Correlate the characteristics of vision and mission to business success.

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BBA 4951, Business Policy and Strategy 1

Course Learning Outcomes for Unit II Upon completion of this unit, students should be able to:

2. Correlate the characteristics of vision and mission to business success.

6. Identify the process of selecting an industry appropriate strategy.

Reading Assignment Chapter 2: The Business Vision and Mission

Unit Lesson During Chapter 2, we will have the opportunity to explore the resources needed for a corporation or organization during the creation of the vision and mission statements. The mission and vision statements can vary based on the size, objectives, and overall characteristics of an organization. For example, the vision statement for a local hamburger diner would be vastly different than a corporate-based organization, such as McDonalds. An organization’s mission and vision statements can evolve and change as the corporation matures and grows. A corporation must remain agile and have the ability to be relevant to its stakeholders and customers. A recent example of a challenged company is Kodak Film Corporation. Because of their pioneering of the digital camera, Kodak was not able to evolve quick enough and recently filed bankruptcy. Kodak had the right vision; it just was not implemented strategically. Below is Kodak’s vision statement:

At Kodak, we believe that by doing well by shareholders also means doing right by customers, employees, neighbors, and suppliers. With that in mind, Kodak operates its facilities, and designs and markets its products and services, not only to increase shareholder value, but also to promote development of the individual, the well-being of the community, and respect for the environment. (Kodak, n.d., para. 1)

From this mission, it is clear that Kodak had the objective of treating stakeholders fairly and doing right by the customers and community. While these are all positives, Kodak was unfortunately not able to keep up with the changing times and, therefore, lost a lot of customers. We will talk more about Kodak as we continue through the course. Vision Statements The textbook defines a vision statement as “what an organization wants to be and whom it wants to serve” (David & David, 2015, p. 43). The vision statement is foundational and must be created before the mission and goals are developed as this defines the business. The vision statement clarifies the reason for the company’s existence and how it compares to others (David & David, 2015). Vision statements are generally short, concise, and typically one sentence in length. There are many ways a company can go about developing a vision statement. Some companies may choose to hire an outside consultant while others may ask for feedback managers and/or employees. All vision statements are not necessarily effective. Vision statements should introduce the type of organization the company wishes to become at the very least. An ideal vision statement is focused on the future while a poorly developed vision statement would be focused on existing goals or opportunities.

UNIT II STUDY GUIDE

Mission and Vision

BBA 4951, Business Policy and Strategy 2

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At the bottom of page 43 of your textbook in Table 2.1: Vision Mission Examples, you will notice a series of different vision statements. Take a moment to review these, and reflect on which vision statement you like the most and which vision statement you like the least. Think about how these may apply to you as a consumer. Are these consumer driven statements, or are they more business centric? One statement that may have caught your attention is the one by General Motors that reads, “General Motors’ vision is to be the world leader in transportation products and related services” (David & David, 2015, p. 43). You may like this statement because it clearly indicates General Motors’ products and objectives. Mission Statements A mission statement is defined as a declaration of being or an attempt to define the business. A mission statement also includes many objectives to include priorities, plans, and strategies. All organizations have the ability to develop and update their mission statement. The military uses a mission statement in every contingency operation that is developed. Their version of the mission statement includes who, what, when, where, why, and how they plan to complete the mission. Missions should define the following nine components: “customers, products or services, markets, technology, concern for survival/growth/profits, philosophy, self-concept, concern for public image, concern for employees“(David & David, 2015, p. 48). In addition to these components, mission statements should be inspiring and generate positive feelings about the company. Table 2-5: Example Mission Statements (located on page 51) in the textbook lists a variety of different mission statements. Again, take a moment to review these, and reflect on which statement you like the most and which statement you like the least; this critical internal appraisal will assist you as you begin to develop your assignment for this week. Something you may have noticed is that within the author’s comments, each of these missions was missing at least one component. How would you suggest they revise the statements? Solid Foundation Before an organization can truly begin strategizing and planning for expansion and growth, it must first ensure its mission and vision statements are clear and solid. Every employee must be able to understand the expectations of the mission and vision statement and how to properly leverage these statements to promote the organization’s growth. Previously, we introduced Warby Parker, an organization that found success selling affordable eyeglasses. Watch the video below which shows Warby Parker’s mission and vision statements. Warby Parker: Vision and mission. (2012) [Video file]. Retrieved from

http://media.pearsoncmg.com/pls/al/csu/1323590498/strat2012_warby_vision.html Warby Parker had a clear idea of what they wanted to be and who they wanted to serve early on. Their vision was to not only make affordable glasses for those in the U.S., but to provide those in other countries with glasses who may not have otherwise had access to corrective eyewear. In their mission, they took this a step further by promising “to do good in the world” (Warby Parker, 2012, 5:04). This is a very broad and general statement, but the implication is that Warby Parker wants to have a positive impact on all stakeholders, including customers and employees, as well as better the world through reducing their carbon footprint and through their buy a pair give a pair program. Chapter 2 is a short chapter related to content, but it is a foundational chapter related to overall strategy. Remember that every organization has a purpose and role, and each company’s uniqueness is something to celebrate through the mission and vision statements. Without these statements, organizations will be unable to develop strategies for success. The mission and vision bring unity to the organization as well as provide its employees, customers, and surrounding community with its philosophy.

http://media.pearsoncmg.com/pls/al/csu/1323590498/strat2012_warby_vision.html

BBA 4951, Business Policy and Strategy 3

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References David, F. R., & David, F. R. (2015). Strategic management concepts and cases: A competitive advantage

approach [VitalSource Bookshelf version] (15th ed.). Retrieved from https://www.vitalsource.com/textbooks?term=9780133740356

Kodak. (n.d.). Corporate responsibility principles. Retrieved from

http://www.kodak.com/ek/US/en/Global_Sustainability/Stewardship/Governance/Corporate_Responsi bility_Principles.htm

Warby Parker: Vision and mission. (2012) [Video file]. Retrieved from

http://media.pearsoncmg.com/pls/al/csu/1323590498/strat2012_warby_vision.html

Suggested Reading The chapter presentation below will provide you with additional information on this unit’s concepts: Click here to access the PowerPoint version of the Chapter 2 presentation. Click here to access the PDF version of the Chapter 2 presentation.

Learning Activities (Nongraded) Nongraded Learning Activities are provided to aid students in their course of study. You do not have to submit them. If you have questions, contact your instructor for further guidance and information. If you would like to practice the concepts discussed in this unit prior to completing the graded assignment, read the Domino’s Pizza case study, located on pages 372-381 in your course textbook.

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https://online.columbiasouthern.edu/bbcswebdav/xid-64372128_1