company with the aim of marketing the company and making it known to the world. For the general success of the company, the mission statement also helps in providing guidance to the organizational managers in the decisions of making allocation for resources and thus, smooth running of the business (Harrison & John, 2010).
The vision statement of the Bank of America Corporation presents their aim of making improvement in all their areas of service to continue being the leading financial service providers in the global economy. It also aims at becoming the bank of choice for upmarket retail customers, medium businesses, corporates, and to provide cost effective developmental for banking for small businesses, large markets and rural markets. The vision statement is not separated from the mission statement and it helps in communicating the requirements and the general goals of the business to the managers and the employees. As the managers and employees struggle to achieve the objectives of the company, the mission and vision statements gives direction on what the organization wants to become (Harrison & John, 2010).
The primary stakeholders have a role in ensuring the success of the company. The primary stakeholders are the people whose concerns must be addressed by the organization to ensure the survival of the company. The needs of the primary stakeholders define the fundamental objectives of the firm and this brings the success which means serving the interests of the primary stakeholders effectively. The primary stakeholders are, therefore, important in the running of the bank activities because they lay down the policies that are followed in achieving the objectives of the business(Jackson et al, 2009).