Thomas Dalziel, Ph.D. Department of Management College of Business University of Cincinnati Mission, Vision, & Goals

Mission Statements Should: –Encapsulate the purpose of the business –Detail broad actions related to that purpose –Stimulate more specific visions and goals Vision Statements Should: –Provide a tangible objective for the future –Be realistic, credible, actionable and attractive Goals Should: –Be specific –Include timeframes –Facilitate accountability (Adapted from Fry & Killing, 1995) Mission Visions Goals

Mission, Vision, & Goals (Less Effective) Mission – “Put quality first.” Visions –“Develop a global network of suppliers to reduce costs.” –“Be first in the industry to introduce new technologies” Goals –“Add 12 new suppliers.” –“Invest more in new technologies”

Mission, Vision, & Goals (More Effective) Mission – “Provide better products and quality service to our existing customers.” Visions –“Introduce innovative products ahead of the competition” –“Involve customers and employees in process innovation” Goals –“Form a cross-functional technology alliance team reporting to CEO by 2009” –“Finance and accounting to improve liquidity through sale of excess real estate and then explore acquisition of Beta Inc. in 2008” –“Invest $300K in R&D annually for the next 4 years” –“Obtain ISO Certification by 2010”

Characteristics of Effectively Worded Vision Statements Graphic—Paints a picture of the kind of company that management is trying to create Directional—Is forward looking Focused—Is specific enough to provide guidance in decision making Flexible—Is not so focused that it makes it difficult to adjust to change 2-5

Characteristics of Effectively Worded Vision Statements Feasible—Is within the real of what is possible Desirable—Indicates why the directional path makes sense Easy to Communicate—Can be explained in simple terms 2-6

Mission/Vision/Goals Statement – Example (Healthy Habits Coffee) Mission: –“Provide healthy energy drinks to Tri-State professionals & consumers.” Vision: –“Involve customers in the development of energy drink solutions which improve their productivity and quality of life.” Goals: –“Close profitable, multi-year supply contracts with five corporate clients and ten convenience stores by the end of 2013.”