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
