Explain the importance of your selected business' vision and mission in determining the strategic direction. In your paper be sure to include the following and organize your paper by these main thoughts, using headers:
- Business Overview: Define the business, products/services, and customers. In this section, you will answer the question - 'why does this business exist?'
- Mission Statement: Identify the company's stated mission statement. If there is none, you will need to create one. Analyze the effectiveness of this mission statement. How can it be improved? Be specific!
- Company Vision: Describe the organization's vision for the future, including a vision statement, if the company has one.
- Core Values: Identify the organization's core values and guiding principles. Consider areas such as culture, social responsibility, and ethics.
- Linkage to Strategic Plan: Analyze how the vision and mission have shaped the organization's strategic direction.
This management tool is used for the sole purpose of helping organizations to do better in their operations and satisfy their valued clients. Strategic management ensures that the organization places all their efforts to attain its purpose (Strategic Management, n.d.).
The Purpose of the organization:
The selected company is Wal-Mart which is a fortune 500 company. Established in the year 1962 by Sam Walton, the Purpose of the company is 'to work together to lower the cost of living for all their clients. The company gives the world an opportunity to have a taste of living a better life through saving after buying their products.
The Vision of the organization:
The organization holds this vision statement at heart 'Saving people money so that they can live better'. By doing this all the employees in the organization have a clear picture of what they working towards.
Definition of the Business:
The company prides in offering varied products to ...
Vision and mission statements are examined. The core values and link to plans are examined.