192200003 Learning Diary MGT-702

IN THE NAME OF ALLAH, THE MOST BENEFICIENT AND THE MOST MERCIFUL

LEARNING DIARY
Chapter 2
MGT-702 STRATEGIC MANAGEMENT
SYED MUHAMMAD SABEEHUL REHMAN
192200003
MBA Executive
Spring 2020

COURSE INSTRUCTOR: SULEMAN ANWER

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Reporting

The second lecture was on second chapter of the course “The Business Vision and

Mission.” We discussed what a Vision and Mission statements are, what purpose

do these fulfill, why these statements are important for strategic management,

what are the processes to develop these statements and why having clear Vision

and Mission statement can benefit the organizations or businesses. We discussed

about Values, the base of mission statement. Values are basically the fundamental

beliefs or desires that direct and inspire our actions. A simple sets of principle

about what is right or wrong. Values provide us direction and stability.

We discussed that a Vision Statement is basically a statement about what the

business organization aims to become while a Mission Statement is about what

the business is all about. The process of developing these statements is not a

simple or one-day process, but it takes a lot of effort or so many people who are

the part of the organization. These statements have a significance in strategy

formulation. Because these two describe your business, your future plans. We

discussed some important characteristics of the Mission Statement as well as the

benefits of developing a clear and well-defined statements. We analyzed few

mission statements and vision statements of different organizations to understand

the process, importance, and benefits of Vision and Mission Statements. We also

learned that these statements are not fixed for life time but can be redesigned and

redefined after some time.

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Relating

I could relate to the lesson as I work in a multinational company and it certainly

has a vision and mission statements also I am currently studying in GIFT

University and I could relate to the vision and mission statements of GIFT.

Unilever’s Core Values have remained same but Vision & Mission statements

have changed time to time and also these differ for every country also. And, it

takes a lot of effort, resources and creativity to develop these statements. The

current Vision and Mission statements has evolved.

Reasoning

The highlights of the session was the process of establishing a vision and mission

statement. Process included, Reading related article, asking the managers to

prepare the statements themselves, collecting and combining the statements into a

document and further establishing one vision and one mission statement. The

whole process involves all the employees and creates a bond between their

organization, and a feel of mission. This explains why it is important for an

organization to develop these statements by involving the employees and how

productive and effective it results for long-term.

Second highlight of the lecture was when we analyzed some vision and mission

statements to understand the characteristics and elements of good vision and

mission statements. Also, the advantages of having well-defined and distinct

statements.

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Reconstructing

The whole session has been very fruitful and has given me new dimensions to

understand the significance of vales, vision and mission statements. I used to

think that these statements are nothing but just a mere written accounts that are

useless and vague. But I have come to understand that these are the base of your

strategy formulation, these are foundations of your business.

I would like to conclude it as Values, Vision and Mission Statements are

important. And, it is not a single day process, it takes some serious market

analysis, readings, creative mind storming, and involvement of employees. It

cannot be a single person’s agenda. It is more of shared engagement and

collective effort to establish good and well-defined statements.

Looking forward to next sessions.

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