© 2001 prentice hall ch. 2-1 chapter 2: the business vision & mission strategic management:...
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© 2001 Prentice Hall
Ch. 2-1
Chapter 2:The Business Vision
& Mission
Strategic Management:
Concepts & Cases
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Prentice Hall, 2001© 2001 Prentice Hall
Ch. 2-2
Chapter Outline
• What Is Vision Statement?• What Is Mission Statement?• The Importance of Mission
Statement• Components Of A Mission
Statement
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Ch 2 -3
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© 2001 Prentice Hall
Ch. 2-4
Vision & MissionVision & Mission
• While a company must continually adapt to its competitive environment, there are certain core values that remain relatively steady and provide guidance in the process of strategic decision-making.
• These unchanging ideals form the business vision and are expressed in the company’s mission.
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© 2001 Prentice Hall
Ch. 2-5
Vision StatementVision Statement
Vision statement answers the question:
“What do we want to become?”
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© 2001 Prentice Hall
Ch. 2-6
Vision Statements
• Vision statement developed first• Short – preferably one sentence• Broad management involvement
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Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall
Ch 2 -7
ComprehensiveMission Statement
Vision
Clear Business Vision
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© 2001 Prentice Hall
Ch. 2-8
Example
VISION STATEMENT OF UPM
“The vision of Universiti Putra Malaysia (UPM) is to become a world class university, an internationally reputable community of intellectuals who will make the nation proud for their contributions to scholarly writing and discoveries, and continue to give new meaning to the progress, growth and development of the nation and the world.”
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Ch 2 -9
Our vision is to be the world’s best quick service restaurant. (McDonald’s)
Vision Statement Examples
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© 2001 Prentice Hall
Ch. 2-10
Vision & Mission (Cont’d)Vision & Mission (Cont’d)
Mission statement answers the question:
“What is our business?”
• Reveals:– what the organization wants to
be– whom we want to serve
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© 2001 Prentice Hall
Ch. 2-11
Mission Statements
Mission Statements
– Essential for effectively establishing objectives and formulating strategies.
– It sets the foundation for priorities, strategies, plans and work assignments.
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© 2001 Prentice Hall
Ch. 2-12
ExamplesExamples
Mission of UPM:
"The University's mission is to be a leading Centre of Learning and Research, contributing not only towards human advancement and discovery of knowledge but also to the creation of wealth and nation building.”
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© 2001 Prentice Hall
Ch. 2-13
Vision & MissionVision & Mission
• Many companies develop both• Shared vision can motivate
employees• Develops a commonality of
interests• Helps focus on opportunity &
challenge
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© 2001 Prentice Hall
Ch. 2-14
Importance of Mission
MissionResource Allocation
Unanimity of Purpose
Organizational Climate
Focal point for work structure
Benefits from a strong mission
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© 2001 Prentice Hall
Ch. 2-15
Developing Vision & Developing Vision & MissionMission
• Clear mission is needed before alternative strategies can be formulated and implemented
• Important to have as broad range of participation as possible among managers in developing the mission
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© 2001 Prentice Hall
Ch. 2-16
9 ComponentsOf Mission Statement
CustomersMarkets
Employees
PublicImage
Self-Concept Philosophy
SurvivalGrowthProfit
ProductsServices
Technology
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© 2001 Prentice Hall
Ch. 2-17
Components of Mission Components of Mission (Cont’d)(Cont’d)
• Components of mission and corresponding questions to be answered:
1. Customers: “Who are the firm’s customers?”
2. Products or services:“What are the firm's major products or
services?”
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© 2001 Prentice Hall
Ch. 2-18
Components of Mission Components of Mission (Cont’d)(Cont’d)
3. Markets:“Geographically, where does the
firm compete?”
4. Technology:“Is the firm technologically
current?”
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© 2001 Prentice Hall
Ch. 2-19
Components of Mission Components of Mission (Cont’d)(Cont’d)
5. Concern for survival, growth, and profitability: “Is the firm committed to growth and
financial soundness?”
6. Philosophy:“What are the basic beliefs, values,
aspirations, and ethical priorities of the firm?”
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© 2001 Prentice Hall
Ch. 2-20
Components of Mission Components of Mission (Cont’d)(Cont’d)
7. Self-concept: “What is the firm’s distinctive competence or
major competitive advantage?”
8. Concern for public image:“Is the firm responsive to social, community,
and environmental concerns?”
9. Concern for employees:“Are employees a valuable asset of the firm?”