MGT 403_Chap 2.pptx - 1 CHAPTER 02 The Business Vision and...

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CHAPTER - 02 The Business Vision and Mission 1
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Chapter objectives 1. Describe the nature and role of vision and mission statements in strategic management. 2. Discuss why the process of developing a mission statement is as important as the resulting document. 3. Identify the components of mission statements. 4. Discuss how clear vision and mission statements can benefit other 2
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Mission A business mission is the foundation for priorities, strategies, plans, and work assignments. It is the starting point for the design of managerial jobs and, above all, for the design of managerial structures. Nothing may seem simpler or more obvious than to know what a company’s business is. 3
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4 Examples: We aspire to make PepsiCo the world’s (3) premier consumer products company, focused on convenient foods and beverages (2). We seek to produce healthy financial rewards for investors (5) as we provide opportunities for growth and enrichment to our employees (9), our business partners and the communities (8) in which we operate. And in everything we do, we strive to act with honesty, openness, fairness and integrity (6). (Author comment: Statement lacks three components: Customers, Technology, and Self Concept)
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Vision The vision statement should be established first and foremost. The vision statement should be short, preferably one sentence, and as many managers as possible should have input into developing the statement.
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