Strategy Formulation and Strategic Planning

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The Mission, Vision and Values of a company play a Fundamental role in Strategy Formulation and Strategic planning. We will discuss throughout this assignment, how developing effective mission, vision and values can help shape, develop and guide a firms Strategic choices. They reflect the firm's fundamental core ideology. At the most basic level a mission statement can describe the firms overall purpose for being. It provides an inside to the present business scope and purpose of the firm that is "who we are, what we do, and why we are here". Thus it explains the firm's very reason for existing. It will generally define the scope of the firm, the ends to which it wants to achieve and the means of doing so (its competitive advantage), which usually encompasses three dimensions, its customers/offering, geographic locations and vertical integration, its concerns for employees and other stakeholders. These should be clearly defined so as to guide management and employees in day to day decision making. Thus as Porter states that any strategic statement must begin with a definition of the ends that this strategy is designed to achieve." If you don't know where you are going, any road will take you there". The mission and vision statements and values of a company say how the business is Unique. How it set's itself apart from its rivals and thus how it can offer value to its customer base and thus sets the "tone" of the firm As Michael Porter states it sets the " Strategy that delineates a territory in which a company seeks to be unique" . It should thus be specific enough to distinguish the company and give itself its own identity. To help in our critical evaluation of the importance of mission, vision and values of a company in its... ... middle of paper ... ...and help the local communities in which Ben and Jerry's waive the Franchise fee. Part of its vision is to eliminate the negative impact on the environment and be a force for sustainable environmental change. Finally they envisage showing generosity to the communities in which they do business showing respect for individual internally and externally and through numerous philanthropic activities should as through the Ben and Jerry Foundation. It was the first company to have a double bottom line "Double dip" which focused on Financial and Social Criteria. Just as a part of their vision and values instead of focusing on just profits and product quality they added the social impact their business can have and how it can be a force for progressive, positive change as one of their core values. Thus they base there vision and core values around "Doing well by doing good".
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