Understanding the Importance of Vision in Business Management

 
 
Disclaimer
:
The study material provided to our students of BBA/MBA of
Department of Business Management is solely for the purpose of
teaching and learning and has been obtained from varied sources. I do
not claim for the originality of the content /resources/reading materials
(PPTs, PDfs, You Tube Contents, Book Pdfs, Videos) shared as my own
creation, as the contents/reading resources are a compilation from varied
sources including open access sources and these are shared for the
instructional and learning purpose by the students. I acknowledge and
thankful to the sources, websites content writers and authors for their
generosity in hosting their contents for wider dissemination and use.
Dr. Rahil Yusuf Zai
 DoBM, IGNTU
 
 
Vision , Mission , Objectives and
Goals
 
 
Strategic Intent
 
1.
Vision
 
2.
Mission
 
3.
Objectives
 
4.
Goals
 
Vision
 
Defining Vision
 
“description of something in the future”
 
“mental perception of the kind of environment
an individual, or an organization, aspires to
create within a broad time horizon and the
underlying conditions for the actualization of
this perception”
 
Vision
 
It is what the firm or a person would ultimately
like to become.
 
Examples
 
BSNL Vision Statement
 
“To become the largest telecom service provider in
Asia.”
 
Walt Disney vision Statement
 
       “Make people happy”
 
Stokes Eye Clinic, Florence, South Carolina
 
“Our vision is to take care of your vision.”
 
Characteristics
 
1.
Vision is developed through sharing
across an organization
 
2.
Methods of convincing the others about
vision
 
 
Benefits of having a vision
 
Good visions are inspiring and exhilarating.
Good vision foster long term thinking.
Good vision foster risk-taking and experimentation.
Good vision help in the creation of a common identity
and a shared sense of purpose.
Good visions are competitive, original and unique.
Good visions represent integrity, they are truly
genuine and can be used for the benefit of people.
 
Vision Statement
 
A vision statement answers the question,
 
          
“ What will success look like?”
 
The pursuit of this image of success is what motivates
people to work together.
 
Example vision statement
  
    Infosys
 
Vision   “To be a globally respected
corporation that provides best-of-breed
business solutions, leveraging
technology, delivered by best-in-class
people."
 
VISION
 
 
Our Vision is to be the world’s mobile
communication leader – enriching
customers’ lives, helping individuals,
businesses and communities be more
connected in a mobile world.
 
Mission
 
Mission
Organizations relate their existence to satisfying a
particular need of the society.  They do it in terms of
their mission.
 
Mission is a statement which defines the role
that an organization plays in a society.
 
It refers to the particular need of that society for
instance, its information needs.
 
Defining Mission
 
“essential purpose of the organization, concerning
particularly why it is in existence, the nature of the
business it is in, and the customers it seeks to serve
and satisfy.”
 
“purpose or reason for the organization’s
existence.”
 
mission is an enduring statement of purpose
that distinguishes one firm from other similar
firm.
 
In short the mission describes the
product, market and technological areas
of emphasis for the business.
 
Characteristics
1.
Feasible
2.
Precise
3.
Clear
4.
Motivating
5.
Distinctive
 
Need for an explicit mission
To ensure unanimity of purpose within the
organization.
To provide a basis for motivating the use of the
organizations resources.
To develop a basis, or standard, for allocating
organizational resources.
To establish a general tone or organization climate.
To serve as a focal point for those who can identify
with the organization’s purpose and direction.
 
Mission Statement
 
“A mission statement is an enduring
statement of purpose that distinguishes one
business from other similar firms. A mission
statement identifies the scope of a firm’s
operations in product and market terms.”
 
BSNL mission
 
“To provide world class state of art technology
telecom services to its customers on demand at
competitive prices.
 
To provide world class telecom infrastructure in
its area of operation and to contribute to the
growth of country’s economy.”
 
The mission statement of an organization is normally
short, to the point, and contains the following elements:
Provides a concise statement of why the
organization exists, and what it is to achieve;
States the purpose and identity of the organization;
Defines the institution's values and philosophy; and
Describes how the organization will serve those
affected by its work.
 
Formulating mission
 
1
. 
What is the basic purpose of your organization?
2.
What is unique about your organization?
3.
What is in your company that will make it stand
out in a crowd?
4.
Who are, and who should be, your principal
customers?
5.
What are the basic beliefs, values and
philosophical priorities of your firm?
 
MISSION
 
 
Driving in a wireless world
  
Vodafone is primarily a user of technology
rather than a developer of it, and this fact is reflected
in the emphasis of our work programme on enabling
new applications of mobile communications, using
new technology for new services, research for
improving operational efficiency and quality of our
networks, and providing technology vision and
leadership that can contribute directly to business
decisions.
 
   
Infosys
 
Mission    “"To achieve our objectives
in an environment of fairness, honesty,
and courtesy towards our clients,
employees, vendors and society at
large."
 
A 
Vision statement
 describes what the
organization would like to become.
 
 
 
A 
Mission statement
 describes what the
organization is now.
 
“What the company is providing to society?”
 
