Lecture 4 - Organisational Aspects Of Business Flashcards
Mission, Vision, Values, and Beliefs
Foundational elements of an organisation’s strategy, culture, and identity. They influence decision-making, guide behavior, and establish the organisation’s purpose and future goals.
What is a mission statement?
“Why do we exist?”
A concise summary of an organisation’s purpose, outlining why it exists, whom it serves, and what it offers. It helps guide internal decision-making and sets
expectations for stakeholders
Key characteristics of a mission statement
- Specificity: Should clearly define the business’s purpose and main activities.
- Inspiration: Must motivate employees and resonate with stakeholders, making them feel connected to the organisation’s purpose.
What is a vision statement?
“Where do we want to go?”
Expresses the long-term aspirations of the organisation, describing the desired future state and what the company aims to achieve.
Key characteristics of a vision statement
- Forward-looking: Describes what the organization aspires to achieve in the long term.
- Aspirational: Serves as a source of inspiration, motivating the organization to pursue challenging goals.
Shared values and beliefs
“What principles guide our actions?”
the core principles that shape an organisation’s culture and guide its behavior. They influence how employees interact, make decisions, and engage with stakeholders.
Shared values and beliefs impact on organisational culture
Unity and purpose: Cohesive work environment where employees are aligned with the companies goals.
Business school example vision and mission
Our vision is to develop innovative and responsible leaders for a sustainable future.
Mission is to deliver outstanding educational experience through innovative teaching, transforming careers and enhancing employability.
What does the integration of these elements form
the foundation of a company’s long-term strategy, guiding decision-making at all levels.
