Strategy Formulation: Vision & Mission Chapter # 4 1st Stage of Strategic Management Process Strategy Formulation: Vision & Mission References Strategic Management Concepts & Cases 10th edition Fred R. David Wikipedia.com Internet Resource Person: Furqan-ul-haq Siddiqui

Opportunities & Threats Strengths & Weaknesses Alternative Strategies Strategy Formulation Vision & Mission Opportunities & Threats Strengths & Weaknesses Long-Term Objectives Alternative Strategies Strategy Selection

Vision An aspirational statement of where the organization desires to be in the future, the direction and ultimate goal of the organization what it would achieve or accomplish in the future. The vision statement answers the question “Where do we want to go?”, and as such, is purposively directional.

“What do we want to become?” Vision Vision statement answers the question: “What do we want to become?” Your vision statement is your inspiration, the framework for all your strategic planning.

Why Have a Vision Statement? It gives direction to your Business Allows you to live life with a purpose. Creates a positive vision of your future. Allows you to live life to the fullest potential.

To be a model public University providing affordable, quality, higher education opportunities to develop the potentially rich human resource in Balochistan through knowledge-centered teaching and research while maintaining and fostering a high levels of ethical and professional standards and promoting national identity.

"GM’s vision is to be the world leader in transportation products and related services. We will earn our customers’ enthusiasm through continuous improvement driven by the integrity, teamwork, and innovation of GM people." GM is among world’s largest automaker. Global sales leader for 77 consecutive calendar years from 1931 to 2007. It manufactures cars and trucks in 34 countries. GM employs 244,500 people around the world, and sells and services vehicles in some 140 countries In late 2008 GM received loans from the American, Canadian, and Ontario governments to avoid bankruptcy resulting from the late-2000s recession, record oil prices, health care and retiree expenses, and heavy competition. General Motors filed for a government-assisted bankruptcy protection on June 1, 2009, in the federal court in, New York. The current company, General Motors Company LLC ("new GM"), was formed in 2009 as a part of its 2009 bankruptcy restructuring

Mission, Vision & Values- The world is changing all around us. To continue to thrive as a business over the next ten years and beyond, we must look ahead. We must get ready for tomorrow today. That's what our 2020 Vision is all about. It creates a long-term destination for our business and provides us with a "Roadmap" for winning together with our bottler partners

Our Vision- Our vision serves as the framework for our Roadmap and guides every aspect of our business by describing what we need to accomplish in order to continue achieving sustainable, quality growth. People: Be a great place to work where people are inspired to be the best they can be. Portfolio: Bring to the world a portfolio of quality beverage brands that anticipate and satisfy people's desires and needs. Partners: Nurture a winning network of customers and suppliers, together we create mutual, enduring value. Planet: Be a responsible citizen that makes a difference by helping build and support sustainable communities. Profit: Maximize long-term return to shareowners while being mindful of our overall responsibilities. Productivity: Be a highly effective, lean and fast-moving organization.

Mission Statements A mission statement answers three key questions: “What is our business?” An enduring statement that distinguishes one organization from the similar enterprises. Declares the firm’s reason for being A mission statement answers three key questions: What do we do? For whom do we do it? What is the benefit?

Mission Statement Elements Products Services Markets Customers Technology Mission Statement Elements Employees Survival Growth Profit Public Image Philosophy Self-Concept Anticipates customer needs Identifies customer needs Provides product/service to satisfy needs An Effective Mission Statement -

Mission Statement vs. Vision Statement "G.M. is a multinational corporation engaged in socially responsible operations, worldwide. It is dedicated to provide products and services of such quality that our customers will receive superior value while our employees and business partners will share in our success and our stock-holders will receive a sustained superior return on their investment." "GM’s vision is to be the world leader in transportation products and related services. We will earn our customers’ enthusiasm through continuous improvement driven by the integrity, teamwork, and innovation of GM people."

Mission Statement vs. Vision Statement Our Mission- It declares our purpose as a company and serves as the standard against which we weigh our actions and decisions. To refresh the world... To inspire moments of optimism and happiness... To create value and make a difference. Our Vision- Our vision serves as the framework for our Roadmap and guides every aspect of our business by describing what we need to accomplish in order to continue achieving sustainable, quality growth. People: Be a great place to work where people are inspired to be the best they can be. Portfolio: Bring to the world a portfolio of quality beverage brands that anticipate and satisfy people's desires and needs. Partners: Nurture a winning network of customers and suppliers, together we create mutual, enduring value. Planet: Be a responsible citizen that makes a difference by helping build and support sustainable communities. Profit: Maximize long-term return to shareowners while being mindful of our overall responsibilities. Productivity: Be a highly effective, lean and fast-moving organization.

