A Mission Statement defines the company's business, its objectives and its approach to reach those objectives.
A Vision Statement describes the desired future position of the company.
Elements of Mission and Vision Statements are often combined to provide a statement of the company's purposes, goals and values.
The Vision statement communicates both the purpose and values of the organization.
Vision refers to the category of intentions that are broad, allinclusive and forward-thinking. It is the image that a business must have of its goals before it sets out to reach them.
A vision statement is a broad declaration of overall intent to eventually achieve a widely acknowledged state of existence - an aspiration for the future.
A Mission statement is an organization's vision translated into written form. It makes concrete the leader's view of the direction and purpose of the organization. `
A Mission statement guides the actions of the organisation, spells out its overall goals and provides the framework or context within which the company’s strategies are formulated.
A mission statement defines in a paragraph or so any entity's reason for existence. It embodies its philosophies, goals, ambitions and mores. Any entity that attempts to operate without a mission statement runs the risk of wandering through the world without having the ability to verify that it
is on its intended course.
Mission and Vision Statements are commonly used to:
Internally :
• Guide management's thinking on strategic issues, especially during times of significant change;
• Help define performance standards;
• Inspire employees to work more productively by providing focus and common goals;
• Guide employee decision making;
• Help establish a framework for ethical behavior.
Externally :
• Enlist external support;
• Create closer linkages and better communication with customers, suppliers and alliance partners;
• Serve as a public relations tool.
Vision defines where the organisation wants to be in the future. It reflects the optimistic view of the organisation’s future. It should make all members of the organisation feel proud, excited and part of something bigger than themselves.
Mission defines where the organisation is going now, basically describing its purpose, its primary objectives.
Sample Vision & Mission Statements
There are two requirements for being "Digital-∈ Company", and the first is clearly about being
"Digital" producing not just digital products, but products that inspire digital integration across our
entire company.
The second part of being a "∈" is to use ∈- Processes connecting R&D, production, and
marketing to customers, partners, and the marketdisciplined approach is the way we bring value to
every part of our supply chain, including products data and customer relationship through Enterprise
Resource Planning (ERP).
Goals & Objectives
Objectives are open-ended attributes that denote the future states or outcomes.
Objectives are organizations performance targets – the results and outcomes it wants to achieve. They function as yardstick for tracking an organizations performance and progress.
Goals are close-ended attributes which are precise and expressed in specific terms.
Objectives may be qualitative while goals generally tend to be quantitative.
The pursuit of objectives is an unending process such that organizations sustain themselves. They provide meaning and sense of direction to organizational endeavour.
COMMON OBJECTIVES :
• SURVIVAL
• STABILITY
• GROWTH
• EFFICIENCY
• PROFITABILITY
Characteristics of Objectives :
• Objectives help an organization in pursuit of its vision and mission.
• Objectives provide the basis for strategic decision-making
• Objectives should define an organization's relationship with its environment.
• Objectives should provide the standards for performance appraisal.
• Objectives should be concrete and specific.
• Objectives should be measurable, controllable and challenging.
• Objectives should be set within constraints.