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CHARTING A COMPANY'S DIRECTION:
VISION AND MISSION, OBJECTIVES AND…
CHARTING A COMPANY'S DIRECTION:
VISION AND MISSION, OBJECTIVES AND STRATEGY
Stage 1: Developing the strategic vision, a mission and a set of core values
Developing a strategic vision:
-Delineates management's future aspirations for the business to its stakeholders
-Provides direction (Where we are going)
-Sets out the compelling rationale for the firm's direction
-Uses distinctive and specific language to set the firm apart from its rivals
Mission statements:
-Uses specific language to give the firm its own unique identity
-Describes the firm's current business and purpose
-Should focus on describing the company's business,not on "making a profit"
Core values:
-Beliefs, traits and behavioral norms that employees are expected to display in conducting the firm's business and in pursuing its strategic vision and mission
-Become an integral part of the firm's culture and what makes it tick when strongly espoused and supported by top management
-Matched with the firm's vision, mission and strategy contribute to the firm's business success
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