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Presentation On Mission Vs Vision Statements

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Published in: Business Studies
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The following PPT contains notes on Mission statements, vision statements as well as relationship between objectives, strategies and aims of business.

Dhanya K / Kochi

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Qualification: M.Com (Sacred Heart College (SHC), Kochi - 2008)

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  1. VISION STATEMENT AND MISSION STATEMENT
  2. A Mission Statement defines the company's business, its objectives and its approach to reach those objectives. In other words, a mission statement is a short statement of why an organization exists, what its overall goal is, identifying the goal of its operations: what kind of product or service it provides, its primary customers or market, and its geographical region of operation. It often includes a general description of the organization, its function, and its objectives. MISSION STATEMENT
  3. A vision statement is a document that states the current and future objectives of an organization. The vision statement is intended as a guide to help the organization make decisions that align with its philosophy and declared set of goals. This reveals the Of a business. A good vision statement should be short, simple, specific to your business, leave nothing open to interpretation. It should also have some ambition. VISION STATEMENT
  4. Typically, senior managers will write the company's overall Mission and Vision Statements. Other managers at different levels may write statements for their particular divisions or business units. Both mission and vision statements are often combined into one comprehensive "mission statement" to define the organization's reason for existing and its OUtIOOk for internal and external audiences like partners, board consumers, and shareholders. HOW MISSION AND VISION STATEMENTS WORK
  5. Company: Mission: To accelerate the world's transition to sustainable Vision: To create the most compelling car company of the 21 st century by driving the world's transition to electric vehicles. Why it works: What better word than "accelerate" in a mission to serve as the driving force behind what Tesla does. While boldly stating "best in the century" reflects loftier dreams in the vision. COMBINED EXAMPLES TO IDENTIFY DIFFERENCES
  6. Company: Mission: We strive to offer our customers the lowest possible prices, the best available selection, and the utmost CO n venience. Vision: To be Earth's most customer-centric company, where customers can find and discover anything they might want to buy online. Why it works: Amazon's mission is cut-and-dry about what they offer to customers. The vision takes the offerings farther, saying their company will offer "anything" customers want.
  7. Advantages of Having a Mission Statement Mission statements are a way to direct a business in the right direction They play a part in helping a business make sound decisions which can be beneficial to the They give clarity simply by putting plans on paper. Disadvantages to Having a Mission Statement Mission statements can present a problem if you spend too much time fretting over what to say and how to say it. Another disadvantage is if you end up being unrealistic in what you promise and then don't deliver on those results. ADVANTAGES AND DISADVANTAGES- MISSION STATEMENTS
  8. Advantages A clear vision statement acts as a unifying force, and has a positive impact on organizational effectiveness. A solid vision statement acts as a guide for employee actions and decision making. Possibly the most significant benefit of a clear vision statement is it can be motivating and inspiring. When an individual understands and aligns with the core values and vision of the organization, they are able to readily commit to, and engage in, the organization's efforts Disadvantages A vision statement that is full of business jargon and buzzwords is ineffective because the words do not carry meaning to everybody reads the A vision statement that looks only at internal measures of SUCCeSS, such as profits or market share, is ineffective at inspiring to work hard. A vision statement that is too generalized leaves too many directions open and causes the company's efforts to be scattered, which hinders direct progress. Some companies have written a wonderful vision statement but do not implement it. Therefore, the vision is ineffective in driving the company's day-to-day busine and decisions. ADVANTAGES AND DISADVANTAGES- VISION STATEMENT
  9. AIMS, OBJECTIVES AND STRATEGIES
  10. An aim is where the business wants to go in the future, its goals. It is a statement of purpose. For example, we want to grow the business into Europe. AIMS- MEANING
  11. Business objectives are the stated, measurable targets of how to achieve business aims. For instance, we want to achieve sales of €10 million in European markets in 2004. Objectives give the business a clearly defined target. Plans can then be made to achieve these targets. This can motivate the employees. It also enables the business to measure the progress towards to its stated aims. OBJECTIVES- MEANING
