MISSION, VISION, OBJECTIVES, AND STRATEGY

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MANAGEMENT AND ORGANIZATION, MISSION, VISION, OBJECTIVES, AND STRATEGY, VISION- Definition & Explanation, MISSION- Definition & Explanation, Difference between Vision and Mission Statements, The DO’s and DON’Ts of mission and vision statement, Examples of VISION and MISSION statement, OBJECTIVES- Definition & Explanation, Difference between Goals and Objectives, STRATEGY- Definition & Explanation, Strategy Formulation Process, Strategic Analysis Process
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  • 1. Management and Organization (5569) Q. 1 State and explain the importance of Mission, Vision, Objectives, and Strategy in the functioning of an organization. Find out these statements of a few organizations and explain their significance. How do they help you understand about these organizations? Describe in brief details of the organization you are referring to. Answer: Any business idea that comes in the mind of a person forces him to think and aim something big to achieve. Idea itself defines the type of industry, products, services, and initial market to be targeted to implement it. That idea enables him to gather resources to establish an organization to greatly follow that idea to achieve in the future with success. Establishing the organization requires to define and state the vision, mission, objectives, and strategy to communicate with all proposed stakeholders and target market keeping view the strategic advantages over the competitors. Once the organization is established, vision, mission, objectives, and strategy become very important and plays‘ a vital role in attracting and delivering all stakeholders to execute accordingly to achieve the desired success levels in the competitive market. IMPORTANCE OF MISSION, VISION, OBJECTIVES, AND STRATEGY IN THE FUNCTIONING OF AN ORGANIZATION VISION- Definition & Explanation: A vision statement should stretch the imagination while providing guidance and clarity. A vision statement must be compelling, not just to the high-level executives of a company, but to all employees. Points to keep in mind when formalizing a vision statement:  Project five to 10 years in the future.  Dream big and focus on success.  Use the present tense.  Use clear, concise and jargon-free language.  Infuse it with passion and make it inspiring.  Align it with your business values and goals.  Have a plan to communicate your vision statement to your employees.  Be prepared to commit time and resources to the vision you establish. A completed vision statement should offer a clear idea of a company's path forward. (Fernandes, 2018) A vision statement describes what a company desires to achieve in the long-run, generally in a time frame of five to ten years, or sometimes even longer. Vision statement should be defined in way that should follow the points given below:  Forward-looking  Motivating and inspirational  Reflective of a company‘s culture and core values  Aimed at bringing benefits and improvements to the organization in the future  Defines a company‘s reason for existence and where it is heading towards (CFI Education, 2019)
  • 2. Management and Organization (5569) Vision communicates what your organization believes are the ideal conditions for your community – how things would look if the issue important to you were perfectly addressed. This utopian dream is generally described by one or more phrases or vision statements, which are brief proclamations that convey the community's dreams for the future. By developing a vision statement, your organization makes the beliefs and governing principles of your organization clear to the greater community (as well as to your own staff, participants, and volunteers). There are certain characteristics that most vision statements have in common. In general, vision statements should be:  Understood and shared by members of the community  Broad enough to encompass a variety of local perspectives  Inspiring and uplifting to everyone involved in your effort  Easy to communicate - for example, they should be short enough to fit on a T-shirt Here are a few vision statements which meet the above criteria:  Healthy children  Safe streets, safe neighbourhoods  Every house a home  Education for all  Peace on earth (Community..., 2018) A vision statement has more to do with the future and really describes what an organization plans or hopes to be in the future. This is more of an inspirational or motivational statement that is meant to drive employees and also clearly demonstrate an organizations goals to stakeholders (customers, investors, etc.). A vision statement shouldn't really discuss the present state of the organization but more what the organization wants to be and how it wants to be viewed. To be effective the message should be clear, optimistic, and of course realistic. An unrealistic vision statement, i.e. a corner store owner saying that in five years the company will be bigger than Walmart, won't be motivating or inspirational but end up being comical. The key questions to answer in a mission statement include:  Where does the organization want to be in 5 years or 10 years?  How do we want to get there? (Glen, 2013) As stated and explained above, the way of defining the vision, keeping in view the various factors, concise, compelling and well explained vision statement is important that attracts the stakeholders. Team members participate in your dream or idea to make it successful while owning your idea or dream within the organization. What aim and values we want to create, deliver and achieve in the future successfully with our stakeholders which will in return make the organization successful. MISSION- Definition & Explanation: A written declaration of an organization's core purpose and focus that normally remains unchanged over time. Properly crafted mission statements: (1) serve as filters to separate what is important from what is not, (2) clearly state which markets will be served and how, and (3) communicate a sense of intended direction to the entire organization. A mission is different from a vision in that the former is the cause and the latter is the effect; a mission is