Mission Statement vs. Vision Statement Functioning as a student-centric institution dedicated to academic excellence, tolerance and fairness. Maintaining and fostering highest ethical and professional values while teaching students to seek knowledge analytically, be creative, communicate effectively and become technologically literate to meet the emerging needs of our society within the global village. Ensuring and supporting faculty and staff to continue their professional and intellectual development To be a model public University providing affordable, quality, higher education opportunities to develop the potentially rich human resource in Balochistan through knowledge-centered teaching and research while maintaining and fostering a high levels of ethical and professional standards and promoting national identity.

Organizational Climate Focal point for work structure Importance of Mission Benefits from a strong mission Unanimity of Purpose Mission Resource Allocation Organizational Climate Focal point for work structure

Writing A Mission Statement Some researchers agree that it should be kept to between 30 and 60 words Some organizations have mission statements that are only one sentence, while others are a paragraph. No universally followed guideline for writing mission statement. At a minimum, each mission statement should answer the following three questions: What are the opportunities or needs the organization addresses? What does the organization do to address those needs? and What principles and values guide the organization?

It should be unique and identify the organization. Avoiding jargon will keep the mission statement clear and easy to understand. It should be unique and identify the organization. A mission statement is often what sets one company apart from the competition. It should outline the organization's competitive advantages and differentiate it from everyone else. Specific products/services offered as well as markets or customers should be included. Also a general business definition, behavioral standards, and desired competitive position can be added to a strong mission statement. Jargon, technical terminology, or term of art, is "the technical terminology or characteristic idiom of a special activity or group.

Vision Statement vs Mission Statement Mission serves as an ongoing and time-independent guide The Mission describes why it is important to achieve the Vision A Mission statement defines the purpose or broader goal for being in existence or in the business and can remain the same for decades if crafted well your mission is what you do best every day A mission statement explains what the organization does, for whom and the benefit The Vision describes a future identity A vision statement, on the other hand, describes how the future will look if the organization achieves its mission Leadership vs. Management.

Pakistan Department of Health Centers for Disease Control Mission: To promote health and quality of life by preventing and controlling disease, injury, and disability Vision: Healthy People in a Healthy World Pakistan Department of Health Mission: To protect, maintain and improve the health of all Pakistanis. Vision: Keeping All Pakistanis Healthy

PepsiCo Mission PepsiCo’s mission is to increase the value of our shareholders’ investment. We do this through sales growth, cost controls, and wise investment resources. We believe our commercial success depends upon offering quality and value to our consumers and customers; providing products that are safe, wholesome, economically efficient and environmentally sound; and providing a fair return to our investors while adhering to the highest standards of integrity.

Ben & Jerry’s Mission Ben & Jerry’s mission is to make, distribute and sell the finest quality all-natural ice cream and related products in a wide variety of innovative flavors made from Vermont dairy products. To operate the Company on a sound financial basis of profitable growth, increasing value for our shareholders, and creating career opportunities and financial rewards for our employees. To operate the Company in a way that actively recognizes the central role that business plays in the structure of society by initiating innovative ways to improve the quality of life of a broad community—local, national and international.

Mission Statement Evaluation Matrix COMPONENTS   Organization Customers Products Services Markets Concern for Survival, Growth, Profitability Technology PepsiCo Yes No Ben & Jerry's

Mission Statement Evaluation Matrix COMPONENTS   Organization Philosophy Self-Concept Concern for Public Image Concern for Employees PepsiCo Yes No Ben & Jerry's

Which comes first. The mission statement or the vision statement Which comes first? The mission statement or the vision statement? That depends. If you have a new start up business, new program or plan to re engineer your current services, then the vision will guide the mission statement and the rest of the strategic plan. If you have an established business where the mission is established, then many times, the mission guides the vision statement and the rest of the strategic plan. Either way, you need to know your fundamental purpose - the mission, your current situation in terms of internal resources and capabilities (strengths and/or weaknesses) and external conditions (opportunities and/or threats), and where you want to go - the vision for the future. It's important that you keep the end or desired result in sight from the start