Chapter 3 - Missioning and visioning Flashcards
What is a mission
A mission is a task, duty or purpose that “send someone on their way”. Should be a driver and send someone in a certain direction.
What is a vision?
Vision refers to a desired future state
Difference between mission and vision
The vision is the desired future state. The mission is fundamental principles that guide us towards our vision.
so, basically hte mission is a set of principles, while the vision is the business ambition.
How is vision and mission in regards to time?
The vision is very long-term. Broad, general desired state.
The mission is in every time horizon, from ultra short term to very long term.
What are the elements of corporate mission
1) Organizational purpose
2) Organizational beliefs
3) Organizational values
4) Business definition
what is the point of mission and vision?
to infliuence the strategy
elaborate on the point of having a corporate mission
Corporate mission defines a firms identity and guides its decision making.
elaborate on the elements of a corporate mission
We have:
1) Organzational purpose
2) Organizational beliefs
3) organizational values
4) business definition
The point of these 4 elements of the corporate mission, is to provide a common set of principles that aid in strategic development. When these 4 points are strongly connected, so that each member of the firm is aligned, there is a clear identity where decision making is made to work towards the mission. The importance of these 4 elements is that when a firm’s members agree on them, there will be a collective work towards the common goal.
why the fuck should anyone give a fuck about corporate mission and strategic vision?
There are 3 very important reasons:
1) Direction. By working with a set of principles and a desired future state, the firms memebers can make decisions better in a way that align with the overall direction of the firm. Wihtout clear corporate mission and strategic vision, the firm might start working in differnet directions, and misssing out on actual goals.
2) Legitimization. Corporate mission and strategic vision can convey to stakeholders that they are pursuing valuable activities in a proper way. I am thinking about GSV with alltid klar.
3) Motivation. With a clear sense of purpose, members of the firm can achieve enhanced inspiration to work toegether.
what is corporate governance
corporate governance is about managing the top management. Making sure that senior executivies are pursuing strategies that are in accordance with the corporate mission.
what is the issue in this chapter?
The issue is about orgnaizational purpose. Should we go for profit, or something else?
what is the paradox?
demand for profits vs demand for societal responsibility
elaborate on the paradox
it is about profits vs trust.
Societal responsibility is about building community with people, building trust. Acting in the interest of others.
