Vision , Mission,Bussiness definition , objectives and Goals

Strategic Intent

1.Vision

2.Mission

3.Objectives

4.Goals

5.Business defination

Vision

Defining Vision

“description of something in the future”

“mental perception of the kind of environment an individual, or an organization, aspires to create within a broad time horizon and the underlying conditions for the actualization of this perception”

Mission

MissionOrganizations relate their existence to

satisfying a particular need of the society.

They do it in terms of their mission.

Mission is a statement which defines

the role that an organization plays in a

society.

It refers to the particular need of that

society for instance, its information needs.

Objectives

“Objectives are end results of planned activity”

“Objectives state what is to be accomplished by when and should be quantified if possible.”

Goals

GOAL

Goal is defined as an “intermediate

result to be achieved by a certain

time as part of the grand plan . A

plan can, there for have many

goals.”

BUSSINESS DEFINATI0N

What is 0ur business?

What will it be?

What should it be?

Mission statements can use the ideas generated thr0ugh the pr0cess 0f understanding an defining business.

OBJECTIVES

Objectives represent a managerial

commitment to achieve specified results

in a specified period, of time. They

clearly spell out the quantity and quality

of performance to be achieved, the time

period, the process and the person who

is responsible for the achievement of

the objective.

Example Objectives

Minnesota Mining & Manufacturing (3M)

Financial objectives1. To achieve 10% growth in earnings

per share.2. To achieve 20% - 25% return on

equity.3. To achieve 27% return on capital

employed.

CHAACTERISTICS

1. Objectives form a hierarchy

2. Objectives form a network

3. Multiplicity of objectives

4. Long and short range objectives

Areas of objectives1. Markets2. Productivity3. Innovation4. Product5. Profitability6. Financial resources7. Physical facilities8. Organization structure and

activities9. Manager performance and

development10. Employee performance and

attitude11. Customer service12. Social responsibility

Importance of objectives

1. Objectives help to define the

organization in its environment

2. Objectives help in coordinating

decisions and decision-maker

3. Objectives help in formulating

strategies

4. Objectives provide standards for

assessing organizational

performance

Objectives of BSNL

National Plan Target of 500 million subscriber base for the country by December 2010.

Broadband customers base of 20 million in the country by 2010 as per Broadband policy 2004.

Factors affecting Objectives

1.Forces in the environment

2.Internal forces

3.The value systems of the top

executives

Goals are short term (one year or less) milestones or

bench marks that organizations must achieve in order

for long term long term objectives to be reached.

Goals should be measurable, quantitative, challenging,

realistic, consistent and prioritized.

A set of goals is needed for each objective that is established in an organization.

Goals have the following features

They:

1. Are derived from objectives

2. Offer a standard for measuring performance

3. Are expressed in concrete terms

4. Are time bound and work oriented.

Goals are important in – Strategy implementation

Objectives are in – strategy formulation

CONCLUSION

Goals are an expected or desired outcome of a planning process. Goals are usually broad, general expressions of the guiding principles and aspirations of an organization.

Objectives are precise targets that are necessary to achieve goals. Objectives are detailed statements of quantitatively or qualitatively measurable results the plan hopes to accomplish.

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