Learning Outcome: In This Assignment, Students Should Be ✓ Solved

Learning Outcome : In this Assignment, student should be

In this assignment, students should be able to demonstrate strategic formulation skills in a professional environment and illustrate capabilities in working and formulating business strategies in real time. Formulate the Vision and Mission of your company. Analyze whether or not the company vision and mission comprises effective characteristics of a vision and mission statement and also make sure to state the references accordingly.

Name of the Company:

Vision:

Mission:

According to the relevant literature, the characteristics of a good vision statement are:

According to the relevant literature, the characteristics of a good mission statement are:

Paper For Above Instructions

Starting a new company is an exciting and challenging endeavor that requires careful planning and strategic formulation of vision and mission statements. In this paper, we will explore the essential aspects of crafting effective vision and mission statements for a hypothetical company, which we will name "EcoTech Innovations." This company aims to revolutionize the technology industry by developing sustainable and environmentally friendly tech solutions.

Company Name: EcoTech Innovations

Vision Statement

The vision of EcoTech Innovations is to lead the tech industry in sustainability, inspiring a new standard of innovation that harmonizes technology with the environment. Our aim is to create a future where technology enhances the quality of life without compromising the health of our planet.

Mission Statement

The mission of EcoTech Innovations is to design and produce cutting-edge, eco-friendly technology solutions that empower individuals and businesses to reduce their environmental footprint. We are committed to continuous improvement and innovations that not only meet the needs of our customers but also protect and preserve our planet for future generations.

Analysis of the Vision Statement

The vision statement of EcoTech Innovations is crafted to reflect the characteristics of an effective vision statement as outlined in various strategic management sources. According to David and David (2017), effective vision statements should be clear, concise, and compelling. The vision statement of EcoTech fulfills these characteristics:

  • Clarity: The statement clearly articulates the company's ambition to lead in sustainability.
  • Conciseness: The vision is succinct and avoids unnecessary jargon, making it easy to understand.
  • Inspiring: It encourages stakeholders to imagine an environmentally harmonious future, motivating employees and inspiring investors.

Justification: Overall, the vision statement encapsulates the purpose and aspirations of EcoTech Innovations while fulfilling the characteristics identified in existing literature (David & David, 2017).

Analysis of the Mission Statement

According to Bartkus and Glassman (2008), the mission statement should convey the organization’s purpose and core values. The mission statement of EcoTech Innovations encompasses:

  • Purpose: It clearly states the objective of developing eco-friendly tech solutions.
  • Values: It highlights commitment to sustainability and continuous improvement.

Justification: The mission statement captures the essence of what EcoTech Innovations strives to achieve while aligning with the foundational characteristics identified by Bartkus and Glassman (2008).

References

  • Bartkus, B. R., & Glassman, M. (2008). Mission statement quality and financial performance. Journal of Business Strategy, 29(1), 50-58.
  • David, F. R., & David, F. R. (2017). Strategic Management: A Competitive Advantage Approach, Concepts. Pearson.
  • Hammond, S. A. (2017). The Future of Business: Power of the Conscious Company. Greenleaf Book Group Press.
  • Kaplan, R. S., & Norton, D. P. (2001). The Strategy-Focused Organization: How Balanced Scorecard Companies Thrive in the New Business Environment. Harvard Business Press.
  • Mintzberg, H., Ahlstron, P., Lampel, J., & Quinn, J. B. (2009). Strategy Safari: A Guided Tour Through The Wilds of Strategic Management. FT Press.
  • Porter, M. E. (1996). What is strategy? Harvard Business Review, 74(6), 61-78.
  • Robinson, S. P., & Judge, T. A. (2019). Organizational Behavior. Pearson.
  • Shepherd, D. A., & Patzelt, H. (2018). The Role of Entrepreneurial Thought and Action on the Development of Innovative Products and Services. Journal of Business Research, 92, 207-216.
  • Wheelen, T. L., & Hunger, J. D. (2018). Strategic Management and Business Policy: Globalization, Innovation and Sustainability. Pearson.
  • Zahra, S. A., & Covin, J. G. (1995). Contextual influences on the corporate entrepreneurship-performance relationship: A longitudinal analysis. Journal of Business Venturing, 10(1), 43-58.

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