1 Chapter 4: Developing Mission, Vision, & Values Learning Objectives Understand the roles of mission, vision, and values in the planning processUnderstand how mission and vision fit into the P-O-L-C frameworkSee how passion and creativity relate to visionIncorporate stakeholder interests into mission and visionDevelop organizational mission and vision statementsApply mission, vision, and values to your personal and professional career
4 MISSION, VISION, AND VALUES Ninety percent of 500 firms surveyed issue some form of mission and vision statementsFirms with clearly communicated, widely understood, and collectively shared mission and vision have been shown to perform better than those without themBain and Company
5 What is the difference?Mission StatementsVision StatementsCommunicates the organization’s reason for being, and how it aims to serve its key stakeholdersOften integrates a summation of the firm’s valuesMission statements tend to be longer than vision statementsA future-oriented declaration of the organization’s purpose and aspirations.Addresses what a firm wants to becomeVision statements tend to be relatively brief
6 Examples of Vision Statements Walmart: Save money. Live better.Establish Starbucks as the premier purveyor of the finest coffee in the world while maintaining our uncompromising principles as we grow.
8 MISSION and VISION ORGANIZING Facilitates strategyDefines roles and responsibilitiesEncourages coordinated effortsCreates and supports culture.MissionVisionOrganizational Culture
9 MISSION, VISION, & LEADING Leading involves influencing others toward the attainment of organizational objectives
10 Controlling consists of three steps VISION, MISSION, and CONTROLLINGControlling consists of three stepsEstablish performance standardsCompare actual performance against standardsTake corrective action when necessary
11 Actual Versus Desired Performance Corrective Action Required? Mission and VisionGoals and ObjectivesActual Versus Desired PerformanceCorrective Action Required?
12 Creativity and Passion help create Mission/Vision Creativity is the power or ability to inventPassion is an intense emotion compelling actionMission and Vision
14 Creativity ToolsSCAMPERNominal Group TechniqueSubstitute, Combine, Adapt, Modify, Put to other uses, Eliminate and RearrangeInspires lateral thinking vs. programmed thinkingInvolves a reflective and probing style of asking questionsGenerates numerous creative ideasEnsures everyone is heardEffective when there is concern that some people may not be vocalBuilds consensusRecommended when there is controversy or conflict
15 Government tends to be a key stakeholder for every organization StakeholdersGovernment tends to be akey stakeholder for every organization
17 Stakeholders, Mission, and Vision Stakeholder MappingImportanceInfluence
18 Steps in Identifying Stakeholders Step 1: Determining Influences on Mission, Vision, and Strategy FormulationStep 2: Determining the Effects of Key Decisions on the Stakeholder Step 3: Determining Stakeholders' Power and Influence over Decisions
20 Communicating Across and Outward The need will likely exist to communicate with other units of the firm (across) and with key external stakeholders, such as material and capital providers and customers (outward)
21 DEVELOPING YOUR PERSONAL VISION & MISSION Would a mission and vision statement be beneficial to you?What are some guidelines for developing your mission and vision?