Vision & Mission Statement-NEW PDF

CENTRAL LUZON STATE UNIVERSITY HOSPM 2115: Bar and Beverage Management COLLEGE OF HOME SCIENCE & INDUSTRY Mission and Vision Statement...

CENTRAL LUZON STATE UNIVERSITY HOSPM 2115: Bar and Beverage Management COLLEGE OF HOME SCIENCE & INDUSTRY Mission and Vision Statement Prepared by: DEPARTMENT OF HOSPITALITY AND Jomerick F. Domingo LPT, CHP, MSHTM TOURISM MANAGEMENT Assistant Professor I Objectives After discussion, you should be able to: 1. Explain mission and vision statements and distinguish each from another. 2. Discuss the importance of mission and vision statements. 3. Discuss and explain business Philosophy and value statement 4. Write the vision, mission, business philosophy, and values statement for the proposed business. Vision Statement A vision statement should answer the basic question, “What do we want to become?” A clear vision provides the foundation for developing a comprehensive mission statement. Many organizations have both a vision and mission statement, but the vision statement should be established first and foremost. The vision statement should be short, preferably one sentence, and as many managers as possible should have input into developing the statement Mission Statement “What is our business?” is synonymous with asking the question “What is our mission?” An enduring statement of purpose that distinguishes one organization from other similar enterprises, the mission statement is a declaration of an organization’s “reason for being.” It answers the pivotal question “What is our business?” A clear mission statement is essential for effectively establishing objectives and formulating strategies. Mission Sometimes called a creed statement, a statement of purpose, a statement of philosophy, a statement of beliefs, a statement of business principles, or a statement “defining our business,” Mission Statement Components Mission statements can and do vary in length, content, format, and specificity. 1. Customers—Who are the firm’s customers? 2. Products or services—What are the firm’s major products or services? 3. Markets—Geographically, where does the firm compete? 4. Technology—Is the firm technologically current? 5. Concern for survival, growth, and profitability—Is the firm committed to growth and financial soundness? 6. Philosophy—What are the basic beliefs, values, aspirations, and ethical priorities of the firm? 7. Self-concept—What is the firm’s distinctive competence or major competitive advantage? 8. Concern for public image—Is the firm responsive to social, community, and environmental concerns? 9. Concern for employees—Are employees a valuable asset of the firm? A business philosophy is a set of guiding principles that a company strives toward to achieve its ultimate goal. It encompasses the company’s values, grounding it through ups and downs. Essentially, a business philosophy should align with the brand’s personality, mission, and vision. It serves as a blueprint for how the company operates and makes decisions. Some companies refer to their philosophy as a mission statement, values statement, code of conduct, or code of ethics.  Values Statement A value statement is a brief declaration that outlines a company’s priorities and core values. It serves as a guide for making important internal decisions and informing both employees and customers about the principles that matter most to the business. These values shape workplace culture, guide interactions, and provide a shared purpose for team members. When done effectively, they can increase retention, boost productivity, and foster better teamwork. Vision Statement Development Involving Management: The process of creating a vision statement should involve input from as many managers as possible to ensure a comprehensive and inclusive perspective. Clarity and Conciseness: A vision statement should be clear, concise, and inspiring, providing a compelling image of the organization's future. Alignment with Mission: The vision statement should align with the organization's mission and reflect its core values and aspirations. Crafting Mission Statement Distinctive Purpose: Crafting a mission statement involves defining the organization's reason for being and its distinctive competence or major competitive advantage. Components and Considerations: Mission statements can vary in length, content, format, and specificity, addressing key components such as customers, products or services, markets, technology, survival, growth, profitability, philosophy, self- concept, public image, and concern for employees. Enduring Guidance: A well-crafted mission statement provides enduring guidance for the organization's objectives and strategies. Value Statement Formulation Priorities and Core Values: Formulating a value statement involves identifying and articulating the company's priorities and core values that shape its workplace culture and interactions. Internal Decision-Making: The value statement serves as a guide for making important internal decisions and informs both employees and customers about the principles that matter most to the business. Impact on Workplace Culture: Effective value statements contribute to increased retention, productivity, and teamwork within the organization. Business Application Strategic Direction-direction and purpose Operational Framework- translation of objectives in work structure and provide a basis for assessing and controlling Organizational Identity-Contribute to the identity and success of a business. Thank you and God Bless! Keep Safe Always! -JFDomingo