Define vision, mission, and objectives. What are the benefits provided by effective mission statements?
Vision is defined as a concept or picture of what a firm wants to achieve.
Mission is defined as the activities a firm performs for its customers.
Objectives are defined as a series of quantifiable milestones or benchmarks by which a firm can assess its progress.
Effective mission statements can provide the following benefits:
• Define the purpose of the company
• Build motivation and commitment among employees
• Provide direction and inspiration
• Serve as a focal point
• Assist in making strategic trade-offs
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