5- Strategy Leadership – Vision vs Mission vs SMART Goals in Business Strategy - Chapter 2 -Lesson 1

This lesson covers chapter 2, Strategy Leadership, Vision, Mission, and SMART Goals. This chapter is intended to explain what vision, mission, and goals are? Furthermore, why are they important to organizations? Therefore, after this lesson, you will be able to:

• Define vision and mission and distinguish between them.
• Know what the acronym SMART represents.
• Be able to write a SMART goal.

An organization’s vision describes what the organization hopes to become in the future. A mission states the reasons for an organization’s existence. While a vision looks to the future, a mission captures the key elements of the organization’s past and present. To work toward achieving these overall aspirations, organizations also need to create SMART goals—narrower aims that should provide clear and tangible guidance to employees as they perform their work on a daily basis.

Key Takeaways

Strategic leaders need to ensure that their organizations have three types of aims. A vision states what the organization aspires to become in the future. A mission reflects the organization’s past and present by stating why the organization exists and what role it plays in society. Goals are the more specific aims that organizations pursue to reach their visions and missions. The best goals are SMART: specific, measurable, achievable, realistic, and time-bound

Main references

Quigley, J. V. (1994). Vision: How leaders develop it, share it, and sustain it. Business Horizons, 37(5), 37–41.
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