  • 3. Management and Organization (5569) something to be accomplished whereas a vision is something to be pursued for that accomplishment. It is also called company mission, corporate mission, or corporate purpose. (Mission statement, 2019) A mission statement has a more 'present day' focus and really describes how a company plans on achieving its objectives. This is really a statement to employees, shareholders, and others with an interest in the organization that clearly articulates what an organization is doing, how it's going to do it, and ultimately why it's doing it. For many small businesses this can seem like a trivial item but large organizations spend countless hours, meetings, and dollars considering their mission statement and its significance. Changing a company's mission statement can be a major undertaking with numerous consultations and even external advisors being hired. For any growing business this should underline the significance of creating an effective mission statement, particularly when it's not part of the business model (or not possible) for the owner to personally convey the companies mission to everyone. The key questions to answer in a mission statement include:  What does the organization do?  Who does the organization service (i.e. customers)?  What benefit does the organization provide? (Glen, 2013) The company mission statement describes the organisation‘s visible, tangible work in the world—what the company does, who it does it for, and how this helps the client. It explains the tangible activities and overall approach or attitude the company takes as it translates the big picture vision into everyday action. An organization's mission statement describes what the group is going to do, and why it's going to do that. Mission statements are similar to vision statements, but they're more concrete, and they are definitely more "action-oriented" than vision statements. The mission might refer to a problem, such as an inadequate housing, or a goal, such as providing access to health care for everyone. And, while they don't go into a lot of detail, they start to hint - very broadly - at how your organization might go about fixing the problems it has noted. Some general guiding principles about mission statements are that they are:  Concise. Although not as short a phrase as a vision statement, a mission statement should still get its point across in one sentence.  Outcome-oriented. Mission statements explain the overarching outcomes your organization is working to achieve.  Inclusive. While mission statements do make statements about your group's overarching goals, it's very important that they do so very broadly. Good mission statements are not limiting in the strategies or sectors of the community that may become involved in the project. The following mission statements are examples that meet the above criteria.  "To promote child health and development through a comprehensive family and community initiative."  "To create a thriving African American community through development of jobs, education, housing, and cultural pride.  "To develop a safe and healthy neighbourhood through collaborative planning, community action, and policy advocacy." (Community..., 2018) So, the mission statement describes the organisation purpose and the type of business in, industry, its goals, target customers, products, services, target markets, communities, and directions for employees. It
  • 4. Management and Organization (5569) states the relations with vendors, suppliers, and other stakeholders. It provides the drive path for the organization with certain products and/or services with targeted markets or regions with competitive advantages over the competitors. Difference between Vision and Mission Statements: When considering a mission statement vs. a vision statement the key aspect to remember is the current vs. future context. A mission statement is where you are and why you do it, a vision statement is where you are going to be and how you want to get there. Employees, shareholders, and other stakeholders can be provided with quick answers to how an organization views itself and where it plans on being in the future. The DO’s and DON’Ts of mission and vision statements: (Glen, 2013) DO  Use clear, simple, succinct language  Articulate a tangible, specific yet ambitious goal in your vision statement  Think 5–10+ years ahead with your vision  Make it compelling  Explain your mission and vision so that a seven-year-old could understand it  Make it specific enough for people to understand what business you‘re in  Think deeply about it, alone and with your colleagues  Test it out on real people — friends and family members — and ask for their feedback DON’T  Be generic, vague or grammatically complex  Use clichéd, overused jargon (such as describing your company as ‗the leading provider,‘ the ‗best-in-class‘ and so on.)  Make it too wordy  Muddle together your goals, strategies, aspirations, values and philosophy  Try to say everything  Try to be too clever  Make it understandable only to insiders or employees  Write one just because you think you ‗should‘ Importance of Vision and Mission Statements: It has been found in studies that organizations that have lucid, coherent, and meaningful vision and mission statements return more than double the numbers in shareholder benefits when compared to the organizations that do not have vision and mission statements. Indeed, the importance of vision and mission statements is such that it is the first thing that is discussed in management textbooks on strategy. Some of the benefits of having a vision and mission statement are discussed below:  Above everything else, 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.  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.
