a statement giving a broad, aspirational image of the future that
an organization is aiming to achieve
( QFINANCE The Ultimate Resource, 2009 Bloomsbury Information Ltd) A vision statement is a short and inspiring phrase of what a business intends to become and achieve at some point in the future. It is something a company constantly strives towards and should always be positioned in a future focused way. It captures the essence of a companys goal but does not explain how you are going to achieve those goals.
Another great company Boeing: People working together as one global enterprise for aerospace leadership
A company famous for its statements Nike: To be the number one athletic company in the world
A company always focused on messaging is Microsoft and they have a great vision, although its a bit long and verging on a mission statement: To be led by a globally diverse workforce that consistently delivers outstanding business results, understands the various cultural demands of a global marketplace, is passionate about technology and the promise it holds to tap human potential, and thrives in a corporate culture where inclusive behaviors are valued
And one of the great companies in the world Google - (check out this link for a PPT on Googles vision and strategy definitely worth a look) Organise Worlds information and make it universally accessible and useful Just if youre interested, my company, SAJE, vision statement is To be true to ourselves and others in everything we do
The mission statement should guide the actions of the organization, spell out its overall goal, provide a path, and guide decision-making. It provides "the framework or context within which the company's strategies are formulated." It's like a goal for what the company wants to do for the world. [1] Ref. Hill, Charles; Jones, Gareth (2008). Strategic Management: An Integrated Approach (8th Revised edition). Mason, OH: South-Western Educational Publishing. p. 11.ISBN 978-0-618-89469-7.
A mission statement clarifies an organisations purpose, and while longer than a vision statement (most are around one paragraph) it should still be unambiguous and to the point. You should integrate socially meaningful positions for your company, measurable criteria and take it to a higher level. A mission statement could include: Your moral stance e.g. an environmentally responsible company How you want to be perceived as an organisation Your primary business focus and the goals you are working towards Who you target and who you care about dont forget to honour your employees e.g. we hire the best and brightest, delivering promising careers, etc.. A very high level description of what you offer Your presence How you expect to grow
Another amazing company Apple - although their mission statement is a bit boring Apple designs Macs, the best personal computers in the world, along with OS X, iLife, iWork, and professional software. Apple leads the digital music revolution with its iPods and iTunes online store. Apple reinvented the mobile phone with its revolutionary iPhone and App Store, and has recently introduced its magical iPad which is defining the future of mobile media and computing devices. An inspired company Ben & Jerrys - who have a three-part mission statement that is all inter-related: Product Mission To make, distribute and sell the finest quality all natural ice cream and euphoric concoctions with a continued commitment to incorporating wholesome, natural ingredients and promoting business practices that respect the Earth and the Environment. Economic Mission To operate the Company on a sustainable financial basis of profitable growth, increasing value for our stakeholders and expanding opportunities for development and career growth for our employees. Social Mission To operate the company in a way that actively recognizes the central role that business plays in society by initiating innovative ways to improve the quality of life locally, nationally and internationally
CORPORATE STRATEGY is the direction an organization takes with the objective of achieving business success in the long term. Recent approaches have focused on the need for companies to adapt to and anticipate changes in the business environment, i.e. a flexible strategy. The development of a corporate strategy involves establishing the purpose and scope of the organization's activities and the nature of the business it is in, taking the environment in which it operates, its position in the marketplace, and the competition it faces into consideration; most times analyzed through a SWOT analysis. A business strategy is the means by which it sets out to achieve its desired ends (objectives). It can simply be described as a long-term business planning. Typically a business strategy will cover a period of about 3-5 years (sometimes even longer).
A business strategy is concerned with major resource issues e.g. raising the finance to build a new factory or plant. Strategies are also concerned with deciding on what products to allocate major resources to - for example when Coca-Cola launched Pooh Roo Juice in this country. Strategies are concerned with the scope of a business' activities i.e. what and where they produce. For example, BIC's scope is focused on three main product areas - lighters, pens, and razors, and they have developed superfactories in key geographical locations to produce these items. Two main categories of strategies can be identified: 1. Generic (general) strategies, and 2. Competitive strategies. the process of creating a relationship or a connection between a company's product and emotional perception of the customer for the purpose of generating segregation among competition and building loyalty among customers." In 2004 and 2008, Kapferer and Keller respectively defined it as a fulfillment in customer expectations and consistent customer satisfaction. [1]
Ref. ( Shamoon, Sumaira, and Saiqa Tehseen. "Brand Management: What Next?" Interdisciplinary Journal Of Contemporary Research In Business 2.12 (2011) Brand management is a communication function in marketing that includes analysis and planning on how that brand is positioned in the market, which target public the brand is targeted at, and maintaining a desired reputation of the brand. Developing a good relationship with target publics is essential for brand management. Tangible elements of brand management include the product itself; look, price, the packaging, etc. The intangible elements are the experience that the consumer takes away from the brand, and also the relationship that they have with that brand. A brand manager would oversee all of these things.