This document discusses key concepts in strategic management including vision, mission, goals, and objectives. It provides definitions and examples of each. A vision describes what an organization wants to become in the future, while a mission captures the essence of why an organization exists. Goals are intended outcomes that support the mission and vision, and objectives are specific, measurable targets that compel action. The document evaluates components of effective statements and examples of good and bad statements. It emphasizes the importance of alignment between goals and objectives across all levels of an organization.

1. Strategic ManagementBHRM 31124R.A.IshankaChathuraniLecturer (prob)Department of Human Resource ManagementFaculty of Commerce & Management StudiesUniversity of Kelaniya

2. Vision, Mission, Goals and Objectives Learning outcomesAfter completing of this topic, students should be able to, Describe the nature and role of vision, mission, goals and objectives in strategic managementIdentity the components of mission statement Discuss how clear vision and mission statements can be benefit other strategic management activitiesEvaluate mission statements in different organizationsDevelop good vision and mission statements

3. What is vision? :- What do we want to become? Foresight or power of seeingVision must focus on futureServe as a concrete foundation for the organization Vision never change but it serves as an enduring promise-remained fixed

4. VisionA strategic thinker should have a good vision for the future. This has three aspects. They are,What the business is nowWhat it could be in the ideal worldWhat the ideal world would be like

5. Problems with vision It ignores real, practical problemsIt can generate into wishful thinking

6. Benefits of a visionA vision enhances a wide range of performance measuresA vision promote changeA vision provides the basis for a strategic planA vision motivates individuals and facilitates the recruitment of talentsA vision helps keeping decision making in context

7. Examples for Vision statements "All Sri Lankans seamlessly connected with world-class information, communication and entertainment services.“ (Sri Lanka Telecom)

8. Mission :- What is our business?Organizations basic function in society, in terms of the products and services it produces for its clients’ (Mintzberg)

9. Mission Statement Captures the essence of why the organization exists – Who we are, what we do Explains the basic needs that you fulfill

10. Expresses the core values of the organization

11. Should be brief and to the point

12. Easy to understand

13. If possible, try to convey the unique nature of your organization and the role it plays that differentiates it from others

14. Components of a of MissionCustomers – Who are the firm’s customers?Products or services – What are the firm’s major products or services?Markets – Geographically ,where does the firm operating?Technology – Is the firm technologically current?Concern for survival, growth and profitability – Is the firm committed to growth and financial soundness?

15. Cont…Components of a of MissionPhilosophy – What are the basic beliefs, values, aspirations and ethical priorities of the firm?Self-concept – What is the firm’s distinctive competence or major competitive advantage?Concern for public image – Is the firm responsive to social, community and environmental concern?Concern for employees – Are employees a valuable asset of the firm?

16. Characteristics of Mission Statement BrevityFlexibilityDistinctiveness

17. The importance of missionValues and feelings are integral elements of consumers’ buying decisions, as evidenced by advertising, branding and market research. Customers not only ask ‘What do you sell? But What do you stand for?To motivate employeesMany firms take mission seriously in strategic management

18. Examples for Mission statements "Your trusted and proven partner for innovative and exciting communication experiences delivered with passion, quality and commitment“ (Sri Lanka Telecom)

19. Examples – Good and BadMission StatementsNASATo Explore the Universe and Search for Life and to Inspire the Next Generation of ExplorersDoes a good job of expressing the core values of the organization. Also conveys unique qualities about the organization. Walt DisneyToo vague and and unclear. Need more descriptive information about what makes the organization special. To Make People Happy

20. Evaluating Mission StatementAn evaluation matrix of mission statement (An Example)

21. Goals The intention behind decisions or actions, the states of mind that derive individuals or collectives of individuals called organizations to do what they do (Minzberg)

22. Describes a future end-state – desired outcome that is supportive of the mission and vision.

23. Shapes the way ahead in actionable terms.

24. Best applied where there are clear choices about the future.

25. Puts strategic focus into the organization – specific ownership of the goal should be assigned to someone within the organization. Cont….

26. Examples of GoalsReorganize the entire organization for better responsiveness to customersWe will partner with other businesses, industry leaders, and government agencies in order to better meet the needs of stakeholders across the entire value stream.Manage our resources with fiscal responsibility and efficiency through a single comprehensive process that is aligned to our strategic plan. Improve the quality and accuracy of service support information provided to our internal customers.Establish a means by which our decision making process is market and customer focus.Maintain and enhance the physical conditions of our public facilities.