Business Studies, asked by yamini4096, 1 year ago

Importance of vision mission objectives and their use in strategy formulation

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Answered by SunnyG07
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Importance of Vision, Mission, and Values in Strategic Direction

The importance of an organization to develop a vision, mission, and values is important for strategic direction. Without the individual foundations of strong values illustrated by a vision to be undertaken by a mission, an organization cannot become an overly successful organization. Without developing a mission, vision, and values to assist in developing a strategy, an organization cannot identify, distinguish or explain itself to its employees and customers alike. This paper will discuss the importance of developing a vision, mission, and values for the business of water turbine induction systems.

The Mission Statement

A mission statement is important for an organization because it defines the business, products or services, and customers. In addition, a mission statement allows the organization to differentiate itself form competitors by answering three key questions: What do we do, for whom do we do it, and what is the benefit? (N.A., 2006, p. 1, ¶2). Mission statements build and identify the relationships between employees and the mission, the organization itself, the customer, suppliers, and co-workers (Crans, Gaich & Hisscock, 2009, p. 44-45).According to Crans, Gaich, and Hisscock (2009), “For the truly committed, the mission statement becomes a mantra that is imprinted on his or her heart, against which every possible course of action is weighed and measured. It becomes the litmus test for future actions” (p. 44, ¶7).

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