1. What is the difference between mission and vision statements? What factors need to be considered to produce an appropriate mission statement and vision statement for an organization?
2. What is strategic management? What are the roles of mission and vision statements in strategic management? Can an organization have a successful strategic plan without effective mission and vision statements? Why or why not?
3. What is strategic planning? What is the purpose of strategic planning? Why is it necessary? What are the components of a strategic plan? Which component is the most important? Why?
The response addresses the queries posted in 890 words with references.
//As per the given question, firstly, it is important to give a short description of mission and vision statement and then differentiate between them. Additionally, there should be an involvement of factors, which need to be considered for the formation of mission and vision statement of an organization. In the subsequent paragraph, I am providing you an overview of these statements. //
Mission statements are execution oriented. Mission statement describes what the organization is along with the purpose of its existence. Mission statement defines the role of an organization, which it plays in a society. Mission statement is unique to every firm and defines the core values of the firm. An example of mission statement is, "We aim for customer satisfaction." The factors, which need to be considered to define an appropriate mission statement, are feasibility, preciseness, clarity, distinctiveness and goal orientation (Kazmi, 2002).
Vision statement shows what an organization wants to be. It articulates the position of a firm, which it expects to attain in future. Vision can be considered as a source of inspiration and optimistic view of the firm in future. An example of vision statement is "Builds and maintains a customer-oriented culture." The vision statement should be inspiring, exhilarating, competitive, practical and unique and experimenting (Kazmi, 2002).
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It is important to give a short description of mission and vision statement and then differentiate between them. Additionally, there should be an involvement of factors, which need to be considered for the formation of mission and vision statement of an organization. This solution provides an overview of these statements in 890 Words with APA References.