MGT Notes

Reference: Strategic Management (5e) – Frank T. Rothaermel (Pg 45)

A Mission statement aims to elucidate what an entity actually wants to do , i.e. what products and services it will offer and whats markets it will serve.

To contrast Vision from Mission (both have different purposes in the strategy process), we can state that:

• A Vision defines what an entity wants to be, what it wants to accomplish and can be stated by beginning with the verb ‘To…’
• A Mission defines what an entity actually does, how it will accomplish its vision and can be stated by beginning with the preposition ‘By….’

An entity must backup its Vision and Mission with strategic commitments and credible actions.