Explain the need for core values statements in strategic management. Describe the nature and role of vision statements in strategic management. Identify the characteristics of a vision statement.

STRATEGY Formulation

After studying this chapter, you should be able to do the following:
2-1. Explain the need for core values statements in strategic management.
2-2. Describe the nature and role of vision statements in strategic management.
2-3. Identify the characteristics of a vision statement.
2-4. Describe the nature and role of mission statements in strategic management.
2-5. Identify and discuss the characteristics of an effective mission statement.
2-6. Identify and discuss the components of mission statements.
2-7. Discuss the benefits for a firm of having clear vision and mission statements.
2-8. Evaluate and write mission statements for different organizations.