Table of Contents
A review of a business unit’s and corporation’s mission/vision statements, objectives, and strategies helps one to understand its future direction and orientation. Mission/vision statements convey the purpose and aim of the organization. Objectives communicate specific goals to be attained within a certain time period, between several months to a few years. Strategy defines the means to achieve the goals
Methodology
- Fact gathering. Research literature about the company, interview top managers, and study company advertisements.
- Synthesis and evaluation. Decipher company mission/vision statements. Determine whether the statements are consistent with the company’s objectives, strategy and value proposition. Compare the company’s mission/vision, objective, strategy and value proposition to those of its competitors.
- Reformulate as required. Work with management to develop priorities. Reformulate the mission/vision, objective, strategy, and value proposition as required.
Notes
- Much can be learned about a company’s (and its executives’) nature and culture from its mission/vision statements, value proposition, etc.
- Not many companies differentiate themselves in terms of these statements
- Statements need to be updated as the company evolves
- Mission/vision statements should be linked to the strategies and objectives
- A corporation as a whole as well as its individual business units should have developed such statements
Strengths
- Provides insight into a company’s culture, purpose, goals and means of achieving them
- Provides insight into the attitudes of higher management
Weaknesses
- Quite easy to confuse mission/vision and objectives
- Can sometimes be misleading
- Different companies apply different meanings to the terms mission/vision, value proposition, strategic intent, etc.