Strategic management process/vision, goals, objectives slp 1 mgt 599

Strategic Management Process/Vision, Goals, Objectives slp 1 mgt 599

XXXXXXX Number: XXXXXX XXXXXX XXXXXXX XXXXX XX – XX – 2009 Essentials for Good Mission and Vision Statements
Introduction:
The mission statement of a company is a way to express the goals of the company to the customers, clients, shareholders and employees, i. e. all the stakeholders (Johnson, Scholes and Whittington). The vision statement provides a vivid picture of the goals for the company (Change Factory). This paper aims at highlighting five major components of a successful mission statement and vision statement.
Components of Successful Mission Statements:
The five main components for development of successful mission statements include (MCM):
Customers
Markets
Products
Survival, Growth and Profitability
Philosophy and Self Concept.
Justification of Choice: A mission statement to a great extent is like a face to the company. When a person reads about a company the first thing they prefer to find out what the company does in regards to the stakeholders and where the company sees itself in terms of its growth and future. Also the self image that the company creates can have a strong impact on the image that customers have about the company as well. Hence these have been chosen as the five essential components for success mission statements.
Components of Successful Vision Statements:
Focused future
Clarity and brevity
Confidence
Main purpose of Organisation, and
Challenging
Justification of Choice: The vision statement of a company portrays the company and its confidence. The vision statement has a strong impact on the organisations performance and can lead the company to be successful or can also break the company. A vision statement hence requires being focused, clear and as brief as possible. The statement needs to focus on the future, profitability and survival of the company. The statement can prove to be very important to a business as it can either break or make a business hence it requires to be strong, confident and challenging (Kirkpatrick).
Similarities and Differences:
The similarity among the two is the need to focus on the future and have clear goals set for the future. Both these statements to a great extent form a front for companies and hence they require being strong and focused with simple language and with a positive outlook into the future. The main differences however is that the mission statement requires to state clearly the mission in terms of the stakeholders, while the vision statement requires to be a more explanatory yet brief statement (S. A., J. C. and Baum).
Conclusions:
According to Kirkpatrick (2009), “ It is a fact-of-life that an organization must have a formal vision statement. Like any leadership tool, it is only effective if it is done right. Research has demonstrated time and again that a vision statement can improve organizational performance as well as individual follower performance” (Kirkpatrick). Similarly the mission statement needs to be passionate, succinct, and eloquent in explaining the main reason for the business. The statement is one which inspires others to want to know more about the company and the ideas that brew within the company. This in some ways can be the fuel for growth of the company. Hence each of these require to be very well thought out and designed.
Works Cited
Change Factory. The components of a Good Vision Statement. 2008. 12 October 2009 .
Johnson, G., K. Scholes and R. Whittington. Exploring Corporate Strategy, 7th Edition. Essex: Prentice hall, 2006.
Kirkpatrick, Shelley. ” How to Build a Better Vision Statement.” Academic Leadership: The online Journal (2009): Volume 6 – Issue 4.
MCM. COMPONENTS OF AN EFFECTIVE MISSION STATEMENT. 2009. 12 October 2009 .
S. A., Kirkpatrick, Wofford J. C. and J. R. Baum. ” Measuring motive imagery contained in the vision statement.” Leadership Quarterly, 13, (2002): 139-150.