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