How Business Missions, Visions, Objectives, And Competitive Advantage

(P1.1) In formulating a business strategy, it is a crucial factor to determine what the organization’s mission, vision, objectives and core competencies are because it sets an idea on what the organization should do and what purpose do they have in the industry to contribute to their customers. It also helps what markets should they target and what action should they plan to have a competitive advantage.

The Mission, Vision and Values of a company play a Fundamental role in Strategy Formulation and Strategic planning. We will discuss throughout this assignment, how developing effective mission, vision and values can help shape, develop and guide a firms Strategic choices. They reflect the firm's fundamental core ideology. At the most basic level a mission statement can describe the firms overall purpose for being. It provides an inside to the present business scope and purpose of the firm that is "who we are, what we do, and why we are here". Thus it explains the firm's very reason for existing. It will generally define the scope of the firm, the ends to which it wants to achieve and the means of doing so (its competitive advantage), which

Both statements make sure that the leadership team, management, and employees know the current, present, and future goals of the organization. Having substantial mission and vision statements will inspire employees to support and promote the organization’s goals. “Strategic direction is a course of action that leads the achievement of the goals of an organization’s strategy” (“WebFinance, Incorporated” 2011, para 3).

Business missions, visions, objectives, goals, and core competencies all gives direction to strategic planning. Pride (n.d) defines mission statement as a “map” and clear purpose for an organization which set it apart from competitors and provides direction for strategic planning. O'Connor (2010) defined objectives as the target the organization set out to meet and goal as a plan one wish to achieve over a period. A company must have a vision, mission, objectives, goals and core competencies, they all work together while serve different purposes in order to have a successful business and motivated employees.

A company's vision is a "general statement of its intended direction that evokes emotional feelings in organization members." (Dessler, 2003). The mission statement determines the type of business it will be by setting the purpose for the company, and

Lennox (1994) suggests the six steps do not provide enough direction regarding implementing visions, strategy change metrics. Vision Statement Strategic planning is the method of establishing organizational objectives, strategies and tactics to accomplish the mission of the company (Vision Statements: Part 1, 1991). According to Tarnow (2001), the organization develops short and long-term objectives, which can be done by using elements of the vision statement. Tarnow (2001) indicates a vision statement can offer more of a direction to include the perspective of corporate values when establishing organizational objectives for market-share targets, improved brand awareness, and revenue or profit goals. When using a vision statement in the strategic plan, an added element of human values is represented (Vision Statements: Part 1, 1991). Furthermore, Tarnow (2001) also states a vision may supply a direction for the organization for the next four to eight years while noting a commitment to openness, transparency, integrity towards better training and monitoring of feedback scores as a strategy to achieve higher customer

The corporate vision is a concise and clear statement. It has a projection into the future of the mission; what the company wants to become and target it wants to achieve.

"Planning the process of determining the organization's objectives and deciding how to accomplish them." The planning of a business includes the outlining of a mission statement, goals, objectives, and etc... "Mission or mission statement, is a declaration of an organization's fundamental purpose and basic philosophy." A mission statement is basically a statement of purpose. Vision and

Vision Statement is the organization's vision is for the future or long-term goals that will create impact to the business and community.

(Shah, n.d.) States that the vision of the company is a long term view which focuses on the future of the business, he further mentions that the vision of the business is a source of inspiration and can be emotive.

It is imperative that a corporation has a mission, vision, values, and goals. The mission, vision, values, and goals are the foundation of any corporation rather the corporation is big or small. Together, the mission, vision, values, and goals of the corporation inform the employees, shareholders, and consumers the purpose of the corporation, where the corporation is headed, and the standard of behavior for the corporation. After establishing the mission, vision, values, and goals of the corporation, the company must ensure that everything is being possible done to uphold the mission, vision, values, and goals of the corporation. Not fulfilling the mission, vision, values, and goals that were established can have a very negative impact on any corporation. In this assignment, I will discuss the importance of a corporation fulfilling its mission and vision statement. The company that I will be using for an example in this assignment is PepsiCo.

In the process of strategic planning, each and every part of the involved process happens to be very important. Despite the importance, one of the most important aspects of planning entails the development of a project strategic, objectives, and corporate goals as well as the goals of the business (Bearce & Tirone, 2010). A large proportion of the all the analysis done by people in strategic planning happens to be designed for purposes of helping the individuals to develop goals that are achievable as well as being in a position to reflect the realities of the business in different sectors including the environment. Therefore, as a result of it being complicated to set strategic goals, it is given its special section for effectiveness in its formulation (Martinsuo & Lehtonen, 2007).

Business plans are necessary for growth and success of companies. As cited in Scott (n.d.), "a strategic business plan is a written document that pairs the objectives of a company with the needs of the marketplace. The plan allows businesses to focus on a particular niche in the marketplace, which makes sales, advertising and customer management more effective.” The plan helps businesses evaluate its strengths and weaknesses and provide better service to its clients.

Mission statements may play an important role in the strategic management process but the creation of a ‘sense of mission’ is even more beneficial to organisations

A mission statement is a key tool that can be used to define an organization’s statement of purpose- who they are and what they do. A good mission statement can communicate succinctly what the target goals and consumers of the organization are. On the other hand, a vision statement is communicates the underlying reason why the company seeks to accomplish their mission statement and provides a strategy on how to implement their goals. A values statement describes the beliefs of the organization. This statement essentially highlights what set of values the organization subscribes to. Mission, vision and value statements are all an important part of any organization’s message to its employees and consumers. An effective statement can serve as a set of guidelines and metrics for employees to measure goals. In addition, effective statements can function as great marketing tools to consumers.