Boeing Mission Statement | Vision | Values ​​| Strategy (2024 Analysis)

Fun fact:

Did you know it takes about 50 gallons of paint to paint a Boeing 737 Max?

overview

boeing is a U.S.-based aircraft, rotorcraft, and aerospace manufacturer founded in 1916. This multinational company manufactures commercial aircraft such as the 737, 787, and 777 and sells them to airlines.

In 2018, boeing has delivered 806 jets and airplanes to customers around the world and has annual revenues of more than $100 million. After the two 737 MAX crashes, Boeing experienced a sharp decline.that Only 69 units were delivered in 2019This resulted in a net loss of USD 636 million. [1]

The challenges of 2020 made the situation even worse, leading to record losses of nearly $12 billion. In an effort to regain its reputation and public trust, Boeing increased its research and development spending to $3.2 billion in 2019.

The company came out even stronger in 2021 thanks to its innovative products and leadership.

“I'm glad to see 2020 in the rearview mirror.'' CEO Dave Calhoun said in an interview with CNBC. [2]

To understand why Boeing has dominated the industry for over 100 years, you need to analyze its mission and values.

Here we dissect Boeing's mission statement and values.

boeing mission statement

Boeing's mission statement teeth:

“Connecting, protecting, exploring and inspiring the world through aerospace innovation.”

What Boeing's mission statement means:

The mission statement affirms Boeing's commitment to using its innovation to connect the world. His five elements of Boeing's mission statement are:

1. Connecting

For more than 100 years, Boeing has rapidly expanded its influence and created new connections around the world. From 2014 to 2018, Boeing delivered in the following periods: 600 and 800 planes to airlines around the world over the years.

There are more than 10,000 jetliners in operation around the world. Boeing aircraft connect millions of professionals, families and tourists to their destinations each year. [3]

2. protect

Boeing is committed to protecting our communities, the environment, all of our passengers, our heritage and our market leadership. for example, southwest We have been flying only Boeing aircraft for over 50 years. We have operated more than 1,050 Boeing 737s..

In 2021, southwest plans to acquire Airbus A220-300s to replace its fleet of Boeing 737-700s. Protecting the public's trust and confidence has never been more important. [4]

3. explore

Since its founding, Boeing has sought innovative strategies and technologies to take the aerospace industry to the next level. We actively seek strategic alliances and collaborations with the world's best companies.

For example, Boeing $117 million partnership Manufactures the T-7A Red Hawk for Saab and the U.S. military. Saab has delivered the first rear fuselage section for the Red Hawk, allowing Boeing to begin production operations on schedule. [5]

4. inspire

Boeing strives to minimize barriers to help more minority students work in the aerospace field. This is a ray of hope for Black and Hispanic students taking engineering courses.

In 2021, the company celebrated all that and more. 50 Boeing Award Winners BEYA Award is being held. Boeing also deepened its relationship with Black colleges and universities with a $6 million partnership to inspire more students. [6]

5. aerospace innovation

Boeing is one of the most innovative companies in the world. We invest in and partner with universities to build a strong talent pipeline that powers the future of aerospace.

In 2021, the company deepens its partnership with Virginia Tech; $50 million investment. “Virginia Tech has a bold vision to solve the world's most pressing problems through technology'' said David Calhoun, Boeing CEO and Virginia Tech alumnus.we are proud to help” [7]

boeing values

Boeing's values ​​serve as guiding principles in all of its operations. These values ​​fall into two categories: how we operate and how we behave. [8]

How we operate

Principles driven by Boeing's values ​​in this category guide the company's operations and innovations to make the world a better place.

1. Start with engineering excellence

Boeing recognizes that a strong engineering foundation is essential for the company to build and maintain the quality of its products.

The company is working.”United as One Boeing Team” with an unwavering commitment to quality engineering and technical excellence. As a company of innovators, Boeing aims to change the future of aerospace. [9]

2. Take responsible

Boeing oversees every step of every program in the manufacturing process. It causes positive and negative consequences.

The company is responsible for the 737 MAX crash. agreed to pay more than $2.5 billion We indemnify our customers and injured beneficiaries for our negligence. [10]

3. Apply lean principles

The aerospace giant is committed to lean principles and relies on Toyota-inspired lean manufacturing to improve efficiency. The company has moved into advanced manufacturing by deeply embedding principles used in the automotive industry into its factories.

“I think those are pretty significant improvements,” said Walter Odisho, former Boeing vice president of manufacturing and safety. [11]

4. Eliminate travel work

Boeing recognizes the far-reaching effects of rework and always strives to get things right the first time. The 737 Max crash and his 20-month grounding of all 737-8 and 737-9 models cost the company more than $19 billion in losses.

To avoid costly rework and deadly crashes, Boeing is increasingly focused on its core values. [12]

5. Predictability and stability of rewards

At Boeing, we focus every day on planning and executing for success, rather than reacting to obstacles. To accomplish this, Boeing is establishing predictability that supports its priorities.

This approach also ensures that companies are ready to face the unexpected. “Production needs to become more repeatable and predictable” Odisho said. [13]

how we act

These values ​​guide Boeing's actions in a variety of situations and events. It also guides employees in their interactions at work, personally, with their communities, and with the world.

1. Leading in safety, quality and integrity

Boeing strives for quality first and prioritizes safety. That promise was undermined by two fatal Boeing 737 MAX crashes in 2018 due to software errors.

“These events have reshaped our company and placed even more emphasis on our core values ​​of safety, quality and integrity.'' said Boeing CEO David Calhoun. [14]

2. Collaborate with humility, inclusivity and transparency

Boeing seeks respectful partnerships and the perspectives of other players, regardless of size or industry. In 2021, Boeing Strategic alliance with India's Air Works Group For Poseidon 8I. [15]

3. Import leadership best practices

Boeing hired former Toyota executive Walt Odisho to improve production efficiency. “We have been on a continuous journey to evolve and further enhance our production system.” Odisho said. [16]

4. Gain stakeholder trust and priority

Boeing is committed to operating transparently and delivering superior results.

This value was crucial in the aftermath of the Boeing 737 Max crash. “Our only chance is to restore faith and trust in the 737 family'' said Boeing CEO Dave Calhoun. [17]

5. respect each other

Boeing values ​​individual differences as an asset, builds diverse teams, and strives to eliminate discriminatory policies and norms. In March 2020, Boeing announced $10.6 million in grants to fund 20 nonprofit organizations working on racial equity and social justice.

“Together, we can begin to make real progress in the pursuit of equality'' said CEO David Calhoun. [18]

References and further information