University of The People
BUS 5117-01 Strategic Decision Making and Management
Written Assignment – Unit 2
Dr. Madhusmita Panda
Select three key ideas or facts from the textbook which you believe are most important for
a firm competing in a global market. Why are they the most important to the process?
Vision is a crucial part in strategic management
One of the important facts we see in the chapter is the value of vision. Vision is the future goal of
an organization. It shows what the organization aspires to become and hopes to achieve (Ketchen
& Short, 2012). It sets a direction and end goal for all the stakeholders and guides decision-
making. A vision statement should be clear, concise, and purposeful. It might be short but the
essence of the firm is contained in it.
Vision is developed at the initial stages of starting a business and needs to be firmly adhered to
or further grow. A company with no vision will try various things without any real direction or
purpose. This will lead to wastage and negatively affect the firm’s competitive edge. A
company’s vision should shape its mission, goals, and strategies. There should be a harmony
between these concepts to create a conducive environment.
Mission and vision statements are not interchangeable
Companies use mission and vision statements interchangeably, however, they need to be
understood independently. A vision statement describes the future of the firm while the mission
statement describes the present focus of the firm and what the organization needs to do to
achieve that (ClearVoice, 2022).
A mission statement describes the core business of the firm and shapes the firm’s culture. The
vision statement focuses on inspiring and providing a clear direction for the future. It makes the
company more focused on the big picture or on what’s important. Both mission and vision are
crucial for a company and they influence one another, however, the differences between them
need to be understood.
BUS 5117-01 Strategic Decision Making and Management
Written Assignment – Unit 2
Dr. Madhusmita Panda
Select three key ideas or facts from the textbook which you believe are most important for
a firm competing in a global market. Why are they the most important to the process?
Vision is a crucial part in strategic management
One of the important facts we see in the chapter is the value of vision. Vision is the future goal of
an organization. It shows what the organization aspires to become and hopes to achieve (Ketchen
& Short, 2012). It sets a direction and end goal for all the stakeholders and guides decision-
making. A vision statement should be clear, concise, and purposeful. It might be short but the
essence of the firm is contained in it.
Vision is developed at the initial stages of starting a business and needs to be firmly adhered to
or further grow. A company with no vision will try various things without any real direction or
purpose. This will lead to wastage and negatively affect the firm’s competitive edge. A
company’s vision should shape its mission, goals, and strategies. There should be a harmony
between these concepts to create a conducive environment.
Mission and vision statements are not interchangeable
Companies use mission and vision statements interchangeably, however, they need to be
understood independently. A vision statement describes the future of the firm while the mission
statement describes the present focus of the firm and what the organization needs to do to
achieve that (ClearVoice, 2022).
A mission statement describes the core business of the firm and shapes the firm’s culture. The
vision statement focuses on inspiring and providing a clear direction for the future. It makes the
company more focused on the big picture or on what’s important. Both mission and vision are
crucial for a company and they influence one another, however, the differences between them
need to be understood.
