Contents :
- Meaning and Definition of Vision.
- Features of Vision.
- Process of Envisioning.
- Significance of Vision.
- Limitations of Vision.
- Differences Between Vision and Mission.
What is Vision ?
Vision statement can be referred as the statement defining company’s long term goals. A vision statement can exceed from one line to a few paragraphs highlighting what the organization want to achieve in future.
An effective vision statement motivate the employees and provide them a sense of direction for carrying out day to day business activities and also help in taking strategic decisions.
For example :
Infosys vision is “To be a globally respected corporation that provide best of breed business solutions, leveraging, technology, delivered by best-in-class people”.
An organisation’s vision statement clarifies he significant primary goals to be achieved, but does not highlights the plan to accomplish these goals. It helps the organisational staff in formulating required strategies for carrying-out necessary business operations. Vision statement is common, mutual and for every employee in the organisation. Vision
statement is unique, simple, and competitive in nature. A good vision statement encourages the organisation to take risks and to pursue innovative ideas to stay competitive in market.
A vision statement is prepared to boost the morale of the employees by painting a picture of the path on which the organisation is heading. The vision statement of an organisation allows the managers to practically monitor the organisation’s progress by comparing the stated objectives and operational plans for achieving those objectives. If the operational plans do not lead to the achievement of the ultimate organisational vision, the plans can be modified when necessary.Vision statement integrates the organisation goals from various departments and forms a common mutual goal to be achieved. Good vision statement encourages innovation and fosters a feeling of ownership and belongingness within the employees and the stakeholders.
Definition of Vision
According to Miller and Dess :
“Vision is the category of intentions that are broad, all-inclusive, and forward thinking”.
According to Kotler :
“Vision is a description of something (an organisation, corporate culture, a business, a