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Strategic Management: Mission and Vision Statements

Please assist! This information will be use as informative guide to further develop better understanding with regards to the given topics.

Please define what constitutes a "good" company mission statement and identify five criteria that are crucial to devising good mission statements.

Please define what constitutes a "good" company vision statement and identify five criteria that are crucial to devising good vision statements.

Please justify in your choices while explain why each individual criterion is important.

Critically compare the commonalities and differences between your two lists. Be sure to address this requirement with appropriate depth. This is important!

Solution Preview

Please define what constitutes a "good" company mission statement and identify five criteria that are crucial to devising good mission statements.

A good company mission statement is one which has the purposes and values of a company. It is a statement of purpose of the firm and gives the reasons for its existence. It provides a goal or a path for decision making. It is the background in which the strategies are formed. The mission statement describes how the firm gives value to these stakeholders by offering different types of products. The mission statement mentions the main stakeholders of the company, it enshrines the firm's main purpose. The mission statement must have the reply to the question why the company exists.

The five criteria to formulating a good mission statement are:
1. The mission statement must answer the question what the business is about.
2. The mission statement should be specific, that the stakeholders must be able to understand what the mission is and compare it with that of competitors.
3. It should describe what differentiates the company from its competitors.
4. It should be realistic. It must address what the company does, focus on what the company can achieve but it should not be too difficult or daunting.
5. It should be memorable. It should be such that people will remember it.

Please define what constitutes a "good" company vision statement and identify five criteria that are crucial to devising good vision statements.

A good company vision statement is one which provides the framework for strategic planning. It provides the firm with an inspiration. It is forward looking and answers the question where we want to go. A good vision statement gives the hopes and dreams of the organization. It tells the strategic planner what he is building. A good vision ...

Solution Summary

The response provides you a structured explanation of how goals and objectives of a corporation are communicated. It also gives you the relevant references.

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