COMM 103 Chapter Notes - Chapter 6: Bargaining Power, Social Economy, Pest Analysis
17 Oct 2016
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Purpose refers to the mission of the organization and the vision its managers or owner(s) have for the business. Mission refers to the fundamental purpose the business has identified as being its predominant reason for existence. Mission statements usually identify the broad goals around which a company was formed. They can reflect on how an organization will get to where it wants to go. It defi(cid:374)es a(cid:374) orga(cid:374)izatio(cid:374)"s purpose or reaso(cid:374) for existence. Vision is a forward-thinking statement that defines what a company wants to become and where it is going. Ofte(cid:374) referred to as the (cid:862)(cid:271)ig hairy auda(cid:272)ious goal(cid:863) (bhag) of an organization, or its strategic business statement. Identifies what the company aspires to become and how it plans to achieve it: markets. Markets refers to the specific markets or market segments the business sees itself competing in. They should be assessed in terms of their current and future profitability and growth potential.
