The meaning of vision and mission
characteristics of mission and vision
importance of mission and vision
role of mission and vision statement in strategy formulation
Shortcomings in vision statement
Factors affecting objective settings
Difference between vision and mission statement
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This revision presentation provides business students with an overview of the role of planning in business strategy. It highlights the key parts to the strategic planning process and considers the main business benefits of effective planning.
This Presentation gives the idea of mission and objectives of any organisation. It explains about the quality of good vision, mission and objectives of any organisations .
This Presentation gives the idea of mission and objectives of any organisation. It explains about the quality of good vision, mission and objectives of any organisations .
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This revision presentation provides an overview of the core strategic topic of business mission, aims and objectives. The main focus of the presentation is to outline the theory of the use of mission, aims and objectives rather than provide examples of these in context.
Vision and mission statements are the marketing tools that help an organization grow by aiming at where they are heading, and answering what the organization's culture and values are. They are the most helpful in small-scale organizations but also benefit large and medium scaled organizations. Vision statements and mission statements are always placed together but are different from one another. They both are created for different purposes. We have previously seen how a vision statement helps in looking forwards to where an organization wants to reach whereas; a mission statement clarifies what an organization wants to do now.
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Vision is a dream what a company wishes to become or aspire or intend to be in future.
Kotler defines it as a “description of something in future.”
A vision answers the question “where we want to be”.
It gives us a reminder about “what we want to develop”.
A vision statement is for the organization & it’s members, unlike the mission statement is for the customers & clients.
Example: the vision of “Wal-Mart” is to become the worldwide leader in retailing.
Generic Electric: “We bring good things to life”.
Ranbaxy Laboratories: “to become a research based international pharmaceutical company”.
FEATURES
The vision must be clear.
It must be unambiguous.
It must harmonies with organization’s culture & values.
It should be realistic.
It should be concise to be memorised.
It incorporates a shared understanding about the nature and aim of the organization.
It prepares the foundation for mission & describes that on achieving the mission, how the organization would be placed in a particular position in future.
Mission is states that “what the company is, why it exists & the unique contribution it can make”.
The mission can be defined as the fundamental or unique purpose that makes it apart from other firms of its type.
It indicates the nature & scope of business in terms of product, market & technology.
The mission states its core ideology which can be divided into two parts: core purpose & core value.
Core purpose is the reason for which the firm exists & the firm stands on core values which it holds.
The mission can be reflected through the “mission statement”.
The Mission Statement distinguishes one business from other similar firms.
It is the statement of the role by which an organization intends to serve its stakeholders.
It describes why an organization is operating, what the organization does, who all it serves & what makes it unique.
It differentiates an organization from others by explaining its broad scope of activities, its products & technologies it uses to achieve its goals & objectives.
Example: Microsoft’s mission is to help people and business throughout the world to realize its full potential.
Wal-Mart’s mission is to give ordinary folk the chance to buy the same thing as rich people.
NTPC: To make available, reliable & quality power in increasingly large quantities.
BHEL: A world class innovative, competitive & profitable engineering enterprise providing total business solutions
Characteristics of Mission Statement
Both vision & mission statement always exist at top level of an organization and flow towards middle and lower level hierarchy.
It should be unique or distinct that every one keeps it in mind.
It should be feasible & attainable.
It should be clear enough so that actions can be taken.
It should be inspiring for the management, employees & society a large.
It should be precise & analytical.
It should be credible for all the stakeholders.
The mission statement of the firm wants to maintain its distinct image & characteristics
Impacting Element for Effective Mission StatementAdvance Agility
It's always better to have more minds thinking than to be single. So better involve your agile team in the task instead of going alone on the task. It will help you have more ideas and a clearer view of the organization's personality from every perspective. Last but not the list; test the mission statement with people who are willing to contribute their input to it. With the above impacting elements any organization can ensure that its mission statement is an effective one and ready to work its responsibility it is created.
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1. ORGANIZATION MISSION
STATEMENT AND VISION
CONTENTS
-The meaning of vision and mission statement
-Features of mission statement and vision
-Role of mission statement and vision in strategy formulation
-Shortcomings in company vision statements
-Factors affecting objective setting/formulation
-Importance of mission and vision statements
-Difference between vision and mission statement
2. THE MEANING OF ORGANIZATION
VISION
• Defn
A vision describes or identifies where the organization
intends to be in the future.
It is realistic, credible, attractive and future oriented.
In general the vision describes some milestone that
the firm will reach in the future.
When developing a vision statement, it should be
seen that the following questions are answered:
• What do we want to do going forward?
• When do we want to do it?
• How do we want to do it?
3. FEATURES /CHARACTERISTICS OF
VISION
1.Any vision must be clear. it should be direct, says
something about company’s destination.
2.It has to be realistic. It has to be within the
company’s ability to achieve it.
3.The vision statement must be shorter. Easy to
communicate, memorize and explained clearly.
4.It must reflect the uniqueness of the organization
5.It must be focused. It must be specific enough to
provide managers with guidance in decision making
and allocating resources
6.Alignment with organizational values and culture
4. SHORTCOMINGS/PROBLEMS IN SOME
COMPANY VISION STATEMENTS
1.Incomplete: It is short on specifics about where the
company is headed.
