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THE BUSINESS MISSION AND VISION - Coggle Diagram
THE BUSINESS MISSION AND VISION
Importance of Vision and Mission Statements
🎓To ensure unanimity of purpose within the organization
🎓To provide a basis, or standard, for allocating organizational resources
🎓To specify organizational purposes :
Benefits of Having a Clear Mission and Vision
:warning: Achieve clarity of purpose among all managers and employees
:warning: Provide direction
:warning: Achieve higher organizational performance
:warning: Resolve divergent views among managers
Characteristics of a Mission Statement
📢Identify the utility of firm's product
📢Broad in scope, do not include monetary amount, numbers , percentage, ratio, or objectives
📢 less than 250 words in length
📢Inspiring
Effective Mission Statement
:fire: Broad in scope
:fire: Generate strategic alternatives
:fire: Motivate readers to action
:fire: Not overly specific
What is Mission and Vision
:pencil2: A Mission Statement defines the company’s business, its objectives and its approach to reach those objectives
:pencil2: A Vision Statement describes the desired future position of the company
Mission Statement Components/Elements
:smiley: Customers. Who are your customers? How do you benefit them?
:smiley: Products or services. What are the main products or services that you offer? Their uniqueness?
:smiley: Markets. In which geographical markets do you operate?
:smiley: Technology. What is the firm’s basic technology?
:smiley: Concern for survival. Is the firm committed to growth and financial soundness?
:smiley: Philosophy. What are the basic beliefs, values and philosophies that guide an organization?
:smiley: Self-concept. What are the firm’s strengths, competencies or competitive advantages?
:smiley: Concern for public image. Is the firm socially responsible and environmentally friendly?
:smiley: Concern for employees. How does a company treat its employees?
A Customer Orientation
👦Define what the organization is and what the organization aspires to be
👦Be limited enough to exclude some ventures and broad enough to allow for creative growth
👦Distinguish a given organization from all others