Chapter 4: Developing Mission, Vision, & Values

Learning Objectives
 Understand the roles of
mission, vision, and values in
the planning process
 Understand how mission and
vision fit into the P-O-L-C
framework
 See how passion and creativity
relate to vision
 Incorporate stakeholder
interests into mission and
vision
 Develop organizational mission
and vision statements
 Apply mission, vision, and
values to your personal and
professional career
Mission and Vision as P-O-L-C
Components
MISSION, VISION, AND VALUES

Ninety percent of 500 firms surveyed issue some form

of mission and vision statements

Firms with clearly communicated, widely understood,

and collectively shared mission and vision have been
shown to perform better than those without them

Bain and Company

 What is the difference?
Mission Statements Vision Statements
 Communicates the  A future-oriented
organization’s reason for declaration of the
being, and how it aims to organization’s purpose and
serve its key stakeholders aspirations.
 Often integrates a  Addresses what a firm
summation of the firm’s wants to become
values  Vision statements tend to
 Mission statements tend to be relatively brief
be longer than vision
statements
Examples of Vision Statements

Walmart: Save money. Live better.

Establish Starbucks as the premier

purveyor of the finest coffee in the
world while maintaining our
uncompromising principles as we grow.
 ROLES PLAYED BY
MISSION AND VISION
MISSION and VISION ORGANIZING
• Facilitates strategy
• Defines roles and responsibilities
• Encourages coordinated efforts
• Creates and supports culture.

Organizati
onal
Vision Culture
Mission
 MISSION, VISION, & LEADING

Leading involves
influencing others
toward the attainment of
organizational objectives
VISION, MISSION, and CONTROLLING

Controlling consists of three steps

Compare actual
Establish Take corrective
performance
performance action when
against
standards necessary
standards
 Mission
Goals and and Vision
Objectives

Actual
Versus
Desired
Performance

Corrective Action Required?

Creativity and Passion help create Mission/Vision

Creativity is the
power or ability to
invent
Mission
and
Passion is an intense
Vision
emotion compelling
action
Four Creativity Types
 Creativity Tools
SCAMPER
Substitute, Combine, Adapt,
Modify, Put to other uses,
Eliminate and Rearrange
 Inspires lateral thinking vs.
programmed thinking
 Involves a reflective and
probing style of asking
questions
Nominal Group Technique
 Generates numerous
creative ideas
 Ensures everyone is heard
 Effective when there is
concern that some people
may not be vocal
 Builds consensus
 Recommended when there
is controversy or conflict
 Stakeholders
Government tends to be a
key stakeholder for every organization
Stakeholder Categories
Stakeholders,
Mission, and
Vision

Stakeholder
Mapping

Importance
Influence
 Steps in Identifying Stakeholders

Step 1: Determining Influences on

Mission, Vision, and Strategy Formulation

Step 2: Determining the Effects of Key

Decisions on the Stakeholder

Step 3: Determining Stakeholders' Power

and Influence over Decisions
Communication is Critical

upward

downward
 Communicating
Across and Outward

The need will likely exist

to communicate with other
units of the firm (across)
and with key external
stakeholders, such as
material and capital
providers and customers
(outward)
DEVELOPING YOUR PERSONAL
VISION & MISSION

Would a mission and What are some

vision statement be guidelines for developing
beneficial to you? your mission and vision?