Name: Hafsa Iqbal Class: BBA-III Subject: Principles of Management

MISSION AND VISSION STATEMENT About

A Mission statement talks about what the company is now. It concentrates on present; it defines the customer(s), critical processes and it informs you about the desired level of performance. A Vision statement outlines what a company wants to be. It concentrates on the future; it is a source of inspiration; it provides clear decision-making criteria.

Purpose
A mission statement is spelled out to narrate what the organization is about. It talks about what the company is right now. It lists the broad goals for which the company is formed. It discusses in details what the company does, what the structure is and what its plans are.

A vision statement talks about what the company wants to be. It describes what the "vision" of the company is for its future. It lists where the company sees itself some years from now.

Features
Features of an effective vision statement include: Clarity and lack of ambiguity Paint a vivid and clear picture, not ambiguous Describing a bright future (hope) Memorable and engaging expression Realistic aspirations, achievable Alignment with organizational values and culture Time bound if it talks of achieving any goal or objective Features of an effective mission statement are: Purpose and values of the organization Which business the organization wants to be in (products or services, market) or who are the organization's primary "clients" (stakeholders) Which are the responsibilities of the organization towards these "clients" What are the main objectives which support the company in accomplishing its mission

Time frame
While a mission statement talks about the present, the vision statement talks about the future. The former mentions what the company is now while the latter describes what the company wants to become in the future. A vision statement mentions what the future will look like for the company if it follows the mission statement.

Developing a statement
When developing a mission statement, it should be seen that the following questions are answered: What do we do today? For whom do we do it? What is the benefit? When developing a vision statement, it should be seen that the following questions are answered: What do we want to do going forward? When do we want to do it? How do we want to do it?

Which comes first?

For a new start up business, new program or plan to re-engineer your current services, the vision statement will be formulated first as it will guide the mission statement and the rest of the strategic plan. For an established business where the mission is established, often the mission guides the vision statement and the rest of the strategic plan for the future.

Mission and Vision Statement of Sony

Vision To create exciting new digital entertainment experiences for consumers by bringing together cutting-edge products with latest generation content and services. Mission Sony is committed to developing a wide range of innovative products and multimedia services that challenge the way consumers access and enjoy digital entertainment. By ensuring synergy between businesses within the organization, Sony is constantly striving to create exciting new worlds of entertainment that

can be experienced on a variety of different products.

Analyses of mission and vision statement of Refugee Action:

The following mission and vision statements come from Refugee Action in the United Kingdom: Mission: Refugee Action exists to enable refugees to build new lives, through advice and information, community development, enhancing opportunity, and campaigning for refugee rights. Vision: We want a society in which refugees are welcome, respected and safe, and in which they can achieve their potential. The mission statement clearly states why Refugee Action exists and whom the organization exists for refugees. The statement contains a key action verb - enablewhich explains the relationship the organization has with its served community. The mission also lists its primary program areas; this helps to clarify what enable invoices, and, by omission, what it does not. The vision statement is appropriately future oriented: We want... Again, the community you serve is at the center of the statement. The vision statement is clearly a goal upon which the mission is centered, and it concisely implies the work to be accomplished. In short, the mission guides Refugee Action in its daily work, and the vision inspires the organization and the community to never give up on its future goals.