Vision & Mission
· While
a company must continually adapt to its competitive environment, there are
certain core values that remain relatively steady and provide guidance in the
process of strategic decision-making.
· These
unchanging ideals form the business vision and are expressed in the company’s
mission.
· Many
companies develop both
· Shared
vision can motivate employees
· Develops
a commonality of interests
· Helps
focus on opportunity & challenge
Vision Statement
Vision statement
answers the question: “What do we want to become?”
•
Vision statement developed first
•
Short – preferably one sentence
•
Broad management involvement
Vision
Clear Business Vision – Comprehensive Mission
Statement
Mission statement answers the question: “What is our
business?”
Reveals:
What the organization wants to be
Whom we want to serve
Mission
Statements
· Essential
for effectively establishing objectives and formulating strategies.
· It
sets the foundation for priorities, strategies, plans and work assignments.
Importance
of Mission
Benefits from a strong mission : Unanimity of Purpose, Resource
Allocation, Organizational Climate & Focal point for work structure
Developing
Vision & Mission
· Clear
mission is needed before alternative strategies can be formulated and
implemented
· Important
to have as broad range of participation as possible among managers in
developing the mission
9
Components of Mission Statement
Customers - “Who are the firm’s customers?”
Employees - “What are the firm's major products or
services?”
Public Image - “Geographically, where does the firm
compete?”
Self-Concept - “Is the firm technologically current?”
Philosophy - “Is the firm committed to growth and
financial soundness?”
Survival Growth Profit – “What are the basic beliefs,
values, aspirations, and ethical priorities of the firm?”
Technology - “What is the firm’s distinctive competence or
major competitive advantage?”
Concern Public public image - “Is the firm responsive to
social, community, and environmental concerns?”
Concern for employees - “Are employees a valuable asset of
the firm?”
Markets -
Products Services
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