Chapter 2 notes

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Western University
Management and Organizational Studies
Management and Organizational Studies 4410A/B
Raymond Leduc

Chapter 2 Business VisionMissionin the beginning a new business is only a collection of ideasvisionmission statements usually found in the front of annual reports90 of all companies have used a mission statement sometime in the last 5 yearsVision statements answer what do we want to becomeo A clear vision statement provides foundation for developing a comprehensive mission statement o Should be developed FIRST o Should be short one sentence and encompass as many inputs from managers as possibleCurrent ideas about mission statements have been set forth by Peter Drucker father of modern mgmt for his studies at GM o Says that What is our business is synonymous with What is our mission o Mission statementdeclaration of a firms reason for being shows what a firm wants to be and who to serveAka a creed statement statement of purpose statement of philosophy statement of beliefs statement of business principles or a statement of defining our businessAnswers what is our businessBoth profit and vision are needed to motivate a workforce effectivelyProcess of developing visionmission statements o Select articles about these statements and ask managers to read as background knowledge o Ask managers themselves to prepare statements o Facilitator or committee should merge the statements into a single doc and distribute to all managers for changesCampbell and Yeung emphasize that process of developing a mission statement should create an emotional bond and sense of mission between organization and employees o An emotional bond forms when a person personally identifies with the valuesbehaviour of firmturns intellectual agreement into sense of mission o Visionpossibledesirable future state o Missionassociated with behaviour and the presentBenefits of visionmission statements o Firms with formalized mission statements have twice the average return on shareholders equ
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