Business Studies

How do vision and mission statements affect the strategic management process? Select an example of strong vision and mission statements and include them here. Why do you think these are strong statements? How do the statements contribute to a perception of company’s overall competitiveness? Cite any sources used to support your answer.

ANSWER

Vision and Mission Statements

Overview of vision and mission statements, strategic management, and competitiveness

Vision and mission statements are essential elements that support a firm’s strategic direction. They distinguish an organization from others based on unique incorporated characteristics (Taiwo & Tawal, 2016). Customers, suppliers, and other stakeholders can identify whether to associate themselves with a business based on its mission and vision statements. In line with a company’s strategic management processes, these statements help corporate leaders to establish corporate priorities, assign respective resources, and build common goals and objectives. A firm’s day-to-day activities are informed and guided by the vision and mission. Overall, they offer a future roadmap that an organization follows to achieve success and sustainability.

An example of a strong vision statement would be, “To be the best food products dealer in the market where consumers can get quality products at pocket-friendly prices. This statement informs the consumers that the business offers excellent products and reduced prices. A quality mission statement would be, “To inspire communities by offering healthy foods.” This statement shows that the firm’s primary interest is offering healthy products that inspire and motivate consumers to create a safer and healthier living culture. This set of statements captures the consumers’ attention where they associate themselves with the firm’s strategic plan. Thus, they are likely to form a relationship with the business due to offering quality, cost-friendly, and healthy food items. These statements will differentiate the company from other food product dealers in the market. This is because customers build a positive attitude and perception towards the business. Thus, they are more likely to support it based on its promises in its vision and mission statements.

Overall, companies should always strive to formulate compelling vision and mission statements. Their relationships with consumers and other stakeholders depend on how well they develop these statements. Thus, paying attention to them offers a competitive advantage due to uniqueness in the market.

Reference

Taiwo, A. A., & Lawal, F. A. (2016). Vision and Mission in Organization: Myth or Heuristic Device? The International Journal of Business & Management, 4(3).