Vision and Mission

Topics: Statements, Pearson PLC, Pearson Education Pages: 7 (1221 words) Published: June 8, 2013
The Business Vision and Mission

Chapter Two
Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall

Chapter Objectives
1. Describe the nature and role of vision and mission
2. 3. 4. 5.
statements in strategic management. Discuss why the process of developing a mission statement is as important as the resulting document. Identify the components of mission statements. Discuss how clear vision and mission statements can benefit other strategic-management activities. Evaluate mission statements of different organizations. Write good vision and mission statements. 2-2 Copyright ©2013 Pearson Education

6.

What Do We Want to Become?
 A vision statement should answer the
basic question, “What do we want to become?”

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What Do We Want to Become?
 The vision statement should be short,
preferably one sentence, and as many managers as possible should have input into developing the statement.

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Vision Statement Examples

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What Is Our Business?
 Mission statement
 a declaration of an organization’s “reason for being.”  answers the pivotal question “What is our business?”  essential for effectively establishing objectives and formulating strategies

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Mission Statement
 Mission statement
 reveals what an organization wants to be and whom it wants to serve  Also called a creed statement, a statement of purpose, a statement of philosophy, a statement of beliefs, and a statement of business principles

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A Comprehensive StrategicManagement Model

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Vision versus Mission
 Shared vision creates a commonality of
interests that can lift workers out of the monotony of daily work and put them into a new world of opportunity and challenge.

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The Process of Developing Vision and Mission Statements
 Select several articles about these
statements and ask all managers to read these as background information.  Ask managers themselves to prepare a vision and mission statement for the organization.

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The Process of Developing Vision and Mission Statements
 Merge these statements into a single
document and distribute the draft statements to all managers  Process should create an “emotional bond” and “sense of mission” between the organization and its employees

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Importance of Vision and Mission Statements
1. To ensure unanimity of purpose within the
organization 2. To provide a basis, or standard, for allocating organizational resources 3. To establish a general tone or organizational climate

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Importance of Vision and Mission Statements
4. To serve as a focal point for individuals to
identify with the organization’s purpose and direction 5. To facilitate the translation of objectives into a work structure 6. To specify organizational purposes

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Characteristics of a Mission Statement
 First, a good mission statement allows
for the generation and consideration of a range of feasible alternative objectives and strategies without unduly stifling management creativity.

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Characteristics of a Mission Statement
 Second, a mission statement needs to be
broad to reconcile differences effectively among, and appeal to, an organization’s diverse stakeholders

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Characteristics of a Mission Statement
 Stakeholders
 include employees, managers, stockholders, boards of directors, customers, suppliers, distributors, creditors, governments (local, state, federal, and foreign), unions, competitors, environmental groups, and the general public.

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