2.Vague: It doesn’t provide much indication of
whether or how management needs to alter the
company current products/market, customer and
technology
3.Bland: Lacking motivational power
4.Not distinctive( lacks uniqueness): some vision lacks
uniqueness in a way that it could be applied almost
on any company
5.It is so broad that it really doesn’t rule out any
opportunity that management might opt to pursue.
5. ROLE/CONTRIBUTION OF VISION IN
STATEGY FORMULATION
1.It provides a clue about where the organization
is heading in the future
2.A vision place an organization in unique
position
3.A vision plays a role in policy formulation and
implementation.
6. MISSION STATEMENT
It is the statement of the role by which an organization
intends to serve its stakeholders.(what is our business?).
It describes what an organization does, who it serve and
what makes an organization unique.
It explains the reasons for firms existence, why and where
the organization is operating and thus it provides frame
work within which the strategy are formulated.
When developing a mission statement, it should be
seen that the following questions are answered:
• What do we do today?
• For whom do we do it?
• What is the benefit?
7. FEATURES OF A MISSION STATEMENT
1.It must be feasible and attainable
2.It must be clear enough
3.It has to be precise: the formulated mission
should not be too broad or too narrow
4.It must be unique and distinctive to leave an
impact in everyone’s mind
5.It should be insipiring for the management, staff
and society at large
8. ROLE OF MISSION STATEMENT IN
STRATEGY FORMULATION
1.It helps the organization to clarify aspirations
2.It serves as reference point
3.It must decide the direction in which the
organization proceeds
9. IMPORTANCE OF VISION AND MISSION
STATEMENT
1. vision and mission statements provide unanimity of purpose to organizations and imbue the
employees with a sense of belonging and identity. Indeed, vision and mission statements
are embodiments of organizational identity and carry the organizations creed and motto.
For this purpose, they are also called as statements of creed.
2.Vision and mission statements spell out the context in which the organization operates and
provides the employees with a tone that is to be followed in the organizational climate.
Since they define the reason for existence of the organization, they are indicators of the
direction in which the organization must move to actualize the goals in the vision and
mission statements.
3. The vision and mission statements serve as focal points for individuals to identify
themselves with the organizational processes and to give them a sense of direction while at
the same time deterring those who do not wish to follow them from participating in the
organization’s activities.
4. The vision and mission statements help to translate the objectives of the organization into
work structures and to assign tasks to the elements in the organization that are responsible
for actualizing them in practice.
5. To specify the core structure on which the organizational edifice stands and to help in the
translation of objectives into actionable cost, performance, and time related measures.
6.The vision and mission statements provide a philosophy of existence to the employees,
which is very crucial because as humans, we need meaning from the work to do and the
vision and mission statements provide the necessary meaning for working in a particular
organization.
10. DIFFERENCE BETWEEN VISION AND
MISSION STATEMENT
Organizations summarize their goals and objectives in
mission and vision statements. Both of these serve
different purposes for a company but are often confused
with each other. While a mission statement describes
what a company wants to do now, a vision statement
outlines what a company wants to be in the future.
• The Mission Statement concentrates on the present; it
defines the customer(s), critical processes and it informs
you about the desired level of performance.
• The Vision Statement focuses on the future; it is a source
of inspiration and motivation. Often it describes not just
the future of the organization but the future of the
industry or society in which the organization hopes to
effect change
11. MISSION STATEMETN VERSUS VISION
STATEMENT
MISSION STATEMENT VISION STATEMENT
1. A Mission statement talks about
how the firm will get to where it
wants to be. It defines the purpose
and primary objectives related to
customer needs and team values.
2. A mission statement talks about
the present leading to its future
3. It lists the broad goals for which
the organization is formed. Its
prime function is internal; to
define the key measure or
measures of the organization's
success and its prime audience is
the leadership, team and
stockholders.
4. It answers the question, “What do
we do? What makes us different?”
• A Vision statement outlines
WHERE the firm want to be.
Communicates both the purpose
and values of the business.
• A vision statement talks about
the firms future.
• It lists where the firm see itself
some years from now. It inspires
a firm to give its best. It shapes
the understanding of the firm.
• It answers the question, “Where
do we aim to be?”
12. MISSION VERSUS VISION STATEMENT
MISSION STATEMENT VISION STATEMETN
• 5. The purpose of mission
statement is to inform.
What do we do today? For whom
do we do it? What is the
benefit? In other words, Why
we do what we do? What, For
Whom and Why?
• 6.By order mission statement
is first to be developed
• The purpose of vision is to
insipire
Where do we want to be going
forward? When do we want to
reach that stage? How do we
want to do it?
Vision statement is developed
after mission statement
13. These are end results which an organization strive for .
FEATURES OF OBJECTIVE
1.Specific
2.Measurable
3.Attainable
4.Realistic
5.Time bound
14. FACTORS AFFECTING OBJECTIVE
SETTING/FORMULATION
• 1.Size of the organization: The bigger the size of the
organization makes objective setting more complex
• 2.Value system of the top management: The objective setting
is effected by the value of top management, their philosophy,
altitudes, aspirations and needs influence objectives
• 3.Enviromental forces: External forces affecting objective
formulation include political, economic and social cultural
factors
• 4.Past situation: The objective formulation process is very
much affected by past situation of the organization, it serve as
precedent for objective formulation.
• 5.Organizational culture: Culture refers to shared beliefs,
values and norms that guide behavior. Objective formulation
is affected by organization culture.