Vision & Mission Statements Before you start your business... establish your strategic framework: 1 – state your goals 2 – say what you are doing to realize them → Reader, p 33

Vision statement a statement about what your organization wants to become the image that a business must have of its goals before it sets out to reach them describes aspirations for the future, without specifying the means that will be used to achieve those desired ends

Vision statement (cont.) Find the key terms in vision statements: To be Leading The best Achieves Distinctive Makes marked contribution Success

Mission statement or Purpose a precise description of what an organization does a definition of “why” the organization exists currently → Reader: Mission statements

Mission or Purpose (cont.) Key terms in mission statements? Match? 1 To create 2 To be 3 To offer 4 To facilitate 5 To give 6 To provide 7 To recognize / appreciate 8 To preserve a) values, needs, differences b) processes, communication c) reputation d) high-quality products, reputation e) adequate reward f) leading institution, most desirable employer g) excellent service h) learning, personal development, career building

Mission or Purpose (cont.) Key terms in mission statements? 1d To create 2f To be 3g To offer 4b To facilitate 5e To give 6f To provide 7a To recognize/ appreciate 8c To preserve high-quality products, reputation leading institution, most desirable employer excellent service processes, communication adequate reward learning, personal development, career building values, needs, differences reputation

Corporate Vision may contain commitment to: -creating an _____________ value for ______________ and other stakeholders -developing a great new product or _____________ -developing a great company

Corporate Vision may contain commitment to: -creating an outstanding value for consumers and other stakeholders -developing a great new product or service -developing a great company

At its most basic, the mission statement describes the overall __________ of the organization. When wording the mission statement, consider the organization’s ___________, services, ___________, values, and concern for ___________ image, and maybe priorities of activities for survival.

At its most basic, the mission statement describes the overall purpose of the organization. When wording the mission statement, consider the organization’s products, services, markets, values, and concern for public image, and maybe priorities of activities for survival.

Business Plan Check it out: Reader, p 34 Short-term HW (due ) = Team-work –Company name –Main business activity Long-term HW (oral exams) = Team-work –Write a business plan according to R, p 34 –Attn.: as we progress through our course material utilize it in your b.p.: v. & m. statements, company structure, management, employee motivation, marketing, promotional tools, advertising –Get ready to present your B. P. during oral exam Unit done in class