Vision stmnt notes
- 1. Table of ContentsStrategic Vision vs. MissionCharacteristics of An Effectively Worded Vision StatementCommon Shortcomings in Company Vision StatementsCharacteristics of Mission StatementSetting Objectives overview…
- 2. Strategic Vision vs. MissionA strategic vision describes the route a company intends to take in developing and strengthening its business. It lays out the company’s strategic course in preparing for the future. A strategic vision concerns a firm’s future business path - “wherewe are going” The mission statement of a firm focuses on its present business purpose - “who we are and what we do”
- 3. Characteristics of An Effectively Worded Vision StatementGraphic Paints a picture of the kind of company that you are trying to create and the mrkt positions the company is striving to stake outDirectional Is forward-looking: describes the strategic course that mgmt has charted and the kinds of product/market/customer/technology changes that will help the company prepare for the futureFocused Is specific enough to provide members with guidance in making decisions and allocating resources.Flexible Is not a once-and-for-all-time statement – the directional course that mgmt has charted may have to be adjusted as circumstances changeFeasible Is within the realm of what the company can reasonably expect to achieve in due time.Desirable Indicates why the direction makes good sense and is in the long- term interests of membersEasy to Is explainable in 5-10 minutes and can be reduced to a communicate simple slogan (Henry Ford: “a car in every garage”)
- 4. Common Shortcomings in Company Vision StatementsVague or Incomplete Short on specifics about where the company is headed or what the organization is doing to prepare for the future Not forward-looking Doesn’t indicate whether or how management intends to alter the company current focusToo broad So inclusive that the company could head in most any direction, pursue most any opportunity, or enter most any business.Bland or uninspiring Lacks the power to motivate company personnel or inspire confidence about direction Not distinctive Provides no unique company identity; could apply to companies in any of several industriesToo reliant on superlatives Doesn’t say anything specific about the company’s strategic course beyond the pursuit of such accolades as, best, most successful, leader of, etc
- 5. Characteristics of a Mission StatementIdentifies the boundaries of the current business and highlightsPresent products and services
- 6. Types of customers served
- 7. Geographic coverageConveysWho we are,
- 8. What we do, and
- 9. Why we are hereSetting ObjectivesPurpose of setting objectivesConverts vision into specific performance targets
- 10. Creates yardsticks to track performanceWell-stated objectives areQuantifiable
- 11. Measurable
- 12. Contain a deadline for achievementSpell-out how much of what kind of performance by when