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Organizational-VMGO - Notes in Strat Bus. Analysis
Hospitality Management (BSHM 241)
Urdaneta City University
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ORGANIZATIONAL VISION, MISSION, GOALS AND OBJECTIVES
Vision
To help organizations achieve strategic direction, they need to articulate and have commonality in vision, mission, and goals. The interrelationships between and among these three variables are essential in the organizations' thrust of achieving competitiveness.
The organizational vision is an inspirational statement of what the organization hopes to achieve at some point in the future. It is the image of what an organization desires to achieve, It is short and succinct, but it carries an extraordinary force that will stir, motivate, and inspire employees to work and refocus toward its desired optimal future state. Having a strong sense of vision can move the organization to be what it wants to be. Like an unseen force, the organizational vision binds the company and its employees together.
Mission Statement
The mission statement differs from the organizational vision. The mission statement defines the current purpose of an organization; it answers what the organization does, for whom it is done, and how it does what it does.
Mission statements are likewise short and easy to remember. It gives employees a better perspective on how their tasks contribute to the attainment of organizational goals. Oftentimes, vision statements are more enduring compared to mission statements. Mission statements are expected to change in the context of shifting economic realities or unexpected circumstances like challenges, threats, and even opportunities.
Vision
Mission Goals
Organizational Goals and Objectives
To operationalize the mission statement, organizational goals and objectives are defined. All organizations have set goals. These are referred to as organizational goals. Organizational goals are pursued to make the specified strategies succeed. They vary and are essentially dependent on their respective purpose and direction. One of the implied basic goals of any organization is to use economic resources efficiently and effectively such that survival, if not profit, is at least secured, thus, ensuring the continuity of the organization. Goals are macro, encompassing in perspective, and prospective in nature. In fact, goals represent the overall vision of an organization. By their very nature, goals have the following properties:
Goals provide organizations focus and direction. They neatly converge toward the purpose of any firm, thus, streamlining all unnecessary and redundant considerations. Goals move organizations to action. Because goals have to be attained, organizations are motivated to function and perform toward their vision. Goals develop in organizations the trait of persistence. Thus, organizations continue to persevere until they achieve their desired success.
Nevertheless, for goals to be attained, they have to be supported by objectives. Objectives are different from goals, in that they are micro and specific in perspective. They should possess the following characteristics:
Objectives need to be clearly defined and formulated, carefully chosen, specific, and definite. Objectives may be immediate or short-term. They need to be prioritized into a hierarchy of objectives. Objectives need to be realistic and attainable. They need to be flexible, consistent, and strategic. Objectives need to be measurable over time.
Strategic objectives are, in general, externally focused. According to Peter Drucker, objectives fall into eight major classifications:
Market standing (e, desired share of the current and new markets) Innovation (e, development of new goods, services, and of skills and methods required to supply them) Human resources (e., selection and development of employees) Financial resources (e., identification of sources of capital and their uses Physical resources (e, equipment and facilities and their uses) Productivity (e. efficient use of the resources relative to output) Social responsibility (e, awareness and responsiveness to the effects on the community of the stakeholders) Profit requirements (e, achievement of measurable financial well-being and growth)
Organizational-VMGO - Notes in Strat Bus. Analysis
Course: Hospitality Management (BSHM 241)
University: Urdaneta City University
