Vision refers to the category of intentions that
are broad, all-intrusive and forward-thinking. The corporate success depends on the vision
articulated by the chief executive or the top management. A vision is the image that a business
must have of its goals before it sets out to reach them. It describes
aspirations for the future, without specifying the means that will be used
to achieve those desired ends.
For a vision to
have any impact of the employees of an organization it has to be conveyed in
a dramatic and enduring way. The most effective visions are those that
inspire, usually asking employees for the best, the most or the greatest.
Make sure you keep stretch in your vision, communicate it constantly, and
keep linking the events of today to your vision, underscoring the
relationship between the two.
Warren Bennis, a noted writer on
says: "To choose a direction, an executive must have developed a mental
image of the possible and desirable future state of the organization. This
image, which we call a
vision, may be as vague as a dream or as precise as a
goal or a mission statement."
A mission statement is an organization's vision
translated into written form. It makes concrete the leader's view of the
direction and purpose of the organization. For many corporate leaders it is
a vital element in any attempt to motivate employees and to give them a
sense of priorities.
A mission statement should be a short and
concise statement of goals and priorities. In turn, goals are specific
objectives that relate to specific time periods and are stated in terms of
facts. The primary goal of any business is to increase stakeholder value.
The most important stakeholders are shareholders who own the business,
employees who work for the business, and clients or customers who purchase
products and/or services from the business.
For instance, Chrysler's goal, as
written in their mission statement, is clear - it is focused on consumer
satisfaction: "Chrysler's primary goal is to achieve consumer satisfaction.
We do it through engineering excellence, innovative products, high quality
and superior service. And we do it as a team." (1988)
The major outcome of
strategic road-mapping and
strategic planning, after
gathering all necessary information, is the setting of goals for the
organization based on its vision and mission
statement. A goal is a long-range aim for a specific period. It must be
specific and realistic. Long-range goals set through strategic planning are
translated into activities that will ensure reaching the goal through
Setting objectives involves a continuous process
of research and decision-making. Knowledge of yourself and your unit is a
vital starting point in setting objectives.
Strategic planning takes place at the highest
levels; other managers are involved with operational planning. The first
step in operational planning is defining objectives - the result expected by
the end of the budget (or other designated) cycle.
The objectives must be:
Successful companies are those that focus their
efforts strategically. To meet and exceed customer satisfaction, the
business team needs to follow an overall organizational strategy. A
successful strategy adds value for the targeted customers over the long run
by consistently meeting their needs better than the competition does.
is the way in which a company orients itself towards the market in which it
operates and towards the other companies in the marketplace against which it
competes. It is a plan an organization formulates to gain a sustainable
advantage over the competition. Strategy answers the following questions:
what are the sources of the company's
sustainable competitive advantage?
how a company will
itself against competition in the market over the long run to secure a
sustainable competitive advantage?
what are the key strategic priorities?..