Vision Statement Corporate vision is a short, succinct, and inspiring statement of what the organization intends to become and

to achieve at some point in the future, often stated in competitive terms. Vision refers to the category of intentions that are broad, all-inclusive and forward-thinking. It is the image that a business must have of its goals before it sets out to reach them. It describes aspirations for the future, without specifying the means that will be used to achieve those desired ends. A vision statement is sometimes called a picture of your company in the future but it’s so much more than that. Your vision statement is your inspiration, the framework for all your strategic planning. A vision statement may apply to an entire company or to a single division of that company. Whether for all or part of an organization, the vision statement answers the question, “Where do we want to go?” Warren Bennis, a noted writer on leadership, says: "To choose a direction, an executive must have developed a mental image of the possible and desirable future state of the organization. This image, which we call a vision, may be as vague as a dream or as precise as a goal or a mission statement." What you are doing when creating a vision statement is articulating your dreams and hopes for your business. It reminds you of what you are trying to build. While a vision statement doesn’t tell you how you’re going to get there, it does set the direction for your business planning. That’s why it’s important when crafting a vision statement to let your imagination go and dare to dream – and why it’s important that a vision statement captures your passion. Unlike the mission statement, a vision statement is for you and the other members of your company, not for your customers or clients. When writing a vision statement, your mission statement and your core competencies can be a valuable starting point for articulating your values. Be sure when you’re creating one not to fall into the trap of only thinking ahead a year or two. Once you have one, your

It's the way we interact with the community. Benefits of a Vision Statement Makes it easier to define the actions and goals that will help you achieve your vision. Allows you to evaluate your values. It's the way we interpret the world around us-. If. the geographic domain and expectations of growth and profitability. and the global business climate. the target market. for example.vision statement will have a huge influence on decision making and the way you allocate resources. you know if you're compromising your vision by being dishonest. products/services.our customers needs. Normally. Examples: Tata’s vision: Our purpose in Tata is to improve the quality of life in India through leadership in targeted sectors of national economic significance to which the Group can bring a unique set of capabilities.Dell Vision -. The intent of the Mission Statement should be the first consideration for any employee who is evaluating a strategic decision. the future of technology. . The statement can range from a very simple to a very complex set of ideas. Acts as a yardstick against which you can measure your current reality and your progress. one of your values is honesty. the Mission Statement should represent the broadest perspective of the enterprise's mission.will be our guiding force. The mission statement The mission statement should be a clear representation of the enterprise's purpose for existence. Whatever changes the future may bring our vision -. public image. It should incorporate socially meaningful and measurable criteria addressing concepts such as the moral/ethical position of the enterprise. Dell: It’s the way we do business.

Mission Statements of Well Known Enterprises The following are some examples of mission statements from real enterprises. • • • • • • • The moral/ethical position of the enterprise The desired public image The key strategic influence for the business A description of the target market A description of the products/services The geographic domain Expectations of growth and profitability ." Walt Disney "To make people happy. be socially meaningful and be measurable A Mission Statement should consider including some or all of the following concepts." Mission Statement should have a grand scale. 3M "To solve unsolved problems innovatively" Wal-Mart "To give ordinary folk the chance to buy the same thing as rich people.

Industry practices . Here these different products are close substitutes of each other as they perform similar functions.Industry Analysis An industry is defined as a group of organizations that offers a similar product or class of products that are close substitute of each other. Industry attractiveness 4. Industry performance 5. and to focus their resources on developing unique capabilities that could lead to a competitive advantage. For example when we talk about automobile industry. Industry analysis enables business owners to identify the threats and opportunities facing their businesses. Industry analysis is a tool that facilitates a company's understanding of its position relative to other companies that produce similar products or services. it can be classified as motorcycles Scooters etc. we include all types of products. passenger cars and two wheelers. Understanding the forces at work in the overall industry is an important component of effective strategic planning. Industry Structure 3. for example commercial vehicles. Industry analysis can be undertaken by analyzing the following factors which determine the following factors which determine the comprehensive nature of an industry 1. Industry setting 2. If we take two wheeler segments. At the second level we can define automobile industry in terms of products that perform different functions.

Pure oligopoly 3. there are five types of industry structure 1. When number of sellers and type of product differentiation are combined together. Pure Monopoly 2.Industry setting: Industry setting deals with the pattern of industries in terms of their stage of evolution and maturation as well as geographical dimension. Pure competition 4. Global industries Industry structure:Industry structure means the underlying economic and technical forces operating in an industry. Emerging Industry 3. It consists of nature of competition based in number of competitors and their roles and product differentiation. Declining industries 5. Industries undergoing a transition to maturity 4. Fragmented industry 2. On the basis of this porter has classified industries into five categories: 1. Monopolistic competition . Differentiated oligopoly 5.

change in tastes. • On the other hand if the demand is decreasing either because of industry being at decline life cycle stage. increase in income. It is not attractive. Demand may be affected by seasonal and cyclical phenomena. etc the industry becomes attractive. or because of substitute products.INDUSTRY ATTRACTIVENESS An industry is considered attractive that offers scope for earning profit if the relevant conditions imposed by it are met to a reasonable degree. Industry attractiveness is determined by the following factors: • • • • Nature of demand Industry potential Profit potential & Entry and exit barriers Nature of demand: The analysis of demand in terms of total market size in which the organization is presently operating or plans to enter gives the scope of the present and future business. • If the industry demand is increasing because of certain factors like increase in population. If the industry demand is affected by seasonal and cyclical phenomena. . it becomes less attractive.

Generally industries like consultancy. A high volume industry has much more potential than a low volume industry because the former can accommodate large number of players and capturing a large market share pushes the sale at high level. it is the rate of profitability that matters . this depends on the total industry sale potential.g. offer higher profitability. investment requirement. . Entry barriers can be economy of scale of operation. toothpaste can be considered as high volume industry but that is not the case with tooth powder segment.Though profit volume is related to sales volume and both move together. information \ etc. E. Entry and Exit barriers: Every industry has some entry barriers to new entrants and exit barriers to the existing players. In turn.: In oral care industry. Profit potential: Profit potential is related to the existence of possibility of earning targeted volume of profit .Industry Potential: Industry potential deals with the scope of business that it offers at present and in future. industries where product differentiations exist offer higher profitability as compared to commodity industries.

INDUSTRY PERFORMANCE Industry performance is related to the current and future factors which determine the performance of an industry vis-à-vis other industries. These factors may vary from industry to industry depending on the nature. generally in terms of the following factors: • • • • Profitability Operational efficiency Innovation & Technological advancement. promotion. Thus. E. and research and development.: Pharmaceutical Company spends more money on R&D compared to fast –moving consumer goods industry. Performance of an industry is measured. practices relating to the following aspects should be analyzed: • • • • Pricing Distribution Promotion Research & Development . INDUSTRY PRACTICES Industry practices refer to what a majority of industry players with regards to pricing. distribution. to analyze particular industry.g.