Crafting Strategic Objectives: Examining the Role of Business Vision andMission Statements

Abstract

There exists abundant literature on business strategy topics. Yet very few of these examine the role of business mission and vision statements and their influence on strategic objectives. It is this apparent gap in the literature that this paper aims to cover. The paper aims at highlighting the importance of business vision and mission statements and how these dictate the strategic goals and objectives of the organization - both short term as well as long term. The paper consists of three sections. The first section provides a quick overview of business strategy. The remaining sections discuss the mission statement and vision statement. It provides guidelines including templates on how to develop effective mission and vision statement. Finally, it applies the learning’s to a case study - that of a hotel. My aim is to highlight how the three - mission statement, vision statement, and strategic objectives - are intertwined. It is necessary to first define the mission and vision statement prior to defining the strategic objectives. The mission and particularly the vision statement provide the foundation upon which strategic objectives are framed.