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Vision and Mission in Business Strategy

The document discusses the importance of developing a clear business vision and comprehensive mission statement. It defines a vision as answering "what do we want to become?" and a mission statement as answering "what is our business?". Developing a vision and mission provides benefits like unanimity of purpose, establishing organizational culture and values, and motivating employees. The document outlines steps for developing vision and mission statements, including having managers prepare initial documents, merging feedback, and revising the final statements.

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Abdul Basit
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22 views19 pages

Vision and Mission in Business Strategy

The document discusses the importance of developing a clear business vision and comprehensive mission statement. It defines a vision as answering "what do we want to become?" and a mission statement as answering "what is our business?". Developing a vision and mission provides benefits like unanimity of purpose, establishing organizational culture and values, and motivating employees. The document outlines steps for developing vision and mission statements, including having managers prepare initial documents, merging feedback, and revising the final statements.

Uploaded by

Abdul Basit
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPT, PDF, TXT or read online on Scribd

Chapter 2

The Business Vision & Mission

Strategic Management:
Concepts & Cases
13th Edition
Fred David
Vision

“What do we want to become?”


Vision

Clear Business
Vision

Comprehensive
Mission Statement
Mission Statement

 Answers the question:


 “What is our business?”

 Reveals:
 what the organization wants to be
 whom we want to serve
Mission Statement

 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 beliefs
 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


Vision & Mission

Profit & vision are necessary to


effectively motivate a workforce
Vision & Mission

Shared vision creates a community of


interests
Developing Vision & Mission

A clear mission is needed before


alternative strategies can be
formulated and implemented
Developing Vision & Mission

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
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

 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
Vision & Mission Statements

 Provide unity of direction


 Promote shared expectations

 Consolidate values

 Project a sense of worth and intent

 Affirm the company’s commitment

to responsible action
Declaration of
Attitude
Broad
Broadin
inscope
scope

Generate
Generatestrategic
strategicalternatives
alternatives

Not
Notoverly
overlyspecific
specific

Reconciles
Reconcilesinterests
interestsamong
among
diverse
diversestakeholders
stakeholders

Finely
Finelybalanced
balancedbetween
between
specificity
specificity&&generality
generality
Declaration of
Attitude

Arouse
Arousepositive
positivefeelings
feelings&&
emotions
emotions

Motivate
Motivatereaders
readersto
toaction
action

Generate
Generatefavorable
favorableimpression
impression
of
ofthe
thefirm
firm
Declaration of
Attitude

Reflect
Reflectfuture
futuregrowth
growth

Provide
Providecriteria
criteriafor
forstrategy
strategy
selection
selection

Basis
Basisfor
forgenerating
generating&&
evaluating
evaluatingstrategic
strategicoptions
options

Dynamic
Dynamicin
innature
nature
Products or
Services Markets
Customers

Mission Technology
Employees Components

Survival,
Growth,
Public Profits
Image
Self-Concept Philosophy

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