  12. Corporate CUItUre- This can be defined as the code of behaviour and attitudes that influence the decision-making style of the managers and other employees of the business. CUItore is a way of doing things that is shared by all those in the organisation. Size and legal form of the business- Owners of small businesses may be concerned only with a satisficing level of profit. Larger businesses, perhaps controlled by directors rather than owners, such as most public limited companies, might be more concerned. Public sector or private sector businesses- State-owned organisations tend not to have profit as a major objective. On the other hand, private sector organisations tend to look at profit maximization as their sole objective. Well-established businesses- Newly formed businesses are likely to be driven by the desire to survive at all costs - the failure rate of new firms in the first year of operation is very high. Later, once well established, the business may PCJrsoe other objectives like growth and market share. FACTORS THAT DETERMINE CORPORATE OBJECTIVES
  13. The most effective business objectives meet the following criteria: S- Specific - objectives are aimed at what the business does, e.g. a hotel might have an objective of filling 60% of its beds a night during October, an objective specific to that business. M - Measurable - the business can put a value to the objective, e.g. €1 0,000 in sales in the next half year of trading. A - Agreed by all those concerned in trying to achieve the objective. R- Realistic - the objective should be challenging, but it should also be able to be achieved by the available. T- Time specific - they have a time limit of when the objective should be achieved, e.g. by the end Of the year. CRITERIA FOR GOOD BUSINESS OBJECTIVES
  14. The main objectives that a business might have are: Survival - a short term objective, probably for small business just starting out, or when a new firm enters the market or at a time of crisis. Profit maximisation - try to make the most profit possible - most like to be the aim of the owners and shareholders. Profit satisficing - try to make enough profit to keep the owners comfortable — probably the aim of smaller businesses whose owners do not want to work longer hours. Sales growth — where the business tries to make as many sales as possible. This rnay be the managers believe that the survival of the business depends on being large. Large businesses can also benefit from economies of scale. SOME IMPORTANT OBJECTIVES
  15. Alternative objectives: Ethical and socially responsible objectives — organisations like the Co-op or the Body Shop have objectives which are based on their beliefs on how one should treat the environment and people who are less fortunate. Public sector corporations are run to not only generate a profit but provide a service to the This service need to the needs Of the less Off in society or help improve the ability of the economy to function: e.g. cheap and accessible transport service. Public sector organisations that monitor or control private sector activities have objectives that are to ensure that the business they are monitoring comply with the laws laid down. Health care and education establishments - their objectives are to provide a service - most private schools for instance have charitable status. Their aim is the enhancement of their pupils through education. Charities and voluntary organisations — their aims and objectives are led by the beliefs they stand for. ALTERNATIVE AIMS AND OBJECTIVES
  16. Business strategy is nothing but a master plan that the management of a company implements to secure a competitive position in the market, carry on its operations, please customers and achieve the desired ends of the business. A business strategy is a set of competitive moves and actions that a business Uses to attract customers, compete SUCCeSSfUIIy, strengthening performance, and achieve organisational goals. It outlines how business should be carried out to reach the desired endS. STRATEGIES- MEANING
  17. Corporate Level Business Level Functional Level LEVELS OF BUSINESS STRATEGY
  18. Corporate level strateqy: Corporate level strategy is long-range, action-oriented, integrated and comprehensive plan formulated by the top management. It is used to ascertain business lines, expansion and growth, takeovers and mergers, diversification, integration, new areas for investment and divestment and so forth. Business level strateqy: The strategies that relate to a particular business are known as business level strategies. It is developed by the general managers, who convert mission and vision into concrete strategies. It is like a blueprint of the entire business. : Developed by the first line managers or supervisors, functional level strategy involves decision making at the operational level concerning particular functional areas like marketing, production, human resource, research and development, finance and so on.
  19. Some of the most significant reasons for businesses changing their objectives include the following: An important senior manager responsible for international expansion might leave the business which leads to focusing on growing the business in domestic markets until an effective replacer-nent can be found. The external competitive and economic environment may change. A business may have satisfied the survival objective by operating for several years and now the owners wish to Pl.-JrSUe objectives of growth or increased profit. CHANGING BUSINESS OBJECTIVES
  20. Are the changes significant enough? Can the change in objectives be managed efficiently? What are the costs involved? What are the risks involved? QUESTIONS TO CONSIDER WHILE REVISING OBJECTIVES

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