Strategy Formulation and Strategic Planning

1185 Words5 Pages
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…show more content…
Secondly an external dimension which sets out the market in which it will operate i.e. Super premium ice cream, thus identifying the type of customer it targets Super-premium Ice cream customers, socially aware people and why the customer should buy it i.e. because of its natural high quality and unique flavours and because of the firms socially responsible brand and image. We can also see that Ben and Jerry's Mission and vision statements shows and reflects the firm's fundamental core ideology through its three interrelated missions which has lasted for 30years in business and so far stood the test of time and remained an almost constant ideology. Jim Collins and Jerry Porras states in their book " build to last" that a core ideology is made up of two parts, firstly "Core values are a set of guiding principles by which the company navigates and secondly the "core purpose is an organisations most fundamental reason for being". I will reinforce these claims through day to day business examples later on that will show how the mission, vision and values of the company are used daily and referred back to as guiding principles in day to day decisions and actions. Thus they help set the standards and provide direction whilst helping achieve their core purpose "making the best possible ice cream in the best possible way". Otherwise as with many firms, mission, vision and value statements if they are not used, communicated, reinforced and
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