While a business would either undergo a quick or gradual, constant adaptation to its changing and competitive environment, there are certain core ideas that would stay the same and provide guidance in the process of strategic decision making (www.capsim.com.). These unchanging ideals are known as the business vision. The business vision statement comprised of three main components; core values, core purpose and visionary goals (www.quickmba.com). Core values are those that would remain unchanged regardless of time, current industry environment and any management trends. Core values are the building blocks of a company and are consisted of those values which strongly hold by the company. Core purpose is the reason that the company exists and it is also unchanging. Core purpose provides a clear direction of where the organisation is headed and distinguishes one organisation from another. On the other hand, visionary goals are objectives that a company decided to attain in the future. Once the goals have been reached, it is ultimately essential for the company to come up with a new goal/s to replace the old ones so as to ensure that the company would be successful in the long run. It is believed that both core values and core purpose of the company are discovered whereas visionary goals are selected. Therefore, a good vision statement is one that would not only reflect the management’s objectives for the company but would also point the company in a particular direction and plan for the road that lay ahead of it in the future.
The company that I am assigned to is called Andrew and it is an electronic sensor manufacturing company. A sensor is a device that senses the environment and it is used for security purpose. It is placed in things such as car to measure temperature, heat and speed. The electronic sensor market is continuously changing. Customer’s expectation is also changing. Customers want a smaller sensor with a high performance. Some would also want a cheaper product while others would not mind paying higher price. Previously, there has been an industry shake-up and a case where the old management team has failed to meet expectation of the shareholder. As a result, the old management team was dismissed and new management teams are assigned to do the job. Currently, there are six smaller, identical companies all vying to capture the biggest market share in the sensor industry. All of the six teams are without any specific vision statement. Thus, being a new management team that is in charged of the new company, Andrew, it is necessary to create a new vision statement.
Andrew’s vision is to be world’s leading manufacturer of electronic sensor, with the biggest market share in the industry. In terms of our core values, we wish to be the top supplier of the most innovative and technologically advanced sensor to the customers. Andrew also strongly believed that our company’s success would be very much depended on meeting customers’ expectation and satisfaction. Thus, it is extremely important for Andrew to manufacture a product (sensor) that would meet the constant changing demand and need of customers. A good customer service and a good quality product are crucial for developing a strong long-term relationship with the customers. Besides providing excellent customer service and pioneering technology, Andrew’s last two core values involve being honest and open to suppliers, shareholder and employees and having a good social responsibility where Andrew is committed to protecting the environment, giving back to the local communities through various charities and sponsorship and caring for our employees’ rights and interests at all times. In terms of core purpose,
Andrew seeks to help customers to build a more advanced and smaller sensor which is also affordable at the same time. Finally, Andrew’s visionary goals are ones that consist of being the number one market leader in electronic sensor...
Please join StudyMode to read the full document