MGST 391 Lecture Notes - Wish List, Customer Satisfaction, Satisficing

• School: University of Calgary
• Department: Management Studies
• Course: MGST 391
• Professor: Ahmad Ali Sohrabi

Document Summary

Vision--------mission----------goals (objectives and aims) at 3 levels----------strategy at 3 levels. Advantages of vision: gives general directions to organisation gives hope and motivation establishes scope and boundaries enables flexibility in choice. Vision with an emotional core to energize and stretch similar to vision stretch current competencies gives sense of direction gives coherence to plans. This is a statement purpose of existence-what it wants to accomplish in the larger environment. Mission statement includes purpose, competence, strategic scope, product, targeted customers, and values of various stakeholders. It should be market oriented, specific, realistic, motivating and consistent with market environment. e. g. to provide best satisfaction to customers and fair return on investment, keeping environment healthy and clean and promising secure future to employees . Only for public showment and not for internal decision making. Functions/importance of mission: employee motivation, contributes to profitability, focus for strategic decision making, replaces national or divisional subculture with a corporate culture, communicates nature of organization to insiders and outsiders.