Chapter 2: Business Vision and Mission Flashcards
Draw the figure of a Comprehensive Strategic-Management Model
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Define the core values statement
A core values statement specifies a firm’s commitment to integrity, fairness, discipline, equal employment opportunity,
teamwork, accountability, continuous improvement, or other such exemplary attributes.
A core values statement specifies a firm’s commitment to
integrity, fairness, discipline, equal employment opportunity, teamwork, accountability, continuous improvement, or other such exemplary attributes.
A vision statement should answer the basic question:
“What do we want to become?”
This statement answer the “What do we want to become?”
vision statement
Define vision statement
- A vision statement should answer the basic question: “What do we want to become?”
- The vision statement should be short, preferably one sentence, and as many managers as possible should have input into developing the statement.
- The vision statement should reveal the type of business the firm engages
Provide an example of a vision statement
Jollibee: To be one of the Top 5 Restaurant Companies in the World
McDonald’s :”To move with velocity to drive profitable growth and become an even better McDonald’s serving more customers delicious food each day around the world”.
The vision statement should be?
short, preferably one sentence, and as many managers as possible should have input into developing the statement.
The vision statement should?
reveal the type of business the firm engages
Define Mission Statement
- A declaration of an organization’s “reason for being.”
- It answers the pivotal question “What is our business?”
- It is essential for effectively establishing objectives and formulating strategies.
- It reveals what an organization wants to be and whom it wants to serve
- It is also called a creed statement, a statement of purpose, a statement of philosophy, a statement of beliefs, and a statement of business principles
It answers the pivotal question “What is our business?”
Mission Statement
Mission Statement answers the pivotal question:
“What is our business?”
Mission Statement is essential for?
effectively establishing objectives and formulating strategies.
It reveals what an organization wants to be and whom it wants to serve
Mission Statement
Mission Statement reveals what?
It reveals what an organization wants to be and whom it wants to serve
It is also called a creed statement, a statement of purpose, a statement of philosophy, a statement of beliefs, and a statement of business principles
Mission Statement
Mission Statement also called a?
creed statement, a statement of purpose, a statement of philosophy, a statement of beliefs, and a statement of business principles
This allows for the generation and consideration of a range of feasible alternative objectives and strategies without unduly stifling management
creativity.
good mission statement
A good mission statement allows for?
A good mission statement allows for the generation and consideration of a range of feasible alternative objectives and strategies without unduly stifling management creativity.
A mission statement needs to be?
A mission statement needs to be broad to reconcile differences effectively among, and appeal to, an organization’s diverse stakeholders
Define Stakeholders
– include employees, managers, stockholders, boards of directors, customers, suppliers, distributors, creditors, governments (local, state, federal, and foreign), unions, competitors, environmental groups, and the general
public.
Stakeholders includes what?
include employees, managers, stockholders, boards of directors, customers, suppliers, distributors, creditors, governments (local, state, federal, and foreign), unions, competitors, environmental groups, and the general
public.
Provide the 9 Characteristics of a Mission
Statement
- Broad in scope; does not include monetary amounts,
numbers, percentages, ratios, or objectives - Fewer than 150 words in length
- Inspiring
- Identifies the utility of a firm’s products
- Reveals that the firm is socially responsible
- Reveals that the firm is environmentally responsible
- Includes nine components: customers, products or
services, markets, technology, concern for
survival/growth/profits, philosophy, self-concept, concern
for public image, concern for employees - Reconciliatory
- Enduring
Provide an Insight on Scope of Mission
Statement
Mission statements are not designed to express concrete ends, but rather to provide motivation, general direction, an
image, a tone, and a philosophy to guide the enterprise. An excess of detail could prove counterproductive since
concrete specification could be the base for rallying opposition; all in the firm need to be onboard with the firm’s mission.
What is the Consideration for a Mission Statement
Do not offer me things.
Example:
1. Do not offer me clothes. Offer me attractive looks.
2. Do not offer me shoes. Offer me comfort for my feet and the pleasure of walking.
3. Do not offer me a house. Offer me security, comfort, and a place that is clean and happy.
4. Do not offer me books. Offer me hours of pleasure and the benefit of knowledge.
5. Do not offer me CDs. Offer me leisure and the sound of music.
6. Do not offer me tools. Offer me the benefits and the pleasure that come from making beautiful things.
7. Do not offer me furniture. Offer me comfort and the quietness of a cozy place.
8. Do not offer me things. Offer me ideas, emotions, ambience, feelings, and benefits.
9. Please, do not offer me things.
Provide the 9 Mission Statement Components
- Customers-Who are the firm’s customers?
- Products or services-What are the firm’s major products
or services? - Markets-Geographically, where does the firm compete?
- Technology-Is the firm technologically current?
- Survival, growth, and profitability- Is the firm committed to growth and financial soundness?
- Philosophy-What are the basic beliefs, values,
aspirations, and ethical priorities of the firm? - Distinctive competence-What is the firm’s major
competitive advantage? - Public image - Is the firm responsive to social,
community, and environmental concerns? - Employees - Are employees a valuable asset of the firm?
Provide the 4 Importance of Vision and Mission Statements
- To make sure all employees/managers understand the firm’s purpose or reason for being.
- To provide a basis for prioritization of key internal and external factors utilized to formulate feasible strategies.
- To provide a basis for the allocation of resources.
- To provide a basis for organizing work, departments, activities, and segments around a common purpose.
Provide the Ten Benefits of Having a Clear Mission and Vision
- Achieve clarity of purpose among all managers and employees.
- Provide a basis for all other strategic planning activities, including internal and
external assessment, establishing objectives, developing strategies, choosing among alternative strategies, devising policies, establishing organizational structure, allocating resources, and evaluating performance. - Provide direction.
- Provide a focal point for all stakeholders of the firm.
- Resolve divergent views among managers.
- Promote a sense of shared expectations among all managers and
employees. - Project a sense of worth and intent to all stakeholders.
- Project an organized, motivated organization worthy of support.
- Achieve higher organizational performance.
10.Achieve synergy among all managers and employees.
In Developing Vision and Mission
Statements.
A widely used approach includes:
A widely used approach includes:
* Select several articles about these statements and ask all
managers to read these as background information.
* Ask managers themselves to prepare a vision and mission
statement for the organization.
* A facilitator or committee of top managers should then
merge these statements into a single document and
distribute the draft statements to all managers.
* A request for modifications, additions, and deletions is
needed next, along with a meeting to revise the document.
Provide an example of a Mission
Statement
We strive to be the most loved and primary brand that fuels a bond to be closer and stronger together with their “pamilya”, “barkadahan”, (1) and communities across the “Pilipinas” (3). By providing a diverse menu of delicious and high-quality foods (2) that satisfy the taste buds of Filipinos (7), including vegetarian choices, gluten-free options, and lighter, healthier options (8) to provide satisfaction and inclusivity to our fellow Filipinos (6). With a combination of delicate service, every meal is prepared with care and served with warm, hospitable service while maintaining the highest standards of quality (9). To expand our product offerings (5) we do online ordering, delivery services, and digital engagement (4) to make Greenwich an accessible and
affordable choice to the hearts of every Filipino.
Draw a figure on How to Gain and Sustain Competitive Advantages
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