BP&S Unit II

BUS 4302, Business Policy & 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. 2.1 Explain the principle values of vision and mission statements.

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

6.1 Identify the mission and vision statements of different companies.

Course/Unit Learning Outcomes

Learning Activity

2.1 Unit Lesson Chapter 2 Unit II Essay

6.1 Unit Lesson Chapter 2 Unit II Essay

Required Unit Resources Chapter 2: Business Vision and Mission Unit Lesson In Chapter 2 of the textbook, 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.

Vision Statement According to the textbook, a vision statement describes what an organization wants to be and whom it wants to serve (David et al., 2020). 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 et al., 2020). 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

BUS 4302, Business Policy & Strategy 2

UNIT x STUDY GUIDE Title

At the bottom of page 41 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?

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. Mission 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 et al., 2020, p. 50). In addition to these components, mission statements should be inspiring and generate positive feelings about the company. Tables 2-6 and 2-7: Example Mission Statements (located on page 54 in the textbook) list 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 unit. Something you may have noticed is that within the author’s comments, Hershey’s mission was missing several components. How would you suggest they revise the statements (David et al., 2020)?

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. 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.

Reference David, F. R., David, F. R., & David, M. E. (2020). Strategic management: A competitive advantage approach,

concepts and cases (17th ed.). Pearson. https://online.vitalsource.com/#/books/9780135203736 Suggested Unit Resources In order to access the following resources, click the links below. The chapter presentation below will provide you with additional information on this unit’s concepts. Access the Chapter 2 Presentation. Access the PDF version of the Chapter 2 Presentation.