Answered Essay: Strategic management Define vision and mission. What is the difference between the two, and

Strategic management

Define vision and mission. What is the difference between the two, and why is it important for an organization to have a vision and mission?

Expert Answer

As, we know that startegic management is a process of environmental scanning, strategic formulation, staregic implementation and strategic evaluation and control by an organization to achieve competitive advantages in the marketplace.

In startegic formulation, an organization should must define its startegic intents which includes items like vision, mission , goals and objectives.

Vision is a statement which tells about the long term direction of a company. It tells whether the company would like to place itself in the industry in upcoming years.

For example: GM’s vision is to earn customers for life .

Mission : Through mission a company wants to tell the customers that what they are ? Why they are producing goods or services ? They even tell their social mission by introducing different products. Mission tells us the purpose of a company’s existence.

An organization should have vision and mission statement as it tells the organization how that can achieve a sophisticated level of market share as well as a predefined place in the industry. Through its vision and mission a company can communicate to the society as well as its customers that what is its future position , values ,beliefs , the current objectives related to offerings etc.

A well defined vision and mission will provide the company a distinct place in the near future by supporting it focusing towards competitive advantages in the industry .

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