Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall Ch 2 -1 Vision Agreement on the basic vision for which the firm strives to achieve in the long term is especially important.

Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall Ch 2 -2 “What do we want to become?” Vision

Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall Ch 2 -3 Vision Statement Examples Tyson Foods’ vision is to be the world’s first choice for protein solutions while maximizing shareholder value.

Vision Statement Examples 2-4

Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall Ch 2 -5 An enduring statement of purpose that distinguishes one organization from other similar enterprises A declaration of an organization’s “reason for being” Mission Statement

Mission Statement Characteristics Customers Products or services Markets Technology Concern for survival, growth, and profitability Philosophy Self-concept Concern for public image Concern for employees Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall Ch 2 -6

Mission Statement Components 1. Customers—Who are the firm’s customers? 2. Products or services—What are the firm’s major products or services? 3. Markets—Geographically, where does the firm compete? 4. Technology—Is the firm technologically current? 2-7

Mission Statement Components 5. Concern for survival, growth, and profitability—Is the firm committed to growth and financial soundness? 6. Philosophy—What are the basic beliefs, values, aspirations, and ethical priorities of the firm? 7. Self-concept—What is the firm’s distinctive competence or major competitive advantage? 2-8

Mission Statement Components 8. Concern for public image—Is the firm responsive to social, community, and environmental concerns? 9. Concern for employees—Are employees a valuable asset of the firm? 2-9

Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall Ch Dell’s mission is to be the most successful computer company in the world at delivering the best customer experience in markets we serve. In doing so, Dell will meet consumer expectations of highest quality; leading technology; competitive pricing; individual and company accountability; best-in-class service and support; flexible customization capability; superior corporate citizenship; financial stability. Mission Statement - Dell

Mission Statement – Dell – Examined Dell’s mission is to be the most successful computer company (2) in the world (3) at delivering the best customer experience in markets we serve (1). In doing so, Dell will meet customer expectations of highest quality; leading technology (4); competitive pricing; individual and company accountability (6); best-in-class service and support (7); flexible customization capability (7); superior corporate citizenship (8); financial stability (5). 2-11

Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall Ch Vision & Mission Great benefits can be achieved if an organization  Systematically revisits their vision and mission statement  Treats them as living documents  Considers them to be an integral part of the firm’s culture

Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall Ch Developing Vision & Mission A clear mission is needed before alternative strategies can be formulated and implemented

Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall Ch Steps to Developing Vision & Mission Statements 1. Have managers read related articles 2. Have managers prepare a vision and mission statement for the organization 3. Merge the documents into one and distribute 4. Gather feedback from managers 5. Meet to revise the final document

What is your organization’s mission statement Lets evaluate your organization’s mission statement.  What is it and is it being carried out. Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall Ch 2 -15

Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall Ch Benefits of Mission Statements Better financial results Unanimity of purpose Resource allocation Establishment of culture Focal point for individuals Establishment of work structure Basis of assessment and control Resolution of divergent views

Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall Ch Define what the organization is Define what it aspires to be Limited to exclude some ventures Broad enough to allow for growth Distinguishes firm from all others Framework for evaluating activities Stated clearly – understood by all Mission & Customer Orientation – Vern McGinnis

Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall Ch Mission Components Customers Markets Employees Public Image Self-Concept Philosophy Survival, Growth, Profits Products or Services Technology

Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall Ch 2 -19