1 Mission and Vision(2)
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Strategic Management Frameworks and Outlines MISSION, VISION AND VALUES Some guidelines on understanding mission, vision and values to understand your chosen firm. All firms will have an idea of what they would like to achieve in the long-term – this is their vision. All firms will understand what they are trying to do today – this is their mission. All firms have a culture which informs the way that people interact with each other, their customers and stakeholders. These are their values. All firms have these, but they may not be articulated or labelled in this way. Whatever a firm calls their mission, you can refer to it as their mission. Some firms may attempt to keep some of this secret – but all three of these can be inferred by examining a firm and its actions. Your chosen organisation may have any combination of mission, vision and values – or none at all. After you have researched this (pp. 17-18 for a start), you have several options on how to proceed. I suggest one way to start to understand your company is to write its mission, vision and values as below: 1. For organisations with no or partial mission, vision and values you can create some. 2. For organisations with mission, vision and values you can either reflect as to whether you feel these really capture what the firm is about and trying to achieve. Often you will find that values are the most omitted of the three. If the company does not have values you can write what you think they are from your research into the company. 1
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mission and vision.store located in a converted airplane hanger in San Diego, and since then it has been operating as a low cost leader, through it’s no frills warehouse business model, which enabled it to become the first company to grow from 0 to $3 billion sales in less than 6 years (Costco 2013). Today, Costco competes intensely for customers and profits with Wal-Mart’s Sam’s Club warehouse model, and Target Corporation’s department store model. Costco started by targeting only small businesses,
Transcript of 1 Mission and Vision(2)
Strategic ManagementFrameworks and Outlines
MISSION, VISION AND VALUES
Some guidelines on understanding mission, vision and values to understand your chosen firm. All firms will have an idea of what they would like to achieve in the long-term – this is their vision. All firms will understand what they are trying to do today – this is their mission. All firms have a culture which informs the way that people interact with each other, their customers and stakeholders. These are their values. All firms have these, but they may not be articulated or labelled in this way. Whatever a firm calls their mission, you can refer to it as their mission. Some firms may attempt to keep some of this secret – but all three of these can be inferred by examining a firm and its actions.
Your chosen organisation may have any combination of mission, vision and values – or none at all. After you have researched this (pp. 17-18 for a start), you have several options on how to proceed.
I suggest one way to start to understand your company is to write its mission, vision and values as below:
1. For organisations with no or partial mission, vision and values you can create some.
2. For organisations with mission, vision and values you can either reflect as to whether you feel these really capture what the firm is about and trying to achieve.
Often you will find that values are the most omitted of the three. If the company does not have values you can write what you think they are from your research into the company.
When reviewing vision, mission and values – whether supplied by your organisation of written by yourselves - you can consider the following:
1. What are the following components of a mission statement for your organisation currently if present? Basic product or service Primary market Principle technologies Competitive advantage Organisational goals (survival, growth, profitability) Organisational philosophy/creed Public image
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Organisational self-concept Customers and stakeholders/customer service philosophy Quality
2. Are these areas covered adequately? If not what is missing or poorly specified?
3. Remember that a mission statement should reflect the “reason for existence” for your organisation.
4. Remember that the vision statement should reflect a future state of your organisation. You have to embrace either a “fit” or “stretch” philosophy for your organisation, and this should be reflected in your vision statement, should have motivational value and should be memorable.
You may use the template below to fill out the information required.
EXISTING MISSION STATEMENT FOR ……………….
EXISTING VISION FOR …………………….
EXISTING VALUES FOR …………………….
REFLECTIONS ON CURRENT MISSION, VISION AND VALUES
MODIFIED OR NEW MISSION STATEMENT FOR ……………….
MODIFIED OR NEW EXISTING VISION FOR …………………….
MODIFIED OR NEW EXISTING VALUES FOR …………………….
REFLECTIONS ON MODIFIED OR NEW MISSION, VISION AND VALUES
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