The mission and vision statement guide an organization’s practices and operations. In your own words how would you define the mission and vision statement for an organization? Why do we need to study mission and vision in strategic management? What is the importance of strategic management?
Sample Solution
The study of mission and vision in strategic management is critical to any organization because it provides the foundation for planning, goal setting and decision-making. Mission statements provide a clear purpose and direction for the organization, while a vision statement outlines what the organization hopes to achieve in the future. A company's mission and vision should be regularly revisited and updated as needed to ensure they remain relevant, inspiring, and motivating.
Mission statements define an organization’s purpose by identifying its desired outcomes from activities such as product or service offerings, customer base served, markets targeted, competitive advantages sought after etc. As such, crafting an effective mission statement is essential as it serves as a guidepost for future decisions that must lead towards achieving this overall objective; without one there can be no cohesive benchmark against which progress can be measured.