The need for mission and vision in the company The value of having a vision-mission statement is premised on its importance as a guiding star to achieving something and unifying element promoting a culture of unity of purpose within the organization. Operationally, the vision-mission statement will serve as the reference point in putting forward qualitative and quantitative parameters in monitoring and evaluating company performance to estimate the level of achievement it has attained.

Vision vs. Mission Statement STRATEGIC VISION- concerns a firm’s future business path- “where we are going”. It addresses the following specific concerns: Markets to be pursued Future technology-product-customer focus Kind of company that management is trying to create. Deciding future business position to stake out

e. Providing long term direction f. Giving a firm a strong identity

CHARACTERISTICS OF STRATEGIC VISION Future technology-product-customer focus Geographic and product markets to pursue Capabilities to be developed Kind of company management is trying to create Charts a company’s future strategic course

f. Defines the business make up for 5 years or more g f. Defines the business make up for 5 years or more g. Specifies the future technology-product-customer focus h. Indicates capabilities to be developed i. Requires managers to exercise foresight

ELEMENTS OF STRATEGIC VISION Use the mission statement as a starting point. Develop a strategic vision that spells out a course to pursue. Communicate the vision in a clear and exciting manner

ELEMENTS OF MISSION STATEMENT Talks about the answers to the question- “ What are we here for” following the given elements: It defines current business activities It highlights bounderies of current activities It conveys who we are, what we do, and where are we now.

TWO CLASSIFICATIONS OF MISSION STATEMENTS NARROW MISSION- serves as a beacon as to where the top management intends to take the firm. Usually done by smaller business concerns or stand-alone business organization hence, its mission statement is usually focused. Clear enough to specify real arena of interest.

B. BROAD MISSION STATEMENT Usually done by large business organizations that are highly diversified or conglomerate in nature.

TYPES OF MISSION STATEMENTS Product mission statement Ben & Jerry’s Ice Cream: "To make, distribute & sell the finest quality all natural ice cream & euphoric concoctions with a continued commitment to incorporating wholesome, natural ingredients and promoting business practices that respect the Earth and the Environment."

User mission statement Pfizer – Pharmaceuticals We will become the world’s most valued company to patients, customers, colleagues, investors, business partners and the communities where we work and live. Brand Yahoo is a brand of place, where many great things happen—for no particular purpose

Environment / industry change COCA-COLA To refresh the world... To inspire moments of optimism and happiness... To create value and make a difference

TYPES OF VISION STATEMENTS People: Be a great place to work where people are inspired to be the best they can be. Portfolio: Bring to the world a portfolio of quality beverage brands that anticipate and satisfy people's desires and needs. Partners: Nurture a winning network of customers and suppliers, together we create mutual, enduring value.

Planet: Be a responsible citizen that makes a difference by helping build and support sustainable communities. Profit: Maximize long-term return to shareowners while being mindful of our overall responsibilities. Productivity: Be a highly effective, lean and fast-moving organization.