1 Vision Statement and Roles

Notes

• Vision Statement and Roles A vision statement is the written declaration that states the ultimate goal an organization wants to achieve, long-term-wise. The roles of the vision and mission statements are as follows: * Vision: For internal stakeholders, it inspires and motivates employees. For external stakeholders, it attracts them by giving a sense of shared belief. * Mission: It is an intermediate step on the way to accomplishing the vision. → For external stakeholders, it measures how successful the business is at achieving its vision. * Internal: It provides a means of accountability by defining key performance indicators. • Corporate Aims The main corporate aims include: * Profit maximization * Expanding the market share • Business Aims and Objectives Business aims and objectives are important because they can be used as powerful marketing tools to attract customers, investors, etc. They also provide motivation, as they give a sense of direction to workers. • Ethical Objectives Establishing ethical objectives is important because they provide a clear framework of the business values. Employees will look after them when making decisions. Additionally, ethical...