Assignment 2
Name; Mukhtar Abdullahi Ahmed.
Student id; FA20-MSMG-0030.
Subject: Strategic management
Teacher: Asif Qureshi
SUBMITED DATE: 20-02-2021
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Copyright © 2006 McGraw-Hill Ryerson Limited
Chapter 2
The Business Vision & Mission
Summary.
A Mission Statement defines the company’s business, its objectives and its approach to reach those
objectives. A Vision Statement describes the desired future position of the company. Elements of Mission
and Vision Statements are often combined to provide a statement of the company’s purposes, goals and
values. However, sometimes the two terms are used interchangeably
Vision.
Agreement on the basic vision for which the firm strives to achieve in the long term is especially important.
“What do we want to become?”
Vision Statement Examples
Tyson Foods’ vision is to be the world’s first choice for protein solutions while maximizing shareholder
value.
General Motors’ vision is to be the world leader in transportation products and related services.
PepsiCo’s responsibility is to continually improve all aspects of the world in which we operate –
environment, social, economic – creating a better tomorrow than today.
Vision
Clear Business
Vision.
Comprehensive
Mission Statement
Mission Statement.
Answers the question:
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“What is our business?”
Reveals:
what the organization wants to be
whom we want to serve
An enduring statement of purpose that distinguishes one organization from other
similar enterprises
A declaration of an organization’s “reason for being”
Mission Statements are also called
Creed statement
Statement of purpose
Statement of philosophy
Statement of belief
Statement of business principles
A statement “defining our business”
Vision & Mission.
Great benefits can be achieved if an organization
Systematically revisits their vision and mission statement
Treats them as living documents
Considers them to be an integral part of the firm’s culture
Profit & vision are necessary to effectively motivate a workforce
Shared vision creates a community of interests
Developing Vision & Mission
A clear mission is needed before alternative strategies can be formulated and
implemented
Participation by as many managers as possible is important in developing the mission
because through involvement people become committed to an organization
Steps to Developing Vision & Mission Statements
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1. Have managers read related articles
2. Have managers prepare a vision and mission statement for the organization
3. Merge the documents into one and distribute
4. Gather feedback from managers
5. Meet to revise the final document
Benefits of Mission Statements
Mission statements are a way to direct a business in the right direction, and they play a part in helping a
business make sound decisions, which can be beneficial to the revenue stream. Without a mission
statement, businesses may struggle when it comes to planning for the future .
Better financial results
Unanimity of purpose
Resource allocation
Establishment of culture
Focal point for individuals
Establishment of work structure
Basis of assessment and control
Resolution of divergent views
In conclusion, a vision statement outlines future aspirations, whereas a mission
statement is crafted around present actions (what, how, and for whom). They function
hand-in-hand to define goals and the actions that will achieve them. ... Together, we can
identify your company's goals, purpose, direction, and constituency.
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