Chapter 2

• Vision Statement


  A short, preferably one-sentence statement that answers the question: What do we want to become?
• Characteristics of a good vision statement


  • Dream big and focus on success
  • Use the present tense
  • Use clear, concise, jargon-free language
  • Should be inspiring and challenging
  • Believable enough
  • Achievable
  • Relevant
• Vision


  Big picture of what you want to achieve
• Mission


  General statement of how you will achieve the vision
• Order of vision and mission statements


  1. Vision statement provides a destination for the organization

  2. Mission statement is a guiding light on how to get to the destination
• Mission Statement


  A declaration of an organization's business or "reason for being"
• Characteristics of a good mission statement


  • Define what the organization is and what the organization aspires to be
  • Broad in scope; does not include monetary amounts, numbers, percentages, ratios, or objectives
  • Fewer than 150 words in length
  • Purpose-driven
  • Clear
• Mission Statement Components

  • Customers - Who are the firm's customers?
  • Products or services - What are the firm's major products or services?
  • Markets - Geographically, where does the firm compete?
  • Technology - Is the firm technologically current?
  • Survival, growth, and profitability - Is the firm committed to growth and financial soundness?
  • Philosophy - What are the basic beliefs, values, aspirations, and ethical priorities of the firm?
  • Self-concept (distinctive competence) - What is the firm's major competitive advantage?
  • Public image - Is the firm responsive to social, community, and environmental concerns?
  • Employees - Are employees a valuable asset of the firm?