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QUESTIONS

What are vision, mission and objectives?


What are the benefits of vision and mission statements?
1.0 INTRODUCTION
A firm uses the external environment and internal organization to form firms vision
and mission. Stakeholders learn a great deal about a firm by studying its vision and
mission. Indeed, a key purpose of vision and mission statements to inform stakeholders
of what the firm is, what it seeks to accomplish, and who it seeks to serve.
2.0 VISION, MISSION AND OBJECTIVES
2.1 VISION
Vision refers to an image or a concept. It is the way an organization or enterprise
will look in the future. Vision is a long-term view, sometimes describing how the
organization would like the world to be in which it operates. It may also have defined as
a strong belief of a manager about the specific course of action for the business
organization. In a simple word, vision refers to where an organization wants to be in the
future. According to Thornberry, vision is a picture of view of the future. Something not
real yet, but imaged. What the organization could and should look like. Part analytical
and part emotional. A vision is important to organizations because it deals with
fundamental and major strategic issues that affect the future of organizations. For
instance, it serves and important guide and provides direction to the organization
(Hashim, Vision, 2008).
When forming a vision, the firm has to be graphic, forward looking and
directional. Dont dwell in present when forming a vision. The vision cannot be vague
and incomplete. The best vision statements have the power to motivate company
personnel and inspire shareholder confidence about the companys direction and
business outlook.
For example, of AirAsia Berhad, the vision is to be the largest low cost airline in
Asia and serving the 3 billion people who are currently underserved with poor
connectivity and high fares. It means that AirAsia Berhad, applied a concept of low fares
ticket, in which every people can fly everywhere in the world.

2.2 MISSION
A mission is a purpose. It may be mentioned in a few words. Such as, producing
goods or providing services and so the objectives are communicated through the
mission statement. The mission of an organization is the base and it is that the
strategies are built upon. It focuses on the purpose of an organization through a
statement describing the reason of an organizational existence. Mission can be defined
as the fundamental purpose of an organization or an enterprise, describing why it exists
and what it does to achieve its vision. On the other hand, a mission helps an
organization to define its present nature of business as well as what is should do in the
future. A mission, which is developed based on the organizations vision, is required to
assist management of organization in answering the following two fundamental
questions, what is our business? And what will our business be? (Hashim, Vision,
2008). Mission and vision are both related to an organizations purpose.
For example, missions of AirAsia Berhad are to be the best company to work for
whereby employees are treated as part of a big family, create a globally recognized
ASEAN brand, to attain the lowest cost so that everyone can fly with AirAsia, and
maintain the highest quality product, embracing technology to reduce cost and enhance
service levels. AirAsias mission statement defined on their intention to be the best
company to work for whereby employees are treated as part of a big family, create a
globally recognized ASEAN brand, to attain the lowest cost so that everyone can fly with
AirAsia, and maintain the highest quality product, embracing technology to reduce cost
and enhance service level. AirAsia really put an effort with the companys values on
safety, valuing their people, customer focused, and excellence in performance as the
main components in their business strategy which driven based on safety first, high
aircraft utilization, low fare no frills, streamline operations, lean distribution system, and
point to point network.
2.3 OBJECTIVES
Objective refers to the aim which and organization tries to achieve. Objectives are
generally in plural form. Objectives are predetermined, they provide clear direction to
the activities and results to be obtained from the planning process. Company objectives
need to be breakdown into performance targets for each of the organizations separate
businesses, product lines, functional departments and individual work units. Objective
setting thus a top-down process that must extend to the lowest organization level.
Objectives must be SMART (Specific, Measurable, Achievable, Realistic, and Timely).
Objectives must be clearly defined, so that the works become goal oriented and
unproductive and unsystematic tasks can be avoided.

3.0 BENEFITS OF VISION AND MISSION STATEMENT


3.1 BENEFITS OF VISION STATEMENT
Vision promotes long- term thinking and guides the organization to the future. Vision
is a view of what an organization is striving to become. The vision provides a strategic
direction, which is the springboard for the mission and its related goals. Vision
statements are a view of what an organization is striving to become. Warren Bennis
describes a vision as something you'll never forget. Tom Peters, in his book Thriving on
Chaos, describes a vision statement as inspiring, clear and challenging, makes sense to
the marketplace, stable but challenged, a beacon and control, empowering, prepares for
the future, honors the past and is lived in the details.

3.2 BENEFITS OF MISSION STATEMENT


Mission communicate the direction of the organization. Mission helps make day-today operating decisions and keep the organization focused. Mission motivate
employees to perform well in an organization. Mission also helps to identify with the
purpose and direction of business goals. Mission establishes the work structure.
Mission inspires and challenges employees to do those things that are valued by the
organization and its customers.
An organizational mission is an organization's reason for existence. It often
reflects the values and beliefs of top managers in an organization. A mission statement
is the broad definition of the organizational mission. It is sometimes referred to as a
creed, purpose, or statement of corporate philosophy and values. A good mission
statement inspires employees and provides a focus and direction for setting lower level
objectives. It should guide employees in making decisions and establish what the
organization does.