Chapter 2: the Business Vision and Mission
Strategic Management Concepts & Cases
Fred R. David
8th edition
C
PowerPoint Slides By: Anthony F. Chelte Western New England College
Ch. 2-1 © 2001 Prentice Hall
OBJECTIVES OF THIS HAPTER
• Describe the nature and role of vision and mission statements in strategic management • Describe why mission statement is important • Identify the components of mission statements • Discuss how vision and mission statements can benefit strategic management activities • Evaluate mission statements of different organizations • Write good vision and mission statements
Ch. 2-2 © 2001 Prentice Hall
Comprehensive Strategic Management Model
External Audit
Vision & Mission Statements
Long-Term Objectives
Generate, Evaluate, Select Strategies
Implement Strategies: Mgmt Issues
Implement Strategies: Marketing, Fin/Acct, R&D, CIS
Measure & Evaluate Performance
Internal Audit
Ch. 2-3 © 2001 Prentice Hall
Vision & Mission
That business mission is so rarely given adequate thought is perhaps the most important single cause of business frustration.
—Peter Drucker—
Ch. 2-4 © 2001 Prentice Hall
Vision & Mission (Cont’d)
Mission statement answers the question:
“What is our business?”
Ch. 2-5 © 2001 Prentice Hall
Vision & Mission (Cont’d)
Vision statement answers the question:
“What do we want to become?”
Ch. 2-6 © 2001 Prentice Hall
Vision & Mission (Cont’d)
• • • • Many companies develop both Shared vision can motivate employees Develops a commonality of interests Helps focus on opportunity & challenge
Ch. 2-7 © 2001 Prentice Hall
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
Ch. 2-8 © 2001 Prentice Hall
Examples
Vision Statement VESTEL “To be the world’s most powerful technology and production group in the sector”
Ch. 2-9 © 2001
Fred R. David
8th edition
C
PowerPoint Slides By: Anthony F. Chelte Western New England College
Ch. 2-1 © 2001 Prentice Hall
OBJECTIVES OF THIS HAPTER
• Describe the nature and role of vision and mission statements in strategic management • Describe why mission statement is important • Identify the components of mission statements • Discuss how vision and mission statements can benefit strategic management activities • Evaluate mission statements of different organizations • Write good vision and mission statements
Ch. 2-2 © 2001 Prentice Hall
Comprehensive Strategic Management Model
External Audit
Vision & Mission Statements
Long-Term Objectives
Generate, Evaluate, Select Strategies
Implement Strategies: Mgmt Issues
Implement Strategies: Marketing, Fin/Acct, R&D, CIS
Measure & Evaluate Performance
Internal Audit
Ch. 2-3 © 2001 Prentice Hall
Vision & Mission
That business mission is so rarely given adequate thought is perhaps the most important single cause of business frustration.
—Peter Drucker—
Ch. 2-4 © 2001 Prentice Hall
Vision & Mission (Cont’d)
Mission statement answers the question:
“What is our business?”
Ch. 2-5 © 2001 Prentice Hall
Vision & Mission (Cont’d)
Vision statement answers the question:
“What do we want to become?”
Ch. 2-6 © 2001 Prentice Hall
Vision & Mission (Cont’d)
• • • • Many companies develop both Shared vision can motivate employees Develops a commonality of interests Helps focus on opportunity & challenge
Ch. 2-7 © 2001 Prentice Hall
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
Ch. 2-8 © 2001 Prentice Hall
Examples
Vision Statement VESTEL “To be the world’s most powerful technology and production group in the sector”
Ch. 2-9 © 2001