Vision, Mission and Objectives

Jignesh Mehta Sameer Sawant Vinod Punjabi Aniket Shah

The world spins around

Where Are we?

Companys Current Position

Companys Plans to reach its destination

KWAN 'JZU (3RD CENTURY BC), "When planning for a year, sow corn; when planning for a decade, plant trees; when planning for life, train and educate men". Where Do we head from here?

How do we reach there?

Companys Future Destination

What should be done..

These questions drives the management to think of a competitive STRATEGY which helps plan and implement what it visualizes Strategy managements plan of action for running the business and conducting operations

Crafting Strategy Managements commitment to pursue its goals

Evolving the process of execution of the Strategy

Deriving a strategic Vision The big picture Getting onto the Mission Describes the purpose Setting objectives Formulation of goals to reach the desired destination

VISION
A Dream A panoramic view of where we are going Examples videos SRK / CEO Speaks ( N Murthy)

An ideal vision statement

A clearly articulated vision promises a bigger picture to its stake holders Employees, shareholders, customers and other associates Graphic Paints a picture the management is trying to create Directional- forward looking products/market/customer/technology changes the company is preparing Focused- provides guidance to manager Flexible a change in the directional course of the company can lead to change Feasible achievable Desirable makes good business sense to stake holders Easy to communicate and understand

Examples Amway- Inspiring people to live better lives Henry Ford- a car in every garage

Vision Slogan
SIEMENS: Where technology touches lives DU PONT: Better things for better living through Chemistry HYUNDAI: Building a better world through innovative technology NOKIA: Connecting people XEROX: The document company IBM: Solutions for a small planet PHILIPS: Let's make things better BPL: Believe in the best Nike To bring innovation and inspiration to every athelete in the world Scotland Yard- To make London the safest major city in the world Mayo Clinic The best care for every patient every day

Vision & Values

Values form the business fundamentals of any organization. Values are the beliefs,traits and behavioral norms that company personnel are expected to display in conducting companys business and pursuing its vision Most companies have built their statements of values around 4 to 8 traits that company personnel are expected to display and that are supposed to be mirrored in how the company conducts its business

PREMIER values of Heinz

Passion Risk Tolerance Excellence Motivation Innovation Empowerment Respect

Infosys
Vision "We will be a globally respected corporation." Mission "To achieve our objectives in an environment of fairness, honesty, and courtesy towards our clients, employees, vendors and society at large." Values We believe that the softest pillow is a clear conscience. The values that drive us underscore our commitment to:
 Client Value: To surpass client expectations consistently  Leadership by Example: To set standards in our business and transactions and be an exemplar for the industry and ourselves  Integrity and Transparency: To be ethical, sincere and open in all our transactions  Fairness: To be objective and transaction-oriented, and thereby earn trust and respect  Excellence: To strive relentlessly, constantly improve ourselves, our teams, our services and products to become the best

IIT Mumbai
Vision To be the fountainhead of new ideas and of innovators in technology and science Mission To create an ambience in which new ideas, research and scholarship flourish and from which the leaders and innovators of tomorrow emerge Objectives and Goals  The Indian Institute of Technology, Bombay seeks to establish traditions which will foster creativity and growth of excellence. The institute has the following broad objectives :       To provide the best possible educational facilities for training bright students for the
careers in technology and science.

To provide a creative atmosphere in which higher studies and research thrive both a amongst the students and the faculty. To organize a short intensive courses, conferences and seminars on current
technological developments which will be of benefit to the surrounding community.

To provide research and development consultancy which will promote contact with
and be of service to industries and to government and Civic Organizations.

To organize quality improvement programmes for faculty members from various

engineering colleges.

To provide leadership in curriculum design and development.

Intels two Inflection Points

Facing stiff competition from Japanese, Intel leader in memory chips had to shift its strategic vision- 1980 Despite of having 70% market share Intel decided to wind the memory chips manufacturing operations and shift its energies in production of microprocessors for personal computers Next in 1998 Intel again revisited its strategic vision by encashing on the mushrooming internet business by connecting billion computers connected by internet world wide

Vision - Shortcomings
Vague and incomplete Not forward looking Too broad Bland and uninspiring Non distinctive Too reliant on superlatives

 CATERPILLAR
Be the global leader in customer value

eBAY
Provide a global trading platform where practically anyone can trade practically anything

R a n k t h e m

Vodafone
To be the world's mobile communication leader enriching our customers' lives through the unique power of mobile communications.

GM
To be the world leader in transportation products and related services. We will earn our customers enthusiasm through continuous improvement driven by the integrity, teamwork, and innovation of GM people."

Mission
Mission statement portrays present business and purpose Mission Statement should be able to answer Who we are What we do and Why are we here
Some examples Blockbuster to help people transform their ordinary nights into blockbuster nights by being their complete source for movies and games. Wal-Mart - runs discounts stores- articulates its mission as We deliver value through low price to middle Americans 3M- Selling Adhesive Mission- We solve peoples problems by putting innovation to work for them

Modified Mission
Yahoo earlier stated its mission as to be the most essential global Internet service for consumers and businesses - With internet business reaching higher scales Such a statement was plain, open and does not connect the customers to its USP Modified to "Yahoo's mission," it reads, "is to connect people to their passions, their communities, and the world's knowledge - This gives a wider picture of Yahoos capabilities, solutions, reach and more than just surfing

Setting objectives
Measurable or quantifiable and should be time bound you cannot manage what you cannot measure....and what gets measured gets done
Bill Hewlett, co founder of Hewlett Packard

Press upon concrete questions for measuring performance How much What kind By when
Generic statements like Maximize profits/ Increased market share/ reduced cost .to be avoided while setting objectives

Setting objectives
Define stretched targets Using Balance score card method
Financial Objectives
Larger profit margins, annual increase in PAT by X % etc

Strategic Objectives
Winning X % market share, achieving lower overall costs than rivals etc

Short term & long term objectives Strategic Intent - Competitive

In 1960 Nikes Strategic Intent was to super seed its arch rival Addidas- to experience the emotion of competition,winning and crushing competition

Setting objectives
Top bottom approach while setting objectives
Builds cohesion among the different strategies and objectives of the organization Unifies internal efforts to move the company in the chosen strategic path

Organizational Strategic and Financial objectives are divided among different divisions, business units functions, operations, individuals etc Team Effort

Conclusion

REFERENCES
Crafting and executing strategy - Thompson http://www.csrglobe.com/ http://www.youtube.com/watch?v=6C1qONJfXgo http://money.cnn.com/2007/02/01/technology/pluggedin_lashinsky_yahoo.fortune/index.htm http://csqa.info/vision_mission_goals_principles_values