Developing a Strategic Vision, Mission,Objectives and Policies - SM - MBA

Developing a Strategic Vision, Mission, Objectives, and Policies - SM - MBA

1. Today Agenda: Developing a Strategic Vision, Mission,Objectives and Policies. 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 . Vision Statements and Mission Statements are the inspiring words chosen by successful leaders to clearly, concisely a nd convey the direction of the organization. Submitted by : Immani Chandra Shekar (Reg. No: 19K61E0020)

2. A Vision Statement describes the desired future position of the company. The Vision statement communicates both the purpose and values of the organization. A vision statement is a broad declaration of overall intent to eventually achieve a widely acknowledged state of existence - an aspiration for the future . Vision Statements : Mission Statements: A Mission Statement defines the company's business, its objectives and its approach to reach those objectives. 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. Elements of Vision and Mission Statements are often combined to provide a statement of the company's purposes, goals and values.

3. TCS Technology: Vision : To be amongst the 5 most admired Information Technology Solution Providers globally with leadership focus in delivery of products, solutions and services which are globally competitive. Mission : TCS Technology will provide products and services that not only meet but exceed the expectation of our customers through planned and continuous improvement of our Services, Products, Processes and People. Coca-Cola Company: Vision : Our vision is to craft the brands and choice of drinks that people love , to refresh them in body & spirit. And done in ways that create a more sustainable business and better shared future that makes a difference in people’s lives, communities and our planet. Mission:  “to refresh the world in mind, body, and spirit, to inspire moments of  optimism  and happiness through our brands and actions, and to create  value  and make a difference.”

4. Toyota: Vision : Mission : “Toyota aims to achieve long-term, stable growth in harmony with the environment, the global economy, the local communities it serves, and its stakeholders”. “Toyota seeks to create a more prosperous society through automotive manufacturing”.  P&G:  Vision : “To be the best consumer products and services company in the world .” Mission :  “To provide branded products and services of superior quality and value that improve the lives of the world’s consumers, now and for generations to come”.

5. Objectives: The accomplishment of vision and mission statement of organization requires the formulation of objectives . Objectives help an organisation to pursue its vision and mission 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 . For e.g. The goal of a company is “to increase sales”. Where as the objective of the company is to “increase sales by 5% by June 30 through sales representatives.”

6. Policies: Policy is the guideline for decisions and actions on the part of subordinates. It is a general statement of understanding made for achievement of objectives . Policies are statements or a commonly accepted understandings of decision making . Power is delegated to the subordinates for implementation of policies. Policies may be general or specific, organizational or functional, written or implied . They should be clear and consistent . Policies have to be integrated so, that strategy is implemented successfully and effectively. For example, when the performance of two employees is similar, the promotion policy may require the promotion of the senior employee and hence he would be eligible for promotion.

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