Chapter 2: The Business Vision and Mission

What do you use to make mission decisions and business choices?

Vision

What you want a business to become is a what?

Vision

A ______ _________ should answer the basic question, "What do we want to become?"

Vision statement

A clear ______ provides the foundation for developing a comprehensive _______ _________

Vision, mission statement

What are vision and mission statements trying to do?

-Communicate your key competence -Communicate what makes your company unique in bringing value to customers

How should a meaningful objective be stated?

"To, in a way that, so that ________"

What are reasons why companies don't create strategic plans?

-Crisis driven and no time, or don't take the time to think about it -They are successful without one, until competitive intensity or a paradigm shift in their industry forces them to re-evaluate their business

What are characteristics of mission statements?

-Do not include monetary amounts, percentages, ratios -Memorable -Inspiring -Why what you do has value to employees and customers -Communicates social responsibility of the firm-ethics -Changes as appropriate to realize the vision

What are the two things that a mission statement does?

-Reveals what an organization wants to be -Whom it wants to serve

Why should companies do strategic planning?

-Sharpens your ability to anticipate where your business is going and why it does or does not have value -Engage all the leaders in your business in developing one an use the wisdom of teams that way -You can measure progress or its lack and take corrective action

What you have to do to achieve the vision is called a what?

Mission

The _______ _________ is a declaration of an organization's "reason for being"

Mission statement

An effective mission statement describes an organization's what?

Purpose, customers, products or services, markets, philosophy, and basic technology