Vision statements and mission statements serve different but complementary purposes for an organization. A mission statement answers what the organization's business is, while a vision statement describes what the organization aims to become. These statements provide unity of purpose within an organization, set standards for allocating resources, establish tone, and allow individuals to identify with the organization's goals. They also facilitate translating objectives into specific tasks. Vision and mission statements should be broad in scope, inspiring, and enduring.

1. Vision vs Mission Whereas the Mission Statement answers the question: What is our Business? The Vision Statement answers the question: _ What do we want to become ? Many organisations have both the Vision and the mission Statement.

2. WHY DO WE NEED THESE STATEMENTS: To ensure Unity of Purpose within the organisation, To provide Basis or Standard for Allocating Resourses. To establish general Tone or Organisational Climate. To serve as FOCAL POINT for individuals to identify with the organisation’s purpose and direction and to deter those who cannot from participating, To facilitate translation of objective in to a work structure and assign tasks . To specify organisations purpose and then translate it into objectives in such a way that costs, time and performance parameters can be assessed and controlled.

3. CHARACTERISTICS OF STATEMENTS: Broad in Scope. Less than 250 words, Inspiring Identify the utility of a firms products. Reveal that firm is socially responsible. Reveal that the firm is environmentally responsible. Include 9 components ( next slide). enduring

4. Components of the STATEMNTS. CUSTOMERS : Who are the firms customers. PRODUCTS OR SERVICES : What are the firms major products or services. MARKETS : Geographically, where does the firm compete/operate? TECHNOLOGY : Is the firm technologically upto date? CONCERN FOR SURVIVAL,GROWTH AND PROFITABILITY :Is the firm committed to growth and financial soundness? PHILOSOPHY : What are the basic Beliefs,Values,Aspirations and Ethical priorities of the firm? SELF-CONCEPT : What are the firm’s Distinctive Competence or major competitive advantage. CONCERN FOR PUBLIC IMAGE : Is the firm responsive to Social, Community and environmental concerns? CONCERN FOR EMPLOYEES : Are employees a valuable asset to the firm?