Business Strategy

            

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Textbook:
Pages : 323; Paperback;
210 X 275 mm approx.


Workbook:
Pages : 321; Paperback;
210 X 275 mm approx

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Textbook Price: Rs. 750 ;
Workbook Price: Rs. 700;
Available only in INDIA

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Business Strategy Textbook | Workbook

Detail Table of Contents

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<< Chapter 2

Vision, Mission, and Social Responsibility : Chapter 3

SUMMARY: An organization's vision and mission act as guidelines for strategy formulation. A well-conceived vision has two main components: core ideology and envisioned future. A well-drafted vision should be realistic, credible, attractive, and future-oriented. A mission statement describes the product, the market, and the technological areas of emphasis for the business, and forms its overriding raison d'Ítre, that is, ‘reason for existence'. The vision and mission statements together provide the growth directions for the organization and control the allocation of resources.

The mission statement of a firm centers on its basic product, primary market, and principal technology. It also reflects the firm's philosophy/creed, public image, and self-concept.

Managers of business organizations have four social responsibilities: economic, legal, ethical, and discretionary. While formulating and executing strategies, organizations are responsible to their stakeholders who affect, or get affected by, their business activities. Shareholders, employees, local community, and society are some of the important corporate stakeholders.


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