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4 Formulation Phase

The document outlines key terms used in strategic planning including vision, mission, goals and objectives. It defines a vision as an exciting future state, a mission as describing what an organization does, who it helps and how. Goals are general milestones while objectives are specific, measurable and time-bound. Examples are provided of visions, missions, goals and objectives. The difference between vision and mission and between goals and objectives are explained.

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Mansi Goel
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212 views

4 Formulation Phase

The document outlines key terms used in strategic planning including vision, mission, goals and objectives. It defines a vision as an exciting future state, a mission as describing what an organization does, who it helps and how. Goals are general milestones while objectives are specific, measurable and time-bound. Examples are provided of visions, missions, goals and objectives. The difference between vision and mission and between goals and objectives are explained.

Uploaded by

Mansi Goel
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Formulation Phase

Outline of Presentation
• Vision - Meaning
• Mission – Meaning, Definition
• Path of Vision to Mission and Mission to Vision
• Goals - Meaning
• Objectives - Meaning
• Examples
• Difference between Vision and Mission
• Difference between Goals and Objectives
Vision, Mission
Goals & Objectives

WORDS HAVE
POWER
VISION
Your vision should be BIG, EXCITING and
COMPELLING.
Your vision statement should be an audacious
dream of a future reality based on the work you
do. It should be bursting-at-the-seams with
possibility. It’s where “begin with the end in
mind” lives. It’s the heart of your organization.
Your vision should be so big, it feels nearly
impossible. Your vision should require people to
dream.
MISSION
The WHO, WHAT, and HOW of Mission.
A well-crafted mission statement answers WHAT
you do, WHO benefits from this and HOW you
do it. Depending on the particular organizational
structure, the mission statement of a company
can be broken down into its different divisions.
All in all, the purpose is to help you stay focused
on the activities of today that further your
dreams of tomorrow.
Definition of Mission
Peter Drucker states: “The mission statement
has to express the contribution the enterprise
plans to make to society, to economy, to the
customer.” Furthermore, “Mission statements
that express the purpose of the enterprise in
financial terms fail inevitably to create the
cohesion, the dedication, the vision of the
people who have to do the work so as to realize
the enterprise’s goal.”
A Vision Statement describes the desired future
position of the company. A Mission Statement
defines the company's business, its objectives
and its approach to reach those objectives.
Elements of Mission and Vision Statements are
often combined to provide a statement of the
company's purposes, goals and values.
Mission vs. Vision: Know who you are and where
you’re going
PATH OF MISSION TO VISION AND
VISION TO MISSION
Vision = Someday
Mission = Every Day
They’re the key to living a fulfilled existence at
work and building a powerful and lasting
connection with both your team and your
customers. If crafted with the right intention,
vision and mission statements can help align
your company’s efforts and focus its strengths
on goal achievement.
GOALS
A goal is a general statement of what you want
to achieve. More specifically, a goal is a
milestone(s) in the process of implementing a
strategy.
A goal should meet the following criteria:
• Understandable: Is it stated simply and easy to
understand?
• Suitable: Does it assist in implementing a strategy
of how the mission will achieve the vision?
• Acceptable: Does it fit with the values of the
organization and its members/employees?
• Flexible: Can it be adapted and changed as
needed?
OBJECTIVE
An objective turns a goal’s general statement of
what is to be accomplished into a specific,
quantifiable, time-sensitive statement of what is
going to be achieved and when it will be
achieved.
Objectives should meet the following criteria:
• Measurable: What specifically will be achieved and
when will it be achieved?
• Suitable: Does it fit as a measurement for achieving the
goal?
• Feasible: Is it possible to achieve?
• Commitment: Are people committed to achieving the
objective?
• Ownership: Are the people responsible for achieving
the objective included in the objective-setting process?
Vision Examples
Facebook: To give people the power to share and make the
world more open and connected.
GOOGLE: To organize the world’s information and make it
universally accessible and useful.
HARLEY-DAVIDSON: To fulfill dreams through the
experiences of motorcycling.
INSTAGRAM: Capture and Share the World’s Moments.
NIKE: To bring inspiration and innovation to every athlete*
in the world. *If you have a body, you are an athlete.
Mission Examples
STARBUCKS: To inspire and nurture the human
spirit — one person, one cup and one
neighborhood at a time.
UBER: Make transportation as reliable as
running water, everywhere, for everyone.
Difference between Vision and
Mission
Goal versus Objective

Goal Objective
Meaning The purpose toward which an endeavor is directed. Something that one's efforts or actions are
intended to attain or accomplish; purpose; target.

Example I want to achieve success in the field of genetic I want to complete this thesis on genetic research
research and do what no one has ever done. by the end of this month.

Action Generic action, or better still, an outcome towards Specific action - the objective supports attainment
which we strive. of the associated goal.

Measure Goals may not be strictly measurable or tangible. Must be measurable and tangible.

Time frame Longer term Mid to short term

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