It can be defined as a written pronouncement of a firm’s core purpose that remains unaltered over time. It explains how a firm plans on achieving its goals. The message in the mission statement is meant for purposes of decision makingby stakeholders such as employees, customers, and investors. Companies can refer to it as corporate purpose, corporate mission, and company mission(Cummings & Worley, 2014). The mission statement should capture what the firm does, the clients that are served by the firm, and the benefits that are provided by the firm. It serves to isolate what are necessary, the markets to be served, and the intended direction to the entire firm.
The vision of a firm can be described as the hope and plans that the firm has for the future. The vision statement acts as a motivational piece that drives staffs and also acts to demonstrate a firm’s goals to the stakeholders. It is a statement that does not describe the present state of the firm but on how successful a firm wants to become and be viewed. The vision statement should be optimistic, clear, and realistic.
Goals can be defined as the purpose, objectives, and mission of a business that the administration has established and communicated to their staffs. The goal focuses on its long range intentions for operation and their overall business philosophy that can provide useful guidance for staffs seeking to gratify their managers. The goals guide the efforts of the staffs, justify the activities and existence of the firm, define the performance standard, and functions as behavior incentives.
Strategy can be defined as the actions that a firm intends to take so as to achieve their long-term objectives.The actions that are taken for the firm so as to succeed are what make up the strategic plan. This takes up to a year for its completion and requires that the entire firm levels to be involved. Strategy involves comparing the present state of the firm and what is targeted, defining the differences and taking necessary steps towards achieving the stated change.
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