StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Strategic management (Visionmission Statment) - Essay Example

Cite this document
Summary
It is imperative that, when a company begins its operations, it forms a high quality vision and mission statement. Before taking on this task, it is essential for management to understand what a mission statement is, what a vision is, what their concepts are, and what their main elements consist of…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER92.2% of users find it useful
Strategic management (Visionmission Statment)
Read Text Preview

Extract of sample "Strategic management (Visionmission Statment)"

Download file to see previous pages

"A mission statement has long been argued to lead to better performance by aiding strategy formulation and implementation. Empirical evidence to support this argument is however lacking in the literature. This has led to a considerable waning of managerial confidence in mission statements in recent years" (Sidhu 2003). Mission statements are exactly what they sound like: missions that tell what a company is doing. When companies carefully define what they are doing and how they are going to get there, they simply perform better than other companies that compete within their industry.

Also essential to success is the development of a company's vision statement, upon which the company's mission statement is based. The vision simply entails what a company wishes to become in the future. An example of a vision could include a new online dollar store wishing to take over a certain percentage of the market share in its industry (Heathfield 2007). According to Heathfield, "A vision is a statement about what your organization wants to become. It should resonate with all members of the organization and help them feel proud, excited, and part of something much bigger than themselves.

A vision should stretch the organization's capabilities and image of itself. It gives shape and direction to the organization's future. Visions range in length from a couple of words to several pages. I recommend shorter vision statements because people will tend to remember their shorter organizational vision" (2007).Heathfield offers two examples of vision statements in her article on the topic. The first one is from Westin Hotels and states, "Year after year, Westin and its people will be regarded as the best and most sought after hotel and resort management group in North America.

" The second is from the HR Association of Greater Detroit and States, "To be recognized and respected as one of the premier associations of HR Professionals" (2007).The Piercy and Morgan Models According to Piercy and Morgan, all mission statements should reflect four key concepts. The first is organizational philosophy and refers to what a company's management desires the company to accomplish and represent. The second is product market domain, which details where and how the company will operate.

The third is organizational key values, which define the behavior and skills of company employees and representatives. The last is critical success factors, which define what strengths a company must possess in order to be successful in their particular industry (Piercy and Morgan 1994). Using the aforementioned concepts, Piercy and Morgan developed four models that assist in formulation of a company's mission statement. Each of these models has its own advantages and disadvantages. The different types of mission statements that they defined were global mission, organizational mission, market mission, and no mission (Piercy and Morgan 1994).

Each type of mission statement is different in at least one key way. Global missions take both internal and external factors into mind and is all-encompassing of the concepts on which the four models are based. "An organizational mission' is one that emphasizes internal values only, such as organizational beliefs and philosophy. A 'market mission' is one which focuses on the definition of the market and critical success factors in the market place. A statement that does not define internal

...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Strategic management (Visionmission Statment) Essay”, n.d.)
Strategic management (Visionmission Statment) Essay. Retrieved from https://studentshare.org/miscellaneous/1511056-strategic-management-visionmission-statment
(Strategic Management (Visionmission Statment) Essay)
Strategic Management (Visionmission Statment) Essay. https://studentshare.org/miscellaneous/1511056-strategic-management-visionmission-statment.
“Strategic Management (Visionmission Statment) Essay”, n.d. https://studentshare.org/miscellaneous/1511056-strategic-management-visionmission-statment.
  • Cited: 0 times

CHECK THESE SAMPLES OF Strategic management (Visionmission Statment)

Application of the Industrial-Organization Model

The industrial organization model takes into account the variables of complexity and strategic importance.... Under high complexity and low strategic importance, the outsourcing option seems most viable.... Under situations of high complexity and high strategic importance, the option of business process reengineering looks more valid.... Under circumstances of low complexity and varying level of strategic importa...
5 Pages (1250 words) Essay

Strategic Management and Strategic Competitiveness

Topic: strategic management and Strategic Competitiveness [Name of the Writer] [Name of the Institution] Introduction Aceto Corporation is a public sector company in US that primarily engages in regulatory support, sourcing, quality assurance, sales and distribution, marketing of pharmaceutical intermediates and the active ingredients, nutraceutical products, finished dosage from the generic, agricultural production products and the specialty chemicals that are used mainly as the raw material or the finished products in the agricultural, pharmaceutical, nutraceutical, coatings, industrial chemical consuming industries....
4 Pages (1000 words) Essay

Aspects of Strategic Management

strategic management R.... REETI 21/5/2008 strategic management A business venture more often than not, doesn't work in a vacuum and is subject to a number of factors that can influence its functioning and work processes.... om"What strategic management Can do', Website: www.... The overall processes, inclusive of policies and programmes, ideas and plans, and the like together constitute Strategic management....
2 Pages (500 words) Essay

Strategic Management - How to Achieve Strategic and Financial Objectives

This essay talks about the structure of strategic management and the business moves and business approaches that a company implements to have a successful performance.... The essay "strategic management" describes the strategy actions for satisfying the customers, responding to the constantly changing industry and varying market conditions, or managing each functional piece of business or making the business grow in terms of company size and sales revenues.... The five strategic management tasks are: develop strategic vision and mission; setting objectives; crafting the strategy; implementing and executing the strategy; evaluating and correcting....
7 Pages (1750 words) Essay

Strategic Management as the Process of Specifying an Organization's Objectives

strategic management is the ability of leaders to see their future ahead of others and to create products and services which will take advantage of this foresight.... In order to achieve specific goals of an organization, it is essential that they need to have strategic management.... In this competitive world, those organizations This paper discusses the relevance of strategic management and its implications particularly to the hospitality industry....
12 Pages (3000 words) Essay

Strategic Quality Management

David (1989), defined the strategic management as a conduct of putting into practice, drafting and assessing cross-functional decisions that assist or help an organization to attain its long-term business and operational objectives.... According to David (1989), the strategic… ment is the course of action of realizing the business and organizations vision, mission, and objectives, shaping or developing policies as well as plans, frequently in terms of programs and projects, that are intended to attain these objectives, and then assigning resources to In the business a strategic management balanced scorecard is frequently utilized to weigh up the on the whole performance of the organizations as well as its development towards objectives (David, 1989)....
16 Pages (4000 words) Essay

JetBlue Company Strategic Management

Short-Term ObjectivesIt is the duty of any company to form a strategic management once it formulates a mission statement.... ?? strategic management.... “The Steady, strategic Ascent of JetBlue Airways.... The statement can be analyzed as one that aims at bringing the air travel mode of transport back to humans....
2 Pages (500 words) Essay

Strategic management 2

The strategic management and planning enables a business to make empowered decisions regarding its long term goals and objectives.... The strategic management and planning enables a business to make empowered decisions regarding its long term goals and objectives.... The Design School: Reconsidering the Basic Premises of strategic management.... strategic management Journal 11.... management: Leading and Collaborating in a Competitive World....
2 Pages (500 words) Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us