  • 5. Management and Organization (5569)  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.  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.  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.  Finally, 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. So, articulate, coherent, and meaningful vision and mission statements go a long way in setting the base performance and actionable parameters and embody the spirit of the organization. In other words, vision and mission statements are as important as the various identities that individuals have in their everyday lives. It is for this reason that organizations spend a lot of time in defining their vision and mission statements and ensure that they come up with the statements that provide meaning instead of being mere sentences that are devoid of any meaning. (Juneja , 2019) Examples of VISION and MISSION statements: Company: Tesla Vision: To create the most compelling car company of the 21st century by driving the world‘s transition to electric vehicles. Mission: To accelerate the world‘s transition to sustainable energy. Company: Amazon Vision: To be Earth‘s most customer-centric company, where customers can find and discover anything they might want to buy online. Mission: We strive to offer our customers the lowest possible prices, the best available selection, and the utmost convenience. Company: Patagonia Vision: A love of wild and beautiful places demands participation in the fight to save them, and to help reverse the steep decline in the overall environmental health of our planet. Mission: Build the best product, cause no unnecessary harm, use business to inspire and implement solutions to the environmental crisis. Company: TED Vision: We believe passionately in the power of ideas to change attitudes, lives and, ultimately, the world. Mission: Spread ideas. Company: LinkedIn Vision: To create economic opportunity for every member of the global workforce. Mission: To connect the world‘s professionals to make them more productive and successful. Company: Google Vision: To provide access to the world‘s information in one click. Mission: To organize the world‘s information and make it universally accessible and useful.
  • 6. Management and Organization (5569) Company: Uber Vision: Smarter transportation with fewer cars and greater access. Transportation that‘s safer, cheaper, and more reliable; transportation that creates more job opportunities and higher incomes for drivers. Mission: Uber‘s mission is to bring transportation — for everyone, everywhere. Company: AirBnB Vision: Tapping into the universal human yearning to belong — the desire to feel welcomed, respected, and appreciated for who you are, no matter where you might be. Mission: Belong anywhere. Company: Intel Vision: If it is smart and connected, it is best with Intel. Mission: Utilize the power of Moore‘s Law to bring smart, connected devices to every person on earth. Company: Ferrari Vision: Ferrari, Italian Excellence that makes the world dream. Mission: We build cars, symbols of Italian excellence the world over, and we do so to win on both road and track. Unique creations that fuel the Prancing Horse legend and generate a ―World of Dreams and Emotions‖. Company: Caterpillar Vision: Our vision is a world in which all people‘s basic needs — such as shelter, clean water, sanitation, food and reliable power — are fulfilled in an environmentally sustainable way and a company that improves the quality of the environment and the communities where we live and work. Mission: To enable economic growth through infrastructure and energy development, and to provide solutions that support communities and protect the planet. Company: Toyota USA Vision: To be the most successful and respected car company in America. Mission: To attract and attain customers with high-valued products and services and the most satisfying ownership experience in America. Company: Facebook Vision: People use Facebook to stay connected with friends and family, to discover what‘s going on in the world, and to share and express what matters to them. Mission: To give people the power to build community and bring the world closer together. Company: Sony Vision: Using our unlimited passion for technology, content and services to deliver groundbreaking new excitement and entertainment, as only Sony can. Mission: A company that inspires and fulfils your curiosity. Company: Samsung Vision: Inspire the world. Create the future. Mission: Inspire the world with our innovative technologies, products and design that enrich people‘s lives and contribute to social prosperity by creating a new future. Company: Ikea Mission: Offer a wide range of well-designed, functional home furnishing products at prices so low that as many people as possible will be able to afford them. Vision: To create a better everyday life for the many people. (Skrabanek, 2018)
  • 7. Management and Organization (5569) OBJECTIVES- Definition & Explanation: Once an organization has developed its mission statement, its next step is to develop the specific objectives that are focused on achieving that mission. Objectives are the specific measurable results of the initiative. An organization's objectives offer specifics of how much of what will be accomplished by when. For example, one of several objectives for a community initiative to promote care and caring for older adults might be: "By 2024 (by when), to increase by 20% (how much) those elders reporting that they are in daily contact with someone who cares about them (of what)." There are three basic types of objectives. They are:  Behavioral objectives. These objectives look at changing the behaviors of people (what they are doing and saying) and the products (or results) of their behaviors. For example, a neighborhood improvement group might develop an objective for having an increased amount of home repair taking place (the behavior) and fewer houses with broken or boarded-up windows (the result).  Community-level outcome objectives. These are often the product or result of behavior change in many people. They are focused on change at the community level instead of an individual level. For example, the same neighborhood group might have an objective of increasing the percentage of people living in the community with adequate housing as a community-level outcome objective.  Process objectives. These are the objectives that provide the groundwork or implementation necessary to achieve your other objectives. For example, the group might adopt a comprehensive plan for improving neighborhood housing. In this case, adoption of the plan itself is the objective. These different types of objectives aren't mutually exclusive. Most groups will develop objectives in all three categories. And all of the different types of objectives should be used as intermediate markers of
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