What are ‘Mission and Vision’ Statements (Through Infographics)
You must have come across mission and vision statements of brands quite often. Several of them must be simple one liners that sound like slogans. For example Google’s mission statement (check out the picture below). Several of them are more elaborate and talk of things like the company’s purpose, strategy, competition, products, customers and other stakeholders. The need for a mission statement arises out of the fact that every company or business is here for a reason. Company’s do not exist without a purpose and their sole purpose is not to make money. Their purpose is also the creation of social value. These things are explained through a mission statement. Mission statement also helps companies with the application of strategy. It helps the managers with decision making and resource allocation. Managers can find guidance in the mission statement over the purpose that the business serves and how they must take favorable decisions and allocate resources to abide by the purpose.
Vision Statements are guiding stars showing the way to the future. Imagine a ship guided by a star, trying to make its way through troubled waters to its destination. This is what a vision statement is – the guiding star. A vision statement is like the path to the future. It shows what kind of future a business expects for itself and how it is working to make its way to there. Future is always an important part of business strategy because no business would like to be lost in the dark. This also highlights how important and central are mission and vision statements to business strategy. Managers must seek guidance from the vision statement and make decisions and take actions in accordance. These two statements are two very important verses from the holy book of ‘STRATEGY’. Check the infographics below to see some examples of mission statements used by some of the most well known business brands of our world.