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STRATEGIC MANAGEMENT: VISION & MISSION (Chapter 2) Nurul Mazlina Binti…
STRATEGIC MANAGEMENT: VISION & MISSION (Chapter 2)
Nurul Mazlina Binti Mazlan (53212115006)
Mission
A formal summary of the aims and values of a company, organization, or individual.
An effective statement to exhibit nine characteristics or components.
Vision
A vision statement is an organization's declaration of its mid-term and long-term goals.
The Process of Developing a Mission Statement
A clear mission is needed before alternative strategies can be formulated and implemented.
Mission is important to have as broad a range of participation as possible among managers in developing the mission.
Importance of Vision and Mission Statements
Basis for allocating resources
Focal point for direction
Translate objectives into work structure
Unanimity of purpose within the organization
Components of a Mission Statement
Customers
Products or services
Markets
Technology
Concern for survival, growth, and profitability
Philosophy
Self-concept
Concern for public image
Concern for employees
Example of Vision & Mission
