Importance of Vision and Mission Statements Strategic Management Process - Meaning, Steps and Components
Importance of Vision and Mission Statements One of the first things that any observer of management thought and practice asks is whether a particular organization has a vision and mission statement. In addition, one of the first things that one learns in a business school is the importance of vision and mission statements. This article is intended to elucidate on the reasons why vision and mission statements are important and the benefits that such statements provide to the organizations . It has been found in studies that organizations that have lucid, coherent, and meaningful vision and mission statements return more than double the numbers in shareholder benefits when compared to the organizations that do not have vision and mission statements. Indeed, the importance of vision and mission statements is such that it is the first thing that is discussed in management textbooks on strategy. Some of the benefits of having a vision and mission statement are discussed b
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