Vision is a desired future state of the organization. Imagination and inspiration are the important components of a vision. Typically, a vision can be viewed as the ultimate goal of the organization, one that may take 5 or even 10 years to achieve. VISION
Mission is the purpose or reason for the organization’s existence, i.e., what we do and whom we serve. MISSION
Policies are a guide to managerial action. An organization may have policies in a number of areas : quality, environment, safety, human resources, etc. These policies guide day-to-day decision making. POLICY
Vision : Desired future state of organization. Mission : What business we are in. Policy : Commitment to customer. SUMMARISED KEY DEFINITIONS
To be the leading consumer battery company in the world. - Duracell International To engineer, produce, and market the world’s finest automobiles. - Cadillac Motor Car Division EXAMPLES OF VISION STATEMENTS
The Ritz-Carlton Hotel is a place where the genuine care and comfort of our guests is our highest mission. - Ritz-Carlton Hotel We exist to create, make, and market useful products and services to satisfy the needs of our customers throughout the world. - Texas Instruments EXAMPLES OF MISSION STATEMENTS
Xerox is a quality company. Quality is the basic business principle for Xerox. Quality means providing our external and internal customers with innovative products and services that fully satisfy their requirements. Quality is the job of every employee. - Xerox Corporation EXAMPLES OF POLICY STATEMENTS
To be the best. This policy requires that every individual and operating unit fully understand the requirements of their customers, and deliver products and services that satisfy these requirements at a defect-free level. - Chrysler Corporation EXAMPLES OF POLICY STATEMENTS