Unit 11.8 Flashcards
A firm’s business strategy is based on:
- Vision
- Mission
- Values
Vision drives the development of…
future goals and objectives
A well-crafted vision will be:
- aspirational, motivational
- will stretch the capabilities of the organization and create meaningful long-term goals
Vision is management’s view of a…
realistic, credible, attractive future for the organization
Vision includes:
- Business model
- Technology architecture
- Workforce
- Strategic positioning
Vision should be:
- Meaningful
- Accurate
- Motivational
- Aspirational
- Stretching organizations capabilities
- Driving organization to a leadership position
Vision should establish the…
long-term goals of the organization
Vision statements will typically appear:
- on the firm’s websites
- external reporting
- displayed throughout the organization’s facilities
Vision statement is a…
concise, aspirational statement that provides a sense of purpose
A vision statement does not…
drive strategic planning
Mission Statement:
- What does the organization do?
- How does the organization do it?
- What is the org’s commitment to its key stakeholders?
- What are the firm’s core values?
- Must be real, not hype
Management’s Vision:
- What will our organization look like? (products, structure, technology, and strategic positioning)
- In what markets and geographies will we compete?
- Who will be our customers?
- What are our goals?
- Is the vision aspirational, motivational?
- Not the same as a “Vision Statement
An organization’s Mission statement…
supports the organization’s vision or incorporates the vision into a statement of purpose
Vision deals with aspirations, mission statement deals with…
how the organization intends to accomplish its vision
Often a mission statement will have either a…
product focus or a customer market focus
Customer focused mission statements tend to provide flexibility for…
managers in terms of how to satisfy the needs
Customer oriented mission driven companies are more flexible in terms of…
reacting to a changing environment by developing new product lines
Product oriented mission statements bring a…
laser like focus to an organization (can be good or bad)
Core values are…
The guiding principles of the firm
Core values:
- Support the company’s vision
- Shape the culture
- Reflect the company’s identity and personality
