Chapters 3 & 4: Mission and Competitive Analysis

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How vision and mission statements provide effective strategic direction?

According to Holmes (2006), a mission statement is an important management reference point that defines the business agenda, service being offered, products and the customer relations. Through the mission statement developed by a business during incorporation, the firm gets a strategic unity in direction and operation making it stand in the competitive market. Besides, through the mission statement, management of a business can maintain focus on what they should do, how they should do it, to whom it should be done and the attributed benefits for conducting the business. In addition, mission statement also helps create and maintain a relationship with the organization, its customers, and the employees. During decision making when a dilemma faces the stakeholders, mission statement provides the course of action by weighing the applicability and appropriateness of the action to be taken.

On the other hand, according to Page (2014), a vision statement...