Ford
 sample 
vision
 statements
 
Early 1900s
: Democratize the automobile
Current
: 
To become the world's leading Consumer
Company for automotive products and services.
 
Honda
 sample 
vision
 statements
1970
: 
We will destroy Yamaha
Current
: To Be a Company that Our Shareholders,
Customers and Society Want
 
Example Mission Statements
 
Wal-Mart 
"To give ordinary folk the chance to buy
the same thing as rich people."
Mary Kay Cosmetics 
"To give unlimited opportunity
to women."
3M
 "To solve unsolved problems innovatively"
Google's 
mission is “to organize the world's
information and make it universally accessible and
useful.”
 
Objectives
 
Objectives
 
Objectives represent a managerial commitment to
achieve specified results in a specified period, of time.
They clearly spell out the quantity and quality of
performance to be achieved, the time period, the
process and the person who is responsible for the
achievement of the objective.
 
“Objectives are end results of planned
activity”
 
 
 
“Objectives state 
what
 is to be
accomplished by 
when
 and should be
quantified if possible.”
 
Characteristics
1.
Objectives form a hierarchy
2.
Objectives form a network
3.
Multiplicity of objectives
4.
Long and short range objectives
 
Areas of objectives
1.
Markets
2.
Productivity
3.
Innovation
4.
Product
5.
Profitability
6.
Financial resources
7.
Physical facilities
8.
Organization structure and activities
9.
Manager performance and development
10.
 Employee performance and attitude
11.
 Customer service
12.
 Social responsibility
 
Importance of objectives
1.
Objectives help to define the organization in its
environment
2.
Objectives help in coordinating decisions and
decision-maker
3.
Objectives help in formulating strategies
 
4.
Objectives provide standards for assessing
organizational performance
 
 
Factors affecting Objectives
1.
Forces in the environment
2.
Internal forces
3.
The value systems of the top executives
 
Goals
 
   
Goal
 
 
Goal is defined as an “intermediate result
to be achieved by a certain time as part of
the grand plan . A plan can, there for have
many goals.”
 
 
Goals are short term (one year or less) milestones
or bench marks that organizations must achieve in
order for long term long term objectives to be
reached.
 
Goals should be measurable, quantitative,
challenging, realistic, consistent and prioritized.
 
A set of goals is needed for each
objective that is established in an
organization.
 
Goals
 have the following features
They:
1.
Are derived from objectives
2.
Offer a standard for measuring performance
3.
Are expressed in concrete terms
4.
Are time bound and work oriented
.
 
 
 
 
Goals are important in  – Strategy
implementation
 
Objectives are in – strategy formulation
 
 
Goals 
are an expected or desired outcome of a
planning process. Goals are usually broad, general
expressions of the guiding principles and aspirations
of an organization.
 
 
Objectives
 are precise targets that are necessary to
achieve goals. Objectives are detailed statements of
quantitatively or qualitatively measurable results the
plan hopes to accompl
ish.
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Vision plays a crucial role in guiding organizations towards their desired future. It is a mental perception of the environment an entity aspires to create. Developing and sharing a vision across an organization fosters long-term thinking, risk-taking, and a shared sense of purpose. The benefits of a well-crafted vision include inspiring creativity, fostering innovation, and creating a common identity. This content discusses the characteristics, examples, and benefits of having a clear vision in business management.


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  1. Disclaimer: The study material provided to our students of BBA/MBA of Department of Business Management is solely for the purpose of teaching and learning and has been obtained from varied sources. I do not claim for the originality of the content /resources/reading materials (PPTs, PDfs, You Tube Contents, Book Pdfs, Videos) shared as my own creation, as the contents/reading resources are a compilation from varied sources including open access sources and these are shared for the instructional and learning purpose by the students. I acknowledge and thankful to the sources, websites content writers and authors for their generosity in hosting their contents for wider dissemination and use. Dr. Rahil Yusuf Zai DoBM, IGNTU

  2. Vision , Mission , Objectives and Goals

  3. Strategic Intent 1. Vision 2. Mission 3. Objectives 4. Goals

  4. Vision Vision

  5. Defining Vision description of something in the future mental perception of the kind of environment an individual, or an organization, aspires to create within a broad time horizon and the underlying conditions for the actualization of this perception

  6. Vision It is what the firm or a person would ultimately like to become.

  7. Examples BSNL Vision Statement To become the largest telecom service provider in Asia. Walt Disney vision Statement Make people happy Stokes Eye Clinic, Florence, South Carolina Our vision is to take care of your vision.

  8. Characteristics 1. Vision is developed through sharing across an organization 2. Methods of convincing the others about vision

  9. Benefits of having a vision Good visions are inspiring and exhilarating. Good vision foster long term thinking. Good vision foster risk-taking and experimentation. Good vision help in the creation of a common identity and a shared sense of purpose. Good visions are competitive, original and unique. Good visions represent integrity, they are truly genuine and can be used for the benefit of people.

  10. Vision Statement A vision statement answers the question, What will success look like? The pursuit of this image of success is what motivates people to work together.

