Vision, Mission & Objectives

8/8/2019 Vision, Mission & Objectives

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MODULE 2

VISION, MISSION AND OBJECTIVES


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"Vision without action is a daydream.Action without vision is a nightmare."


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MEANING

Vision

where the organisation wants to go in the

future Mission Statement

summary of the beliefs of the organisation

and where it is nowReason for the existence.


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Strategic Planning

The Vision

Communicating to all staff where the organisationis going and where

it intends to be in the future Allows the firm to set goals

Aims and Objectives:

Aims long term target

Objectives the way in which you are going toachieve the aim


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Objectives are the end results of a planned

activity. They state what is to be accomplished

by when and should be quantified if possible.

The achievement of corporate objectives should

result in the fulfillment of a corporatesmission.

OBJECTIVES


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Example:

Aim may be for a chocolate manufacturer to breakinto a new overseas market

Objectives Develop relationships with overseas suppliers

Identify network of retail outlets

Conduct market research to identify consumer needs

Find location for overseas sales team HQ


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MISSION

It states the purpose or reason for the

organizations existence.

It tells what the company is providing to thesociety, either service or products.


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Developing a Mission Statement

Step1Prepare a brainstorming session.

Step2

What is the purpose of your organization.

Step3

Consider the organization's products, services, markets,values, target audiences, priorities and activities.

Step4

Visit current and upcoming strategies the company has, andhow they effect the organization's overall mission.


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Step5

Ensure that the mission statement describes what theorganization does, and why it exists.

Step6

Revise drafted mission statement ideas so that they areshort and concise, clear and easily understood.

Step7

Develop a mission statement that will remain accurate in

light of future advances that may change the

organization's focus or direction.


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Criteria for Evaluating Mission Statements

Brief enough for most people to keep it in mind

Broad enough to allow flexibility in implementation, but not

broad enough to permit a lack of focus

Reflective of the organization's values, beliefs, and philosophy

Why the organization exists; that is, the overriding purpose

that the organization is trying to serve, and its goal


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Assignment

Give a short account of the history of the

company

Identify the mission and major goals of the

company

Do an analysis of the strength, weakness,

opportunities and weakness of the company.

Who is the CEO of the company. Evaluate the

CEOs leadership capabilities.


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PEST ANALYSIS


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PEST Analysis

Environmental Scan

External Analysis Internal Analysis

Macro Micro

environment environment

P.E.S.T


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Break up of PEST

Political Factors

Economic Factors Socio Cultural Factors

Technological Factors


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Political Factors

This is the most important influence on theregulation of any business.

How stable is the political environment?

Influence the Government Policy / Law on your

business Governments position on Marketing Ethics

Governments policy on the economy

Governments view on culture under religion

Political System is responsible for Law Making. Environmental Protection Law


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Economic Factors

Government outlook towards

Bank Financing

I

nterest Rates Exchange Rate Mechanism

Inflation

Labour Policies


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Socio-Cultural Factors

Demographics

Distribution ofIncome

Social Mobility

Life Style Changes

Educational Levels


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Advantage of Technology

In terms ofEconomies ofScale

NewD

iscoveries & Innovations Speed & Cost of Technology Transfer

Rate ofObsolescence

Technological Factors


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Role of PEST

Helps Assess the market including

Competitors from the stand point of a

Particular Business.

PEST is relevant for any type ofBusiness large,

small & medium.


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McKINSEY 7-S MODEL


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McKINSEY 7-S MODEL


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7SModel

Super ordinate goals : Core values of the organization

Structure : How people and tasks / work are organized

Strategy : Plan to build competitive advantage through

competitionSystems : The daily activities and procedures that the

staff members engage in

Staff : The employees and their capabilities

Style : How managers behaveSkills : Attributes or capabilities that exist in the

organization


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Super ordinate goals

It is also called as Shared Values

It is in the centre of the model and

interconnecting, as it is the fundamental ideaunder which a business is built

These are the central beliefs and attitudes of

the organization

Documents

Vision, Mission & Objectives