Vision, Mission and Values

5 important questions on Vision, Mission and Values

What are Core Values Statements?

Statement of principles to guide an organisation as it works to achieve its vision and fulfil its mission, for both internal conduct and external interactions; it often includes explicit ethical considerations.

What are Customer-oriented vision statements?

They allow companies to adapt to changing environments and focus employees to think about how to solve a problem for a consumer and meet their unfulfilled needs.

What are Product-oriented vision statements?


they improve existing products and services BUT do not pay attention to current consumer problems (unfulfilled needs)
They focus employees on improving existing products and services without considering underlying customer problems to be solved.
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Under which 3 circumstances is a positive relationship between Vision statements and Firm performance more likely to exist?

1) Customer-oriented visions
2) Internal stakeholders are invested in defining the vision
3) Organisational structures align with the firm's vision statement

What are Organisational core values?

Ethical standards and norms that govern (determine) the behaviour of individuals within a firm or organisation.

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