MKTG3000 : Strategic Marketing Management : Organization’s Summarize
Answer:
Organisation’s summarize their core objectives and goals in vision and mission statements. Both of these serves dissimilar purposes for the organisation’s marketing management but often get confused with each other’s. Vision statement summaries what an organisation wants to be like in future whereas a mission statement describes about what an organisation desires to do. This means, mission statement focuses more on present as it defines organisation’s customers, critical procedures and information about desired performance level. Whereas vision focusses more on futuristic goals by describing organisation’s motivational statements to inspire its people working for it (Taiwo, et al., 2016). Moreover, some companies even describe not only their future statement only but also the future of society and industry in which the organisation hopes to bring effective changes.
PepsiCo, which is the world’s second largest company dealing in Food and Beverage has a strong vison that states companies’ role in global market while its mission is to lead its business in developing products to cope up with customers demand. Both the mission and the vision of the company aligns with each other and together highlights basic fundamental of the company in terms of its marketing and product mix. The organisation’s corporate mission identifies actions that is required to achieve its organisational vision (PepsiCo, 2018).
From the above example it can be said that the basic purpose behind mission statement is to guide the organisation’s strategic marketing management and its decision making. Mission helps in planning and assisting team members about what should be done to achieve their goals whereas vision frameworks the worldview of the company and the reason behind its existence.
References:
PepsiCo, 2018. PepsiCo's Performance with Purpose Goals: People. [Online]
Available at: https://www.pepsico.com/
[Accessed 03 08 2018].
Taiwo, A. A., Lawal, F. A. & Agwu, M. E., 2016. Vision and Mission in Organization: Myth or Heuristic Device?. The International Journal Of Business & Management (ISSN 2321–8916), 04(03), pp. 127-134.
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