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    Chapter 5 Notes

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    A vision statement describes what an organization wants to become in the future, ideally in one short sentence. A mission statement declares an organization's reason for existing and whom it serves to establish objectives and strategies. It reveals what the organization wants to be and whom it wants to serve. A mission statement should define the organization and its aspirations, reflect customer expectations, and identify customer needs to fulfill through products and services. It should consider stakeholders, focus on customers, and include key components like the customers, products, markets, technology, goals for survival, growth, profits, philosophy, competitive advantages, public image, and treatment of employees.

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    Chapter 5 Notes

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    InesBouguerra
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    A vision statement describes what an organization wants to become in the future, ideally in one short sentence. A mission statement declares an organization's reason for existing and whom it serves to establish objectives and strategies. It reveals what the organization wants to be and whom it wants to serve. A mission statement should define the organization and its aspirations, reflect customer expectations, and identify customer needs to fulfill through products and services. It should consider stakeholders, focus on customers, and include key components like the customers, products, markets, technology, goals for survival, growth, profits, philosophy, competitive advantages, public image, and treatment of employees.

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    A vision statement describes what an organization wants to become in the future, ideally in one short sentence. A mission statement declares an organization's reason for existing and whom it serves to establish objectives and strategies. It reveals what the organization wants to be and whom it wants to serve. A mission statement should define the organization and its aspirations, reflect customer expectations, and identify customer needs to fulfill through products and services. It should consider stakeholders, focus on customers, and include key components like the customers, products, markets, technology, goals for survival, growth, profits, philosophy, competitive advantages, public image, and treatment of employees.

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    17 views2 pages

    Chapter 5 Notes

    Uploaded by

    InesBouguerra
    A vision statement describes what an organization wants to become in the future, ideally in one short sentence. A mission statement declares an organization's reason for existing and whom it serves to establish objectives and strategies. It reveals what the organization wants to be and whom it wants to serve. A mission statement should define the organization and its aspirations, reflect customer expectations, and identify customer needs to fulfill through products and services. It should consider stakeholders, focus on customers, and include key components like the customers, products, markets, technology, goals for survival, growth, profits, philosophy, competitive advantages, public image, and treatment of employees.

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    Chapter 5 Notes

    A Vision Statement (VS):
     What do we want to become?
    a) Should be short, preferably one sentence, and as many managers as possible
    should have input into developing the statement.
    b) The VS should reveal the type of business the firm engages.
    A Mission Statement (MS):
     What is our business?
    a) A declaration of an organization’s “reason for being”.
    b) It is essential for effectively establishing objectives and formulating
    strategies.
    c) Reveals what an organization wants to be and whom it wants to serve.
     To make sure all employees/ managers understand the firm’s
    purpose or reason for being.
     To provide a basis for prioritization of key internal & external
    factors utilized to formulate feasible strategies.
     To provide a basis for organizing work, departments, activities,
    and segments around a common purpose.
    Characteristics of a Mission Statement (MS):
    Stakeholders:
     Includes employees, managers, stockholders, boards of directors, customers,
    suppliers, environmental groups, and the general public.
    Customer Orientation:
     An MS should define what the organization is and what it aspires to be.
     Be limited enough to exclude some ventures and broad enough to allow for
    creative growth.
     A good MS reflects the anticipations of customers.
     The operating philosophy of organizations should be to identify customers’
    needs & then provide a product or service to fulfill those needs.
    Components of an MS:
    1. Customers-who are the firm’s customers?
    2. Products or services- what are the firm’s major products or services?
    3. Markets- geographically, where does the firm compete?
    4. Technology- is the firm technologically current?
    5. Survival, growth, and profitability- is the firm committed to growth and financial
    soundness?
    6. Philosophy- what are the basic beliefs, values, aspirations, and ethical priorities
    of the firm?
    7. Self-concept (distinctive competence)-what is the firm’s major competitive
    advantage?
    8. Public image- is the firm responsive to social, community, and environmental
    concerns?
    9. Employees- are employees a valuable asset of the firm?

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