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Chapter 2: Vision and Mission Analysis - Coggle Diagram
Chapter 2: Vision and Mission Analysis
Vision
Reveal the type of business the firm engages
short, one sentence
Characteristic of a Mission Statement
Broad in scope
Not include monetary amounts. numbers, percentages, ratios or objectives
Fewer than 150 words in length
Reconciliatory
Reveals that the firm is socially responsible
Mission
Essential for effectively establishing objectives and formulating strategies
reveals what an organization wants to be and whom it wants to serve
Developing Vision & Mission Statements
1.Several articles about these statements.
Ask managers to prepare a vision and mission statement
Top managers merge these statements into a single document
Request for modifications additions and deletions along with a meeting to revise the documents.
Importance of Vision and Mission Statements
To make sure all employees/managers understand the firm's purpose or reason for being
To provide a basis for prioritization of key internal and external factors utilized to formulate feasible strategies
To provide a basis for the allocation of resources
Benefit of Having a Clear Mission and Vision
Achieve clarity of purpose among all managers and employees
Achieve higher organizational performance
Resolve divergent views among managers
Project a sense of worth and intent to all stakeholders
A Customer Orientation
The operating philosophy of organizations should be to identify customers' needs and provide a product or service to fulfill those needs
Reflects the anticipations of customers
Mission Statement Components
Customers
Products or Services
Markets
Technology
Survival, growth and profitability
Philosophy
Self-concept
Public image
Employees