Strategic Management

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James Adams
Business 400
1-25-2013

Group Assurance of Learning Exercise 1- Section 2

9. Compare and contrast vision statements with mission statements in terms of composition and importance.

The vision statement answers the question “what do we want to become” (David, 2007)? Where do we go from here and what do we want to become?
“Vision statements should be clear and concise, memorable, exciting and inspiring, challenging, and centered on excellence, both stable and flexible and achievable and tangible” (Akpoyomare Oghojafor, Olayemi, Okonji, & Okolie, 2011).

The mission statement answers the question “What is our business” (David, 2007)? Mission statement distinguishes one company from another and answers the question “what do we do?” “The mission describes the organization’s values, aspirations and reason for being. Formal mission statements are a broadly shared definition of purpose. A mission statement answers the following questions, what is our business i.e., who are our customers and which of their needs are we seeking to serve?”(Akpoyomare Oghojafor et al., 2011).

16. In your opinion, what are the three most important components that should be included when writing a mission statement? Why?

1. The importance of the customers and the commitment the company has to them should be a major component in a mission statement. 2. Company philosophy should be addressed covering topics such as ethics, morals, environmental practices, etc... 3. Technology should be a major component; customers want to know that whatever products they are buying from you are being produced with the latest equipment available and the highest degree of quality possible.

17. How would the mission statements of a for-profit and a nonprofit organization differ?

For-profit organizations operate and revolve around their shareholders with a clear plan how the company will be even more profitable in the future. The goal is to make more for the...
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