Post by Joseph Ezenwa

CORPORATE VISION, MISSION, GOALS, OBJECTIVES AND CORPORATE PHILOSOPHYCorporate Vision is otherwise known as the statement of strategic intent that expresses the aspiration of an organization. It will indicate what the business intends to be in future.Usually, Vision is a component of mission statement. In exceptional cases, organizations may separate the vision from the mission statement. Vision is essentially regarded as a dream.CORPORATE MISSIONMission is a unique broad and enduring statement of organizational goals, aspirations, and values. Ezenwa (2005) opines that mission refers to a statement that highlights the perceived need of the society or community and the specific segment of the society or community to be served.It is usually defined by an organization in order to differentiate it from other business organizations.MISSION STATEMENT(MAIN FEATURES)It is derived from the purpose. It is a unique statement. The mission is defined by the organizationMISSION STATEMENT(KEY ELEMENTS)Definition of the business of the organizationStatement of major corporate goalsStatement of corporate philosophyIn summary, a statement of mission will usually highlight the following:- target customers- products/services rendered- geographical area covered- conversion technology- economic goals- social goals- management philosophy- self conceptEXAMPLES OF MISSION AND VISION STATEMENTMAY & BAKEROur vision is to provide products and services that support your health for life.Our mission is to be the best in providing world class health care products and services for present and future generations through innovation and appropriate technology whilst ensuring adequate returns to stakeholders.THE CONCEPT OF PURPOSEPurpose is the fundamental reason for the existence of an organization. It provides information relating to the primary role of the business as expected by the society.Purpose is usually a general statement and applies to all organization operating within small industry.For example, the purpose of a manufacturing firm is to earn profit by providing required goods to the society.GOALSThe term goals refer to ends sought by organizations. Generally, there are different interpretations of goals .One method of defining goal is to consider the concept as short – term objectives. The other view considers goal as long as term objectives.The most important characteristics of goal is the fact that the concept provides direction to organization. Goals are usually expressed in terms of purpose, mission and objectives.OBJECTIVESObjectives are concrete and specific goals that must be achieved in order to implement the mission.The mission statement is usually translated into more concrete and specific objective for implementation and control.MANAGEMENT PHILOSOPHYThe third main component of mission statement is the management philosophy. This is a statement of values, beliefs, attributes and philosophical priorities .It expresses the implied and expressed attitude of an organization to a number of interest group.