  11. Example vision statement Infosys Vision To be a globally respected corporation that provides best-of-breed business solutions, technology, delivered by best-in-class people." leveraging

  12. VISION Our Vision is to be the world s mobile communication leader customers lives, helping individuals, businesses and communities be more connected in a mobile world. enriching

  13. Mission Mission

  14. Mission Organizations relate their existence to satisfying a particular need of the society. They do it in terms of their mission. Mission is a statement which defines the role that an organization plays in a society. It refers to the particular need of that society for instance, its information needs.

  15. Defining Mission essential purpose of the organization, concerning particularly why it is in existence, the nature of the business it is in, and the customers it seeks to serve and satisfy. purpose or reason for the organization s existence. mission is an enduring statement of purpose that distinguishes one firm from other similar firm.

  16. In short the mission describes the product, market and technological areas of emphasis for the business.

  17. Characteristics 1. Feasible 2. Precise 3. Clear 4. Motivating 5. Distinctive

  18. Need for an explicit mission To ensure unanimity of purpose within the organization. To provide a basis for motivating the use of the organizations resources. To develop a basis, or standard, for allocating organizational resources. To establish a general tone or organization climate. To serve as a focal point for those who can identify with the organization s purpose and direction.

  19. Mission Statement A mission statement is an enduring statement of purpose that distinguishes one business from other similar firms. A mission statement identifies the scope of a firm s operations in product and market terms.

  20. BSNL mission To provide world class state of art technology telecom services to its customers on demand at competitive prices. To provide world class telecom infrastructure in its area of operation and to contribute to the growth of country s economy.

  21. The mission statement of an organization is normally short, to the point, and contains the following elements: Provides a concise statement of why the organization exists, and what it is to achieve; States the purpose and identity of the organization; Defines the institution's values and philosophy; and Describes how the organization will serve those affected by its work.

  22. Formulating mission 1. What is the basic purpose of your organization? 2. What is unique about your organization? 3. What is in your company that will make it stand out in a crowd? 4. Who are, and who should be, your principal customers? 5. What are the basic beliefs, values and philosophical priorities of your firm?

  23. MISSION Driving in a wireless world Vodafone is primarily a user of technology rather than a developer of it, and this fact is reflected in the emphasis of our work programme on enabling new applications of mobile communications, using new technology for new services, research for improving operational efficiency and quality of our networks, and providing technology vision and leadership that can contribute directly to business decisions.

  24. Infosys Mission "To achieve our objectives in an environment of fairness, honesty, and courtesy towards our clients, employees, vendors and society at large."

  25. A Vision statement describes what the organization would like to become. A Mission statement describes what the organization is now. What the company is providing to society?

  26. Ford sample vision statements Early 1900s: Democratize the automobile Current: To become the world's leading Consumer Company for automotive products and services. Honda sample vision statements 1970: We will destroy Yamaha Current: To Be a Company that Our Shareholders, Customers and Society Want

  27. Example Mission Statements Wal-Mart "To give ordinary folk the chance to buy the same thing as rich people." Mary Kay Cosmetics "To give unlimited opportunity to women." 3M "To solve unsolved problems innovatively" Google's mission is to organize the world's information and make it universally accessible and useful.

  28. Objectives Objectives

  29. Objectives Objectives represent a managerial commitment to achieve specified results in a specified period, of time. They clearly spell out the quantity and quality of performance to be achieved, the time period, the process and the person who is responsible for the achievement of the objective.

  30. Objectives are end results of planned activity Objectives state what is to be accomplished by when and should be quantified if possible.

  31. Characteristics 1. Objectives form a hierarchy 2. Objectives form a network 3. Multiplicity of objectives 4. Long and short range objectives

  32. Areas of objectives 1. Markets 2. Productivity 3. Innovation 4. Product 5. Profitability 6. Financial resources 7. Physical facilities 8. Organization structure and activities 9. Manager performance and development 10. Employee performance and attitude 11. Customer service 12. Social responsibility

  33. Importance of objectives 1. Objectives help to define the organization in its environment 2. Objectives help in coordinating decisions and decision-maker 3. Objectives help in formulating strategies 4. Objectives provide standards for assessing organizational performance

  34. Factors affecting Objectives 1. Forces in the environment 2. Internal forces 3. The value systems of the top executives

  35. Goals Goals

  36. Goal Goal is defined as an intermediate result to be achieved by a certain time as part of the grand plan . A plan can, there for have many goals.

  37. Goals are short term (one year or less) milestones or bench marks that organizations must achieve in order for long term long term objectives to be reached. Goals should be measurable, quantitative, challenging, realistic, consistent and prioritized.

  38. A set of goals is needed for each objective that is established in an organization.

  39. Goals have the following features They: 1. Are derived from objectives 2. Offer a standard for measuring performance 3. Are expressed in concrete terms 4. Are time bound and work oriented.

  40. Goals are important in Strategy implementation Objectives are in strategy formulation

  41. Goals are an expected or desired outcome of a planning process. Goals are usually broad, general expressions of the guiding principles and aspirations of an organization. Objectives are precise targets that are necessary to achieve goals. Objectives are detailed statements of quantitatively or qualitatively measurable results the plan hopes to accomplish.

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