Mission, Vision, and Stakeholders

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Mission and vision statements are two strategic management concepts (SMCs) (Soyer & Asan 2007). These are important concepts that define organisations' values, competencies and are quite useful in the strategic planning and management of the organisation (Soyer & Asan 2007)…

Introduction

This same view was earlier aired by Raynor (1988) where the researcher refers to mission and vision statement as an organisation cornerstone that guide and provide actions, directions and aspirations for the future.
Vision statement refers to the desirable (O'Brien & Meadows 2001). In other words, a vision is the articulated goal for the organisation. Unlike mission statement, vision statement is a core goal. Once this is achieved, a direction will be set for the next vision (Soyer & Asan 2007, O'Brien & Meadows 2001, Thomas et.al., 1993).
Forman & Camponovo (2004:1) referred to mission statement "as the most basic embodiment of business strategy.. for mission statement is often at the heart of strategy formulation for successful organisation. Raynor (1998) further outlined the role of vision and mission statement which include
In addition, Mission and vision statement by defining an organisations' boundaries draw demarcation between one organisation and the other by exhibiting the organisations salient features (Soyer & Asan 2007, O'Brien & Meadows 2001, Forman & Componova 2004).
In all, in an organisation the creation of its mission and vision is an important first step in the development of modern, strategic management (Forman & Componova 2004). ...
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