Vision , Mission , Objectives and Goals

Strategic Intent

I. Vision

II. Mission

III. Objectives

IV. Goals
 Vision
Vision statement provides direction and inspiration for organizational goal setting.
Vision is where you see your self at the end of the horizon OR milestone therein. It is a single statement
dream OR aspiration. Typically a vision has the flavors of 'Being Most admired', 'Among the top league', 'Being
known for innovation', 'being largest and greatest' and so on.
Typically 'most profitable', 'Cheapest' etc. don’t figure in vision statement. Unlike goals, vision is not SMART. It does
not have mathematics OR timelines attached to it.
Vision is a symbol, and a cause to which we want to bond the stakeholders, (mostly employees and sometime share-
holders). As they say, the people work best, when they are working for a cause, than for a goal. Vision provides them
that cause.
Vision is long-term statement and typically generic & grand. Therefore a vision statement does not change unless
the company is getting into a totally different kind of business.
Vision should never carry the 'how' part . For example ' To be the most admired brand in Aviation Industry' is a fine
vision statement, which can be spoiled by extending it to' To be the most admired brand in the Aviation Industry by
providing world-class in-flight services'. The reason for not including 'how' is that 'how' may keep on changing with
time.
Vision
 What is vision statement?
Your VISION defines how you want your business to be seen
externally — by clients, suppliers, investors and even
competitors. It's what you constantly strive to attain, and it
becomes your reason for being.
Defining Vision

“description of something in the future”

“mental perception of the kind of environment an individual, or an

organization, aspires to create within a broad time horizon and the
underlying conditions for the actualization of this perception”
Vision

Strategic intent should lead to an end.

That end is the vision of an organization or an individual.
It is what the firm or a person would ultimately like to become.
Examples

BSNL Vision Statement

“To become the largest telecom service provider in Asia.”

Walt Disney vision Statement

“Make people happy”

Stokes Eye Clinic, Florence, South Carolina

“Our vision is to take care of your vision.”

Characteristics

1. Vision is developed through sharing across an organization

2. Methods of convincing the others about vision

3. Change agents
Benefits of having a vision

Good visions are inspiring and exciting.

Good vision foster long term thinking.
Good vision foster risk-taking and experimentation.
Good vision help in the creation of a common identity and a shared sense of purpose.
Good visions are competitive, original and unique.
Good visions represent integrity, they are truly genuine and can be used for the benefit
of people.
Vision Statement
A vision statement answers the question,
“ What will success look like?”
The pursuit of this image of success is what motivates people to work together.
A Vision statement describes what the organization would like to become.
Ford sample vision statements

Early 1900s: Democratize the automobile

Current: To become the world's leading Consumer Company for automotive products
and services.
Honda sample vision statements
1970: We will destroy Yamaha
Current: To Be a Company that Our Shareholders, Customers and Society Want
Example vision statement

Infosys

Vision “To be a globally respected corporation that provides

best-of-breed business solutions, leveraging technology,
delivered by best-in-class people."
 VISION
Our Vision is to be the world’s mobile communication leader –
enriching customers’ lives, helping individuals, businesses and
communities be more connected in a mobile world.
Mission
 What is mission statement?
Your MISSION is what you intend to become or accomplish. It should be
challenging but achievable. A well-written mission statement demonstrates that you
understand your business, have defined your unique focus, and can articulate your
objectives concisely to yourself and others.
Mission
Organizations relate their existence to satisfying a particular need of the society. They
do it in terms of their mission.

Mission is a statement which defines the role that an organization plays in a society.

It refers to the particular need of that society for instance, its information needs.

A Mission statement describes what the organization is now.

“What the company is providing to society?”
Defining Mission

“essential purpose of the organization, concerning particularly why it is in existence, the

nature of the business it is in, and the customers it seeks to serve and satisfy.”

“purpose or reason for the organization’s existence.”

“mission is an enduring statement of purpose that distinguishes one firm from other
similar firm.”

In short the mission describes the product, market and technological areas of emphasis
for the business.
A mission statement incorporates the basic business purpose and the reason for its existence by rendering
some valuable functions for the society. An effective mission statement should possess the following
characteristics.
1) Feasible: The mission should be realistic and achievable. For instance, UTI declared its mission as “to
encourage saving and investment habits among common man”. By providing tax relief under Sec 88c, the
investment upto 1 lakh in UTI is exempted from income tax. Hereby common man‟s savings habit is
encouraged by UTI.
2) Precise: A mission statement should not be narrow or too broad.
3) Clear: A mission statement should lead to action. BSNL‟s mission of „connecting India‟ leads it to a
variety of service with varied tariff structure so as to cater to the preferences of mobile phone users.
4) Motivating: The mission should be motivating for the employees to be inspired for action. For example,
India Post‟s mission is to „exceed the expectations of the customer‟ with dedication, devotion and
enthusiasm.
5) Distinctive: A mission statement will indicate the major components of the strategy to be adopted. The
mission should be unique.
6) Indicates Major Components of Strategy: The mission statement of IOC emphasizes petroleum refining,
marketing and transportation with international standards and modern technology. It indicates that IOC is
going to adopt diversification strategy in future. The mission provides direction to insiders and outsiders
on what the firm stands for. It is the guiding star for any firm.
Example Mission Statement:

New Port News Shipbuilding

“We shall build good ships here – at a profit if we can – at a

loss if we must – but always good ships”
Characteristics
1. Feasible
2. Precise
3. Clear
4. Motivating
5. Distinctive
6. Indicates major components of strategy
Need for an explicit mission
To ensure unanimity of purpose within the organization.
To provide a basis for motivating the use of the organizations resources.
To develop a basis, or standard, for allocating organizational resources.
To establish a general tone or organization climate.
To serve as a focal point for those who can identify with the organization’s purpose
and direction.
Mission Statement

“A mission statement is an enduring statement of purpose that

distinguishes one business from other similar firms. A mission
statement identifies the scope of a firm’s operations in product and
market terms.”
BSNL mission

“To provide world class state of art technology telecom services to its customers
on demand at competitive prices.

To provide world class telecom infrastructure in its area of operation and to

contribute to the growth of country’s economy.”
The mission statement of an organization is normally short, to the point, and

contains the following elements:

Provides a concise statement of why the organization exists, and what it is

to achieve;
States the purpose and identity of the organization;

Defines the institution's values and philosophy; and

Describes how the organization will serve those affected by its work.
Formulating mission

1. What is the basic purpose of your organization?

2. What is unique about your organization?
3. What is in your company that will make it stand out in a crowd?
4. Who are, and who should be, your principal customers?
5. What are the basic beliefs, values and philosophical priorities of your firm?
 MISSION
Driving in a wireless world
Vodafone is primarily a user of technology rather than a developer of it,
and this fact is reflected in the emphasis of our work programme on
enabling new applications of mobile communications, using new
technology for new services, research for improving operational
efficiency and quality of our networks, and providing technology vision
and leadership that can contribute directly to business decisions.
 Infosys

Mission "To achieve our objectives in an environment of fairness,

honesty, and courtesy towards our clients, employees, vendors
and society at large."
Example Mission Statements

Wal-Mart "To give ordinary folk the chance to buy the same thing as rich people."
Mary Kay Cosmetics "To give unlimited opportunity to women."
3M "To solve unsolved problems innovatively"
Google's mission is “to organize the world's information and make it universally accessible
and useful.”
Objectives
Objectives

Objectives represent a managerial commitment to achieve specified results in a

specified period, of time. They clearly spell out the quantity and quality of
performance to be achieved, the time period, the process and the person who is
responsible for the achievement of the objective.

“Objectives are end results of planned activity”

“Objectives state what is to be accomplished by when and should be quantified if

possible.”
Formulation of Objectives
Formulation of objectives and goals is a complex process. The strategists should consider the four
factors while evolving objectives.
1) The forces in the environment: The government regulations, powerful consumer groups, trade
unions and influential suppliers exert enormous pressure on organization. The stakeholders, their
priorities and views influence objective setting.
2) Realities of firm’s resources and power relationship: Material and human resource are always
scarce and powerful dominant groups try to take upper hand and exercise power over other group in
framing objectives of their choice and allocate scarce resources in their favour. Internal power
relationship influences objective setting.
3) The values of top management: Values of enduring beliefs, about what is good or bad, desirable or
undesirable. The top management may have entrepreneurial value and a philanthropic value or social
responsibility value which in turn will influence their goal setting.
4) Past Strategies: Strategies and objectives followed in the recent past are likely to have deep impact
and radical deviation from them will not be possible. The changes from current objectives will be
marginal and incremental in nature.
Characteristics
Objective setting is complex process. Well-formulated objectives possess certain
characteristics.
a) Specific
b) Time bound
c) Measurable
d) Challenging
e) Objectives form a hierarchy
f) Constraints
g) Verifiable
h) Timeframe
Therefore
1. Objectives form a hierarchy
2. Objectives form a network
3. Multiplicity of objectives
4. Long and short range objectives
Areas of objectives
1. Markets
2. Productivity
3. Innovation
4. Product
5. Profitability
6. Financial resources
7. Physical facilities
8. Organization structure and activities
9. Manager performance and development
10. Employee performance and attitude
11. Customer service
12. Social responsibility
Importance of objectives
1. Objectives help to define the organization in its environment
2. Objectives help in coordinating decisions and decision-maker
3. Objectives help in formulating strategies
4. Objectives provide standards for assessing organizational performance

Objectives are important for strategic management for the following reasons:
1. Objectives help to relate the organization in the environmental context. It helps to
attract people with identical frame of mind.
2. Objectives help to coordinate decisions. All employees are aware of the objectives and
stated objectives proved to be a means of coordination.
Objectives of BSNL

National Plan Target of 500 million subscriber base for the country by December
2021.

Broadband customers base of 20 million in the country by 2021 as per Broadband

policy 2004.
Factors affecting Objectives
1. Forces in the environment
2. Internal forces
3. The value systems of the top executives
Goals
Goal

Goal is defined as an “intermediate result to be achieved by a certain time as part of the

grand plan .
A plan can, there for have many goals.”
Goals are short term (one year or less) milestones or bench marks that organizations
must achieve in order for long term long term objectives to be reached.
Goals should be measurable, quantitative, challenging, realistic, consistent and
prioritized.
A set of goals is needed for each objective that is established in an organization.
Goals have the following features
They:
1. Are derived from objectives
2. Offer a standard for measuring performance
3. Are expressed in concrete terms

4. Are time bound and work oriented.

Goals are important in – Strategy implementation

Objectives are in – strategy formulation

Goals are an expected or desired outcome of a planning process.
Goals are usually broad, general expressions of the guiding principles and
aspirations of an organization.

Objectives are precise targets that are necessary to achieve goals.

Objectives are detailed statements of quantitatively or qualitatively
measurable results the plan hopes to accomplish.
 Seven-Eleven Multi-Service Market
Mission: Maximize Utilization of the Direct Care System in the Seven Eleven Multi-Service Market Area
Vision: A World-Class, Multi-Service, Unified Health System Serving Seven Eleven and Referred Beneficiary
Market
Goals:
 Optimize efficiency between direct and private sector care markets
 Eliminate duplicate services
 Increase synergy and cooperation among Seven Eleven MTFs
 Ensure patient satisfaction with access and quality service
 Strengthen Readiness by allocating appropriate mix of resources
 Collaborate support functions across the market

Objectives:
 Establish the Consult and Appointing Management Office
 Increase RWPs / RVUs in the direct care system per the business plan
 Consolidate logistical and contracting functions
 Realign staff resources to meet patient demand
 Establish enrollment sites to meet changing patient demographics
 Enroll eligible beneficiaries up to capacity
Peter Drucker has recommended that companies should set goals and objectives in
the following areas:
1) Return on Investment
2) Market Share
3) Innovation
4) Productivity
5) Physical and Financial Resource
6) Manager Performance and Development
7) Worker Performance and Attitude
8) Social Responsibility

In recent times, Management By Objectives (MBO) receives much attention from the
strategists.
Thank You