33:620:301 Chapter Notes -Financial Statement, Relate, Balanced Scorecard

• School: Rutgers University
• Department: Management
• Course: 33:620:301
• Professor: Xi Wang

Document Summary

Charting a company"s direction: its vision, mission, objectives, and strategy. Top management"s views and conclusions about the company"s long term direction and what product market customer mix seems optimal for the road ahead constitute a strategic vision for the company. Provides rationale as to why this direction makes sense for the company. Well-conceived visions are distinctive and specific to a particular organization. For a strategic vision to function as a valuable tool, it must convey what management wants the business to look like and provide managers with a reference point in making decisions. A mission statement describes the enterprise"s present business and purpose; it is purely descriptive, whereas a strategic vision speaks of the company"s future course of action; it is aspirational. Mission statement identifies company"s products/services, specifies buyer needs it will satisfy and customer groups/markets it serves, and gives the company its own identity.