Production and Operation Management

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Information about Production and Operation Management
Business & Mgmt

Published on February 5, 2014

Author: aamerwaqas1991



Definitions of Mission, Vission, Objectives, Strategy and Tactics

2014 Vision, Mission, Objectives, Strategies & Tactics FINAL ASSIGNMENT Define and explain vision, mission, objectives, strategies and tactics? Explain with the help of example from different organizations. MUHAMMAD AAMER WAQAS IDREES BBA 6th – A ROLL # 02 1/19/2014

Vision, Mission, Objectives, Strategies & Tactics Visions, Missions, Objectives, Strategies and Tactics The core elements of every business plan are visions, missions, objectives, strategies and tactics. Whilst everybody in business knows the terms, its surprising how many people don’t know what they mean or how they fit together. VISION A business vision is a statement of where the business is going. What does it aspire to, and what are the values its clients and customers will experience? A vision statement is usually a long-term view and concentrates on the future. A vision statement is most effective when it’s emotive and inspirational, but at the same time it has to be credible to the employees and customers of the business. Vision statements should be short and punchy. Can you get your vision statement into one, memorable, sentence? M. AAMER WAQAS IDREES BBA-6th (A) – ROLL # 02 Page 1

Vision, Mission, Objectives, Strategies & Tactics MISSION A business mission is a statement describing what the business does. It describes the fundamental purpose of the business to explain why it exists and what it does to achieve its vision. The best business statements describe succinctly what the business does for its customers. Like vision statements, mission statements should be short and punchy. OBJECTIVES Business objectives are a precise, numerical description of what the business plans to achieve. Business objectives should be SMART:  Specific  Measurable  Achievable  Resourced  Timed Some schools of thought suggest strategies should be decided before objectives. For me that doesn’t make sense. In my mind the objective – or more particularly the scale of the objective – will often determine what strategies make sense. Strategies Business strategies are broad descriptions of how the business will set out to achieve its objectives. A strategy is a direction rather than a specific task. M. AAMER WAQAS IDREES BBA-6th (A) – ROLL # 02 Page 2

Vision, Mission, Objectives, Strategies & Tactics Business strategies are often grouped into ‘sales strategies’, marketing strategies’ and the like. TACTICS Business tactics are the actions that will be taken to realize the strategies. A sales strategy might be to increase market share, the sales tactics would be the actions that make this possible. M. AAMER WAQAS IDREES BBA-6th (A) – ROLL # 02 Page 3

Vision, Mission, Objectives, Strategies & Tactics EXAMPLE: PEPSICO: Mission: Our mission is to be the world's premier consumer products company focused on convenient foods and beverages. We seek to produce financial rewards to investors as we provide opportunities for growth and enrichment to our employees, our business partners and the communities in which we operate. And in everything we do, we strive for honesty, fairness and integrity. Our Vision Our vision is put into action through programs and a focus on environmental stewardship, activities to benefit society, and a commitment to build shareholder value by making PepsiCo a truly sustainable company. Performance with Purpose At PepsiCo, we're committed to achieving business and financial success while leaving a positive imprint on society - delivering what we call Performance with Purpose. Our approach to superior financial performance is straightforward - drive shareholder value. By addressing social and environmental issues, we also deliver on our purpose agenda, which consists of human, environmental, and talent sustainability. PepsiCo Values & Philosophy Our Values & Philosophy are a reflection of the socially and environmentally responsible company we aspire to be. They are the foundation for every business decision we make. Our Commitment We are committed to delivering sustained growth through empowered people acting responsibly and building trust.  Sustained Growth M. AAMER WAQAS IDREES BBA-6th (A) – ROLL # 02 Page 4

Vision, Mission, Objectives, Strategies & Tactics         Empowered People Responsibility & Trust Care for Customers, Consumers and the world we live in. Sell only products we can be proud of. Speak with truth and candor. Win with diversity and inclusion. Balance Short term and long term. Respect others and succeed together. STRATEGY: Since the beginning pepsico has adopted marketing strategy rather than differentiating itself from other leading beverage. Pepsi-Co has not always had a clear brand identity or consistent marketing strategy, and this has left the company in the perennial number two slot behind Coca-Cola. Jakeman says, “As a brand we have moved from one advertising campaign to another to another…Because we haven’t had an enduring piece of brand language, we just attached different things to the logo all the time.” With Jakeman’s guidance, Pepsi-Co is planning “to get a lot more disciplined. TACTICS: So far pepsico has adopted tactics only based upon advertisement strategies of one to other. There is quite rare strategy aiming to differentiate itself from coke. Therefore, economists stats it the main reason behind ranking of Pepsico second to coke. THE END M. AAMER WAQAS IDREES BBA-6th (A) – ROLL # 02 Page 5

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