Vision and Mission Statements

These flashcards cover key concepts related to vision and mission statements including definitions, components, characteristics, and examples.

What is a vision statement?

A mental image of a possible and desirable future state of the organization, representing top management’s aspirations.

What are the two major components of a well-conceived vision according to Collins and Porras?

Core ideology and envisioned future.

What is a vision statement?

A mental image of a possible and desirable future state of the organization, representing top management’s aspirations.

What are the two major components of a well-conceived vision according to Collins and Porras?

Core ideology and envisioned future.

What defines the 'core ideology' of an organization?

The enduring values of the organization, indicating what it stands for and why it exists.

How does Richard Lynch define vision?

A challenging and imaginative picture of the future role and objectives of an organization.

What are the characteristics of an effective vision statement?

Clear, desirable, challenging, feasible, and easily communicable.

Why is a mission statement important?

It communicates the organization's purpose to stakeholders and helps establish objectives and strategies.

What are the essential components that a mission statement should include?

Basic product or service, primary markets, principal technology, customers, and concern for survival, growth, and profitability.

Give an example of a well-known vision statement.

Disneyland’s: 'To be the happiest place on earth'.

What is meant by 'Dynamic' in the context of mission statements?

A mission statement should allow for judgments about promising growth directions.

What does it mean for a mission statement to be 'inspiring'?

It should motivate readers to action and foster positive feelings about the organization.