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Mission & vision (business strategy policy)

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business strategy mission and vision

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Mission & vision (business strategy policy)

  1. 1. WELCOME
  2. 2. TOPIC: MISSION & VISION
  3. 3. An organization’s vision and mission act as guidelines for strategic formulation. The process of strategy formulation involves articulating a vision for the organization, translating the vision into a mission that defines the organization’s purpose, converting the mission into performance objectives, detailing each objective into specific goals, and formulating tactics and strategies for accomplishing the goals. ORGANIZATIONAL DIRECTION DETERMINED BY STAKEHOLDERS/FOUNDER TOP MANAGEMENT UNIT TOGETHER WITH TOP MANAGEMENT UNIT MANAGERS WITH APPROVAL OF SUPERVISE EACH ORGANIZATIONAL LEVEL; IN CONFORMITY WITH UNITPOLICIES UNITPOLICIES INDIVIDUAL MANAGERS IN CONFORMITY WITH UNIT POLICIES INDIVIDUAL MANAGERS, IN CONFORMITY WITH UNIT GOALS VISION MISSION OBJECTIVES PLANS POLICIES GOALS STRATEGIES & TACTICS
  4. 4. What is Vision? In Simple words, Vision is the ability to see: sight or eyesight. Or Something that you imagine a picture in your mind. A well-conceived vision comprises two main components: 1st component is core ideology 2nd component is envisioned future
  5. 5. What is Mission Statement? A mission statement is a statement which is used as a way of communicating the purpose of the organization. Most corporate mission statements are built around three main elements. 1.) History of the organization 2.) Distinct competencies of the organization 3.) The environmental of the organization
  6. 6. Some of the characteristics of a good mission statement are: i.) It differentiate the company from its competitors ii.) It defines the business(es) that the company wants to be in, not necessarily the one in it. iii.) It is inspiring.
  7. 7. Key Elements of a Mission Statement View of the future Competitive Arenas Source of the competition Fundamental Intentions
  8. 8. Formulating a mission statement includes:- i.) The product/service of the organization ii.) The market of the organization iii.) The geographical domain iv.) Main Technology used v.) The organization’s quest for survival, growth and profitability vi.) The organization’s philosophy vii.) The organization’s public image viii.) The organization’s value system ix.) The organization’s self-concept.
  9. 9. Basic Product, Primary Market and Principal technology:- The three indispensable components of a mission statement are the basic product, the primary market and the principal technology used in production or delivery. Company Goals A company goals represent a clear statement of intent. Company goals are high-level and strategic, encompassing the entire team and every in a business. Effective Company’s goals helps to gain: i.) Increase customer service ii.) Maximise sales iii.) Launch new products iv.) Be best for value.
  10. 10. Company Philosophy It is a theory used to determine how a business handles different areas operation. Public Image Mental picture that springs up at the mention of a firm’s name. Company Self-Concept A company’s mission reveals its self-concept. The idea that the organization/firm must “know itself’ is the essence of the term self-concept”.
  11. 11. SOCIAL RESPONSIBILTY: Corporate social responsibility is a public movement that has gained momentum over the past decades. As a result, organization have building social criteria their strategic decision-making. Managers of the organization have four social responsibilities: i.) Economic “Must do” ii.) Legal “Have to do” iii.) Ethical “Should do” iv.) Discretionary “Might do”
  12. 12. Social Responsibility is not a one way process; the organizations themselves benefit considerably by under-taking greater social responsibility. The organizations are responsible to all who come under the category “corporate stakeholders”. The category of stakeholders: i.) Shareholders ii.) Employees iii.) Local community iv.) Society
  13. 13. Stakeholders Approach to Social Responsibility Strategic managers must recognize the legitimate role of stakeholders of the firm in defining or redefining the company mission. The stakeholders of a firm can be divided into two categories: Insiders and Outsiders. Claimants to a company mission: Inside claimants • Executive Officers • Board of Directors • Stockholders and Employees Outside Claimants • Customers • Suppliers • Government • Unions • Competitors • Legal Committees • General public
  14. 14. Guidelines for a Socially Responsible Firm • The main purpose of a business is to make profit. • Profits cannot be claimed until business costs are paid. • If there are social costs in areas where no objective standards for correction exist, managers should generate a corrective standard.
  15. 15. Strategy and Business Ethics Ethics is defined as “the discipline dealing with what is good and bad, right or wrong, or with moral duty and obligation.” Business Ethics encompasses the morality of issues in business. The purpose of business ethics is not to teach the difference between right or wrong, but the people the tools for giving with more Business Ethics is important and worthy of serious attention. The behaviour of strategic leaders and their awareness of the behaviour of employees at all level throughout the organization influence that the aspect of corporate culture.
  16. 16. Ethical Decision making It is the process of evaluating and choosing among alternatives in a manner consistent with ethical decisions. There is no worldwide standard of conduct for business people. Cultural and norms vary from country to country, and ethics group within a country. Thus, Strategic leaders should be objective about how society views their company and its products, and, wherever possible, should avoid actions that can damage its image.
  17. 17. Thank You

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