...Contrast Vision and Mission Statement” INTRODUCTION: “If you fail to plan you plan to fail” this magnificence statement reflects how is important to have a plan whether for your life or your entrepreneurship. Also, if you do not know what you want to get is, you won’t achieve any things; simply in other meaning, properly you will not achieve success by coincidence. Therefore, you have to determine what you want before creating your plan, which will lead us to talk about the mission and vision in order to achieve our goals. Vision Statements and Mission Statements are the inspiring words chosen by successful leaders to clearly and concisely convey the direction of the organization. By crafting a clear mission statement and vision statement, you can powerfully communicate your intentions and motivate your team or organization to realize an attractive and inspiring common vision of the future. Over the last few years, there has been a substantial body of business research leading to the inescapable conclusion that those companies that specifically state where they are going and why do remarkably better than those who do not. Accordingly, organizations that do not take the time to develop missions are often ineffective. This paper describes the nature and importance of organizational vision and mission statements. Guidelines are presented for preparing vision statement and mission statements, with comparing and contrasting between vision and mission statements, supported by...
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...Chapter 2: The Business Vision and Mission CHAPTER 2 THE BUSINESS VISION AND MISSION I. WHAT DO WE WANT TO BECOME? It is especially important for managers and executives in any organization to agree on the basic vision that the firm strives to achieve in the long term. A. Importance of a Vision Statement 1. A vision statement should answer the basic question, “What do we want to become?” A clear vision provides the foundation for developing a comprehensive mission statement. 2. Many organizations have both a vision and a mission statement, but the vision statement should be established first and foremost. a. The vision statement should be short, preferably one sentence, and as many managers as possible should have input into developing the statement. b. The next table provides examples of several vision statements. Tyson Foods’ vision is to be the world’s first choice for protein solutions while maximizing shareholder value. General Motors’ vision is to be the world leader in transportation products and related services. PepsiCo’s responsibility is to continually improve all aspects of the world in which we operate – environment, social, economic – creating a better tomorrow than today. Dell’s vision is to create a company culture where environmental excellence is second nature. Page 1 of 7 Chapter 2: The Business Vision and Mission II. WHAT IS OUR BUSINESS? A. Mission Statements 1. Peter Drucker says that asking the question, “What is our business...
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...The W’s Mission Statements What is a mission statement? A mission statement defines every facet of the organization and why they exist. People might wonder how to differentiate a good mission with a bad mission statement. A bad mission statement uses jargon, it's too long, complicated to understand, and it does not communicate why, but rather how and what. In contrast a good mission statement, it’s a powerful, straightforward, and memorable sentence explaining what the business is. The mission statements explain about customers, locations, products and services and gives the competitors a sense of rivalry. In addition, mission statement describes the business morals and gives guidance and encouragement to their employees. This will...
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...The Business Vision and Mission Learning Outcomes After studying this unit, you should be able to do the following: ➢ Describe the nature and role of vision and mission statements in strategic management ➢ Discuss why the process of developing a mission statement is as important as the resulting document ➢ Identify the components of mission statements ➢ Discuss how clear vision and mission statements can benefit other strategic management activities ➢ Evaluate mission statements of different organisations ➢ Write good vision and mission statements What Do We Want to Become? It is especially important for managers and executives in any organization to agree upon the basic vision that the firm strives to achieve in the long term. A vision statement should answer the basic question, “What do we want to become?” A clear vision provides the foundation for developing a comprehensive mission statement. Many organizations have both a vision and mission statement, but the vision statement should be established first and foremost. The vision statement should be short, preferably one sentence, and as many managers as possible should have input into developing the statement. Several example vision statements: ➢ The Vision of the National Pawnbrokers Association is to have complete and vibrant membership that enjoys a positive public and political image and is the focal organization of all pawn associations. - National...
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...important aspects of any business. Your business name is the first image that your business projects. It is what customers will remember (good or bad) about your business that will either draw them to it or send them to a competitor’s business. Assuming my business lasts, I will have invested a lot of time and money building it. Obviously, part of the value of the business is the name. Always pick a name that is easy to remember and describes what the business does. Create a Mission Statement for your Lemonade Stand; then explain why a mission statement is important for any company? * The mission statement for my lemonade stand will be to raise money for a car, help out my parents, and show them that I can run my own business. The remainder of the money will go to the nursing home across the street from my neighborhood. A mission statement is a brief statement of why an organization exists; in other words, what the organization aims to accomplish for its customers, stakeholders, and investors. The mission statement sums up...
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...process. Little emphasis is placed on the two final stages of the process however there critical importance and effects on the strategic making process is briefly discussed. Table of Contents 1. INTRODUCTION 1 2. BACKGROUND 1 3. VISION STATEMENT 2 4. MISSION STATEMENT 2 5. STATEMENT OF VALUES 3 6. ENVIRONMENT ANALYSIS 4 6.1. ANALYSIS OF THE EXTERNAL ENVIRONMENT 4 6.2. ANALYSIS OF THE INTERNAL ENVIRONMENT 4 7. STRATEGIES 5 7.1. GENERIC COMPETITIVE STRATEGIES 5 7.2. BUSINESS STRATEGY 6 7.3. FUNCTIONAL STRATEGIES 6 7.3.1. Procurement Strategy 6 7.3.2. Online Marketing Strategy 7 7.4. IMPORTANCE OF IMPLEMENTATION, EXECUTION AND EVALUATION OF THE DERIVED STRATEGIES 7 8. CONCLUSION 8 9. RECOMMENDATIONS 9 10. REFERENCES 10 11. APPENDIX A: PEST ANALYSIS FOR COMFORT CARE PHARMACY 11 12. APPENDIX B: SWOT ANALYSIS FOR COMFORT CARE PHARMACY 12 1. Introduction Comfort Care Pharmacy is the largest pharmacy in the Tuschen Housing Scheme, and has seen considerable growth since its establishment in 2008. Given the significant growth; the company has recognised the need to plan strategically. This paper is divided into seven sections. The first section gives a background of the business. The second, third and fourth sections aim to develop a vision statement, a mission statement and a statement of values, and explain their appropriateness. In the fifth section an analysis of the external environment...
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...instructed to list 6 issues facing CanGo that Team A assembled from the week 1 and 2 videos. They should be prioritized in order of importance. They should be numbered. The team must then come up with an actionable recommendation for each of the issues found. These should also be numbered and the recommendations must be actionable (DeVry Week 2 Assignments). The following body of text will outline and explain the questions to the fullest extent possible while citing the appropriate sources in APA (6th ed.) format on the references page at the end of this document. Strategic Management Consultants, Inc. Team Video Analysis Report Introduction Strategic Management Consultants, Inc. will address six issues facing CanGo that Team A collected from the week one and two videos. Strategic Management Consultants, Inc. will come up with actionable recommendations, number, and prioritize the solutions for each of the issues found (DeVry Week 2 Assignments). Methods The research for this assignment was collected through DeVry’s E-platform portal from our course e-shell in week one and week two video episodes. 6 Issues After reviewing the video episodes in week one and two Strategic Management Consultants, Inc. believes that the six issues facing CanGo are as follows numbered and prioritized in order of importance: 1. Lack of a proper Vision and Mission statement. 2. Lack of solid Strategic management process. 3. Lack of a proper SWOT analysis. 4. Lack of proper Goals and Objectives...
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...realize the importance of their vision, mission and values when determining new directions and divisions for innovation. This paper shall examine and define how vision, mission, and values guide strategic direction by creating a new business sector for Petco. Company Background Petco was founded by Walter Evans in 1965 as a mail-order veterinary supply business, with a mission to offer to the public quality pet and veterinary supplies at discounted prices (“About Petco”, n.d.). From their humble beginnings in 1965, they have grown into the second-largest pet supply specialty retailer in the United States offering over 10,000 pet-related products and a wide pet service line (“Major Companies”, 2014). According to “Major Companies” (2014), as the company is private, no official financial information is publicly available, however IBISWorld estimates revenue for 2014 to be around $3.3 billion with $261.3 million from their pet services lines (Petco Animal Supplies Inc.). Mission and Vision Statements Mission and vision statements are powerful motivators that explain an organization’s purpose and direction, with an inspiring vision of the future (Manktelow, 2014). While both are equally important, mission and vision statements are not the same. Mission statements according to Manktelow (2014), “mission statements define purpose and primary objective, while vision statements in addition to defining purpose, focuses on the organization’s goals and aspirations (Mission and Vision...
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...1.How would you describe strategic management and why is it necessary in today’s business environment? Strategic management analyses the major initiatives taken by a company's top management on behalf of owners, involving resources and performance in internal and external environments.[1] It entails specifying the organization's mission, vision and objectives, developing policies and plans, often in terms of projects and programs, which are designed to achieve these objectives, and then allocating resources to implement the policies and plans, projects and programs. A balanced scorecard is often used to evaluate the overall performance of the business and its progress towards objectives. Recent studies and leading management theorists have advocated that strategy needs to start with stakeholders expectations and use a modified balanced scorecard which includes all stakeholders. "Strategic management is an on-going process that evaluates and controls the business and the industries in which the company is involved; assesses its competitors and sets goals and strategies to meet all existing and potential competitors; and then reassesses each strategy annually or quarterly [i.e. regularly] to determine how it has been implemented and whether it has succeeded or needs replacement by a new strategy to meet changed circumstances, new technology, new competitors, a new economic environment., or a new social, financial, or political environment." Strategic Management can also be defined...
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...| The Importance of Business Strategy | MT460/04 | | Management Policy and Strategy Unit 2 Business Planning The Strategic Management Concept The concept of strategic management involves several different aspects of business. In the simplest terms, a company generates objectives and goals by which it would like to operate. The manner in which those goals and objective are accomplished and the strategic decisions made regarding those fall into the concept of strategic management. There are several different key elements in the strategic management process. A company must first set a high level overview of what it would like to accomplish. This may include its mission statement, objective and subjective goals and also company philosophies. The company must then study itself to determine its strengths and capabilities as well as its internal makeup. This is called doing an internal analysis. After conducting an internal analysis, an external analysis must also be completed. This includes studying factors that are typically outside the realm of control for a company. This will aid in understanding the current market conditions as well as trends by competitors to help align business focus. Being able to understand the external environment will help a company be better suited for change if needed when situations arise in the external environment. Devising a plan and creating a vision for a company’s long term goals is vital for creating a direction towards...
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...Mission statements are an essential element of a company’s organizational strategy and serve as foundational guides in the establishment of company objectives. They embody the philosophies, goals, and ambitions of a company and should offer insight into what company leader’s view as the primary purpose for being in business. A mission statement is quite possibly the most important issuance that a company has to offer to all of its customers or consumers. It can help focus the organization on what really matters to itself as well as its stakeholders. They act as the glue that binds organizations together through the guidance of strategic and day-to-day operational decisions. An effective mission statement indicates how a firm is unique in its scope of operations and its products or service offerings. In addition, it proclaims corporate purpose, what the organization tends to accomplish, the market in which the firm intends to operate, and the philosophical bounds that are to guide their actions. The coffee industry has boomed in recent years. While fast food chains are growing at a rate of 2% each year, coffee shop chains grow more than 10% annually. According to the National Coffee Association Annual Drinking Trends Survey, “Even though 75% of the cups of coffee brewed daily are consumed at home, 66% of Americans buy their coffee outside of their homes.” This creates a strong demand in the coffeehouse market. Statista defines coffeehouses as “small establishments selling prepared...
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...company’s missions and strategies. Those in successful strategic management positions also realize the importance of social responsibility. Strategic managers must recognize the importance of the stakeholders, which include stockholders and employees, while also considering the importance of outsiders such as suppliers, local communities, government roles, and the public (Pearce & Robinson, 2011). Because incorporating social responsibilities into the company’s mission is not an easy task, any organization that incorporates the interests of the internal and external stakeholders into its mission statement must consider the following steps: 1- Identify all internal and external stakeholders 2- Understand the stakeholders’ needs and expectations 3- Prioritizing the stakeholders’ needs and expectations as well as the reconciliation of stakeholders claims 4- Coordinating the claims, needs, and expectations with the company mission (Pearce & Robinson, 2011). Ethic/Social Responsibility In management, ethics is like the rules or guidelines that help employees display proper conduct according to the company’s personal standards and values that management has chosen to use to define the company. The company will incorporate their chosen beliefs and values in the strategic plan. This will guarantee that the employees will comprehend the rules and be able to make sound ethical decisions. The company’s values and beliefs are outlined in the mission statement, vision...
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...and to take concrete actions as needed to ensure success ([Thompson & Strickland (1999)]). The importance of mission statements to the effective strategic management of business organisations is well documented in the literature. A mission statement is a general expression of the overriding purpose of an organisation that, ideally, is in line with the values and expectations of major stakeholders. Mission statements are often regarded as ‘enduring statements of purpose that distinguish one business firm from others’. Some theorists regard the organisation's mission as a ‘cultural glue’ which enables it to function as a collective unit. This ‘cultural glue’ consists of strong norms and values that influence the way in which people behave, how they work together and how they pursue the goals of the organisation ( [Campbell & Yeung (1991a)]). A well-designed mission statement is essential for formulating, implementing, and evaluating business strategy ( [David (2001)]). The role of the mission statement in the strategic management of business firms has not been sufficiently highlighted in the research literature. As [Campbell & Yeung (1991a)] note, regarding the mission statement ‘there is little research into its nature and importance’. Since this refers to the management literature generally, it is not surprising that minimal attention has been paid to the role of mission statements in the strategic management of tourism and hospitality organisations. A major objective of this...
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...Assignment 2: Requirements for the Corporate Computing Function Student Name Dr Abdel Ismail CIS 505: Communication Technologies April 28, 2013 Meeting the Information Requirements of Management From the Requirements for the Corporate Computing Function, the fifth computing facility fulfillment point reads, “Meet information requirements of management” (Stallings, 2009, p. 58). Stated in another way, this Chief Information Officer’s (CIO) mission statement’s component implies that company information can be utilized by management for a great deal of things. While the security of all company-owned data is immensely important to the success of the organization, some of the information carries significant value when used by management in order to allow the company to make better informed decisions to keep the company competitive in today’s market and to comply with the organization’s legal responsibilities. Today’s markets are vastly competitive. “To succeed in multi-channel, high-speed environments, organizations need to leverage the data they have at their disposal. Organizations today have access to almost unlimited amounts of data - sales, demographics, economic trends, competitive data, consumer behavior, efficiency measures, financial calculations, etc” (Kennerley, 2008, p. 4). Understanding the company’s data metrics is the job of the management tiers of the organization so that better decisions can be made for the direction of the company as a whole...
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... Creating and Executing Strategy Submitted to: Dr. Laura Pogue BUS 599: Strategic Management Strayer University Develop an argument supporting the importance of a strategic plan for the success of the defined business. The importance of the strategic plan for any company and its success cannot be either ignored or nor minimized. The strategic plan should be established with the groundwork of any potential business. The strategic plan provides a basic foundation and framework that will give executives a path to follow in regard to business operations. The path will affect the entire roster of employees, from the top executive down to the lowest staff member and everyone in between. Understanding the company strategy is vital and ensures total compliance throughout the organization. Lifeline Resources, a new-comer to the financial services arena, must follow a detailed strategic plan to guarantee the company’s successful entry in the market and ensure government compliance. In addition to serving as a guide for a company, the process of strategic planning followed by its implementation offers several additional benefits to upper level management teams. Understanding the plan will allow management to guide and direct the staff to ultimately achieve the great mission and vision created at the inception of the company. Far too often companies come complacent with growth and their success will plateau. Management at a guided yet active pace...
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