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Running Head: THE IMPORTANCE OF DEVELOPING VISSIONS AND MISSIONS FOR COMPETING GLOBALLY

The Importance of Developing Visions and Missions for Competing Globally

University of the People BUS 5117 Strategic Decision Making and Management Dr. Marc Scavuzzo Ph.D. Nov. 24, 2021

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Introduction According to Osborn (2018) Goal setting, analysis, strategy creation, strategy execution, and strategy monitoring are all part of the strategic management process. As part of strategy formation, vision, mission, and goal setting are crucial parts of strategic management. They give a framework for making decisions and techniques for businesses to participate in global markets. Furthermore, these parameters serve as standards for the efficacy of plans and methods (Ketchen & Short, 2012). Experts feel that, although there is no one-size-fits-all approach to developing a vision and purpose, it is critical to every organization's strategic management (Papulova, 2014). The three major facts that I found most relevant are: • The importance of vision, purpose, and objectives for businesses. • The research methods used to show the relevance. • The opportunity or scope for improving the mission statement exists. Developing and establishing a good vision and mission statement is part of the strategic management process' strategy creation. The future is described in the vision. The goal is to form the organization's identity, purpose, and direction, and it is developed from a notion that generally inspires generations of management (Papulova, 2014). The mission not only defines the company's values, beliefs, concepts, and goals, but it also directs workers, customers, shareholders, and the general public in the right path to comprehend the organization's essential principles. The target audience and communication potential of these remarks must be clearly identified by companies. These remarks should be simple to comprehend, appealing, informative, and motivational (Papulova, 2014). These statements are critical to the strategic management process because providing workers with a clear vision and purpose may provide a competitive edge over rivals (Ketchen & Short, 2012).

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Despite its importance and research, the mission statement may still be improved to make it more practical and feasible (Papulova, 2014). The Importance of a Strong Leader in the Development of Vision and Mission Statements The strategic management process is greatly influenced by strong leadership. In particular, for promoting and assessing the importance of the organization's vision and purpose formulation in the global market rivalry. It also aids businesses in evaluating, implementing, and monitoring successful tactics for achieving their long-term objectives by establishing a vision and mission statement. Good leaders will assess the strategic management process to guarantee the organization's performance and long-term viability (Jabbar & Hussein, 2017). Good corporate leaders develop a vision, explain the vision, passionately own the vision, and tirelessly pursue it to fruition, says Jack Welch, former CEO of General Electric. (Ketchen & Short, 2012). An competent strategic leader, such as former Starbucks CEO Howard Schultz, utilizes vision as a vital tool to inspire and encourage his people to work harder to enhance their organization's performance and advance its growth. Avon promotes high working standards for workers by establishing a vision: "to be a business that understands and satisfies women's goods, services, and self-satisfaction requirements better than anyone else in the world." This goal prioritizes exceptional customer service while also enhancing female competency and drive to become a global leader. According to the findings, 90 percent of 1,500 executives believe that "strong vision" is the most critical trait of a successful strategic leader (Ketchen & Short, 2012). Writing a strong mission statement may help to create the organization's image, and by defining the organization's crucial position in society, it can help stakeholders understand

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why they should support the organization. Google's mission statement is that it exists to "organize information across the globe so that people all over the world may access and utilize it." Strong leaders must develop SMART objectives in order to offer clear advice to workers, who are in a good position to accomplish their daily activities, in order to fulfill the organization's vision and purpose. A great leader must understand the organization's vision, purpose, and objectives, as well as the strategic adjustments that must be made to attain them. Organizational performance is a multifaceted term, and effective executives use a variety of performance indicators (triple bottom line or balanced scorecard) to assess their organization's success (Ketchen & Short, 2012). Internal (business culture, firm resources, etc.) and external (government restrictions, competition, etc.) components of a global corporation's vision and mission statements are examined: The formulation of a multinational company's vision and mission statement is influenced by both internal and external sources. Internal and external stakeholders are both considered firm stakeholders. The mission statement's primary emphasis is on the target audience and communication possibilities. Internal stakeholders, such as workers, corporate culture, and resources, or external stakeholders, such as consumers, suppliers, and investors., Community and government, are examples of target audiences. In his goal statement, F. David presented nine elements (Papulova, 2014) • Product/Services. • Markets by Location. • The use of technology.

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• Concern for the firm's financial soundness. • Philosophy, values, ethics, etc.. • Public perception. • Personnel. • Distinctive abilities.

Conclusion The mission and vision statements serve a variety of purposes. They transform corporate objectives into work structures and assign duties to people so that these goals may be realized in reality. When compared to enterprises without a vision and mission statement, organizations with an inspirational and compelling vision and mission statement return more than double the earnings to shareholders (Juneja, n.d.). Most businesses are attempting to establish a vision and mission statement because they recognize the principles, strategic value, and significance of these statements. As a result, both statements are required, and the company must create one before beginning operations, and it should be reviewed and updated on a regular basis (Papulova, 2014).

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References Jabbar, A.A & Hussein, A.M. (2017). The role of leadership in strategic management. International Journal of Research – Granthaalayah. Retrieved from http://granthaalayah.com/Articles/Vol5Iss5/10_IJRG17_A05_279.pdf Juneja, P. (n.d.). Importance of vision and mission statements. Management Study Guide. Retrieved from https://managementstudyguide.com/importance-of-vision-andmission-statements.htm Ketchen, D & Short, J. (2012) Strategic Management: Evaluation and Execution. UoPeople. Retrieved from https://my.uopeople.edu/pluginfile.php/57436/mod_book/chapter/122442/BUS5117.K etchen.Short.Strategic.Mgmt.pdf Osborn, C. (2018). The 5 Stages of Strategic Management Process. The Training Associate. Retrieved from https://thetrainingassociates.com/blog/five-benefits-strategicworkforce-planning/ Papulova, Z. (2014). The significance of vision and mission development for enterprises in Slovak Republic. Journal of Economics, Business and Management. Retrieved from http://www.joebm.com/index.php?m=content&c=index&a=show&catid=34&id=366...