Reference no: EM133555285

Mission Statement vs. Vision Statement

A mission statement is intended to clarify the what, who, and why of a company. It's the roadmap for the company's vision statement.

Mission relates to doing, so mission statements are about your day-to-day operations. Your mission statement outlines the practical things you will do to achieve your vision.

A vision statement describes where the company wants a community, or the world, to be as a result of the company's services. It should outline your business goals and where you're headed. It's an aspirational statement made by an organization that articulates what they would like to achieve.

Furthermore, the vision guides the direction of the organization's efforts.

Organizations summarize their goals and objectives in mission and vision statements. Both of these serve different purposes for a company but are often confused with each other. While a mission statement describes what a company wants to do now, a vision statement outlines what a company wants to be in the future.

The Mission Statement concentrates on the present; it defines the customer(s), critical processes and it informs you about the desired level of performance.

The Vision Statement focuses on the future; it is a source of inspiration and motivation. Often it describes not just the future of the organization but the future of the industry or society in which the organization hopes to effect change.

Vision Statement

A vision statement describes where the company aspires to be upon achieving its mission. This statement reveals the "where" of a business.

It's the anchor point of any strategic plan. It outlines what an organization would like to ultimately achieve and gives purpose to the existence of the organization.

A good vision statement should be short, simple, specific to your business, leave nothing open to interpretation.

Vision Statement Examples:

• Alzheimer's Association: A world without Alzheimer's disease.
• Teach for America: One day, all children in this nation will have the opportunity to attain an excellent education.
• Creative Commons: Realizing the full potential of the internet -- universal access to research and education, full participation in culture -- to drive a new era of development, growth, and productivity.
• Microsoft (at its founding): A computer on every desk and in every home.
• Australia Department of Health: Better health and wellbeing for all Australians, now and for future generations.
• LinkedIn: Create economic opportunity for every member of the global workforce.
• Disney: To entertain, inform and inspire people around the globe through the power of unparalleled storytelling, reflecting the iconic brands, creative minds and innovative technologies that make ours the world's premier entertainment company.
• Facebook: Connect with friends and the world around you on Facebook.

Other:

KFC's vision statement. The KFC mission or vision statement (a combined one) is: "To sell food in a fast, with a friendly environment that appeals to price conscious, health-minded consumers."

KFC's major competitors include Wendy's, Subway, McDonald's, and Burger King.

Apple's vision statement is: "We believe that we are on the face of the earth to
make great products and that's not changing.

IKEA - "Our vision is to create a better everyday life for many people."

That's aspirational, short and to the point.

Nike - "Bring inspiration and innovation to every athlete in the world.

McDonald's - "To be the best quick service restaurant experience."

What is a Mission Statement?

....a formal summary of the aims and values of a company, organization, or individual -"a mission statement to which all employees can subscribe"

A good mission statement can surprise, inspire, and transform your business. It should provide a clearly stated purpose of your business and the goals you have for succeeding. The best mission statements go hand-in-hand with corporate philosophy and culture and help guide a company from the present into the future.

According to Chris Bart, professor of strategy and governance at McMaster University, a commercial mission statement consists of three essential components:

• Key market: the target audience.
• Contribution: the product or service.
• Distinction: what makes the product unique or why the audience should buy it over another.

A mission statement is, in some ways, an action-oriented vision statement, declaring the purpose an organization serves to its audience. It often includes a general description of the organization, its function, and its objectives.

As a company grows, its objectives and goals may be reached, and in turn they'll change. Therefore, mission and vision statements should be revised as needed to reflect the business's new culture as previous goals are met.

Both mission and vision statements are often combined into one comprehensive "mission statement" to define the organization's reason for existing and its outlook for internal and external audiences - such as, employees, partners, board members, consumers, and shareholders.
With that in mind, what does a good mission statement look like?

SLIDE PRESENTATION CONTENT

1. Name, Logo, Slogan, Student Info
2. Mission / Vision 'combined'
3. Your Competitors (top 3)
4. Your Market & Customers
S. SWOT - top 2 competitors
6. SWOT - your company
7. Advertising tactics/campaigns - give one detailed example
8. Goals, objectives, action plan