Chapter 5

Section 2
Refer to letter “P” in the P-O-L-C framework stands for “planning.” Good plans are
meant to achieve something—this something is captured in verbal and written statements of an organization’s
mission and vision.   With a mission and vision, you can craft
a strategy for achieving them, and your benchmarks for judging your progress and success are clear goals and
objectives. Mission and vision communicate the organization’s values and purpose, and the best mission and vision
statements have an emotional component in that they incite employees to delight customers. The three “planning” topics of your principles of management cover (1) mission and vision, (2) strategy, and (3) goals and objectives.
What is mission and vison statement
Mission statement: communicates the organization’s reason for being, and how it aims to serve its key stakeholders.
Vision statement: a future-oriented declaration of the organization’s purpose and aspirations.
Mission statements are often longer than vision statements. Sometimes
mission statements also include a summation of the firm’s values.
Values: the beliefs of an individual or group and in this case the organization, in which they are emotionally invested.

The Star-
bucks mission statement describes six guiding principles that, as you can see, also communicate the or-
ganization’s values:
1.Provide a great work environment and treat each other with respect and dignity.

2.Embrace diversity as an essential component in the way we do business.

3.Apply the highest standards of excellence to the purchasing, roasting and fresh delivery of our coffee.

4.Develop enthusiastically satisfied customers all of the time.

5.Contribute positively to our communities and our environment.
6.Recognize that protability is essential to our future success.

Similarly,
Wal-Mart’s tag-line version of its vision statement is “Save money. Live better.”

Mission and vision statements play three critical roles: (1)... [continues]

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