Vision & Mission of any firm

By definition:

Vision: It is the vivid descriptive image of what a company wants to be 'or' wants to be known for; it preserves the core of future. Its a hallmark of an en-lighten forward looking organization.

Mission: It is a statement of intent of what a company wants to create and though which type of business. It is a definition of the business. It is an answer to the question -i) what business the firm is in; ii) why the firm is in this business; iii) what could be the business if the firm was not in the existing business. It is process of legitimization for existence of the business. It reflects the culture, philosophy and grand design of the firm.

The vision and mission for any firm is very very important, these are two artifacts for any company's strategy for market. And strategy gap may leads a company to zero % market share. There are so many examples, talk about bajaj chetak scooter they didn't change their strategy with the changing market and there market share from 90 % came to 0%; yes they have stopped the production. Similarly Colgate, they lost their market share 90 % to 52% due to strategy gap. All that due lack of proper vision and mission,

Now talk about successful companies; IBM, Vision: Business On Demand.. a virtual office,The on demand vision is for companies or institutions to respond dynamically, whatever their business challenge; this statement may not be true 10 years back, but now it looks true; Motorola: Mobilizing people; Nokia: connecting people. Tata Steel: Tata Steel strives to strengthen India's industrial base through the effective utilisation of staff and materials. The means envisaged to achieve this are high technology and productivity, consistent with modern management practices. LogicaCMG: LogicaCMG’s mission is to help leading organisations worldwide achieve their business objectives through the innovative delivery of information technology and business process solutions.

These great companies knows their business very well and are in business for long long time, that is what is mission and vision which help companies to decide strategy.

I feel it is not complete will write more some time later.. till then; Chao;