Sometimes, vision and mission are combined to form a single statement - this might well translate into the organization's value proposition - what do we have to offer to different stakeholders - customers, suppliers, employees, society, and even competitors, and how do we preserve and protect the environment? Step 2: Setting Objectives The vision, mission, and value proposition are made operational by setting out specific objectives.īoth short-term and long-term strategic and financial objectives are set and communicated across the organization. The idea is to provide a road map to realize the vision. Mission, in contrast, is a team exercise carried out by executives from different functions.
It is embedded in the values, beliefs, and aspiration of the promoter. Step 1: Developing a Vision and Mission Vision is usually the overarching goal that the founder or entrepreneur has for the business. Constant feedback and corrective action completes the system. The five-step approach to strategy developing a mission, setting objectives, formulating a strategy, implementing the strategy, and evaluating performance. At the heart of achieving competitive advantage is the development of one or more core competencies.
TERMS IN THIS SET (164) The purpose of strategy to create and sustain competitive advantage - the ability to do better than competition.
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