We have learned how an originations vision statement, mission statement, and corporate values drive the organizations strategy for success. Address the following:

• Discuss what a mission statement and a vision statement is and how they relate to an organizations strategy.
• Assess how corporate values are important to a firm.

What is a Vision Statement?

A vision statement is a brief, clear, and definitive description of a company's aspirations and the kind of impact it aims to create. Think of it as a guiding beacon that tells people within the organization what the business wants to accomplish and what will happen once they achieve that vision.

It helps facilitate internal decision-making and determines the intended direction of the organization. You can also use it to describe the future of the business while simultaneously emphasizing its overall purpose.

To put things into perspective, a vision statement tells you what you want to become and then gives you a sense of direction to achieve it.



What is a Mission Statement?

A mission statement explains an organization's core objectives, values, and aims concisely and descriptively. It's a declaration that defines the daily activities of an organization and how every person working within it will contribute to that overall mission.

The primary purpose of a mission statement is to drive a company toward its goals. In addition to outlining what you do and the core components of your business, it tries to clarify objectives and how you can fulfill them. The idea here is to motivate and inspire a team to consistently advance toward a common goal.


HOW IMPORTANT ARE THEY IN CORPORATE STRATEGY?

While mission and vision are terms that are often used interchangeably, they actually refer to two separate aspects of an organization. A mission outlines the business, its goals and its strategy for reaching those goals. It focuses more on where the corporate is at the present time, and the strategic steps it wants to use to achieve its objectives. The mission statement of a company can be used to shape the culture of an organization.

By establishing a mission statement for your company, you are also outlining what your business does, who you serve and how you serve them. Those are the three most critical elements of a business mission statement. For example, PMC Estates mission statement is, "provide an innovative and solution-based transformation in the property world through inspiring our customers, associates and other stakeholders to attain social-economic prosperity." This includes what the business does, who their audience is and how they serve them. It provides employees with a clear goal. While the mission statement focuses on more tactical aspects of the business, the vision statement looks to the future of the company. The vision statement provides the direction in the which the company wants to go. Together with the mission statement, it helps to create the organizational strategy for the business.

So how does a corporate apply mission and vision statements to an organization's strategy? The mission and vision statements of a company help direct the organizational strategy. Both provide purpose and goals, which are necessary elements of a strategy.

They outline the audience for the business, and what that audience finds important. By identifying these elements, the think tank can develop a more step-by-step strategy that helps a company achieve its mission in the short-term, and its vision in the long-term.

Mission and vision statements help businesses to outline performance standards and metrics based on the goals they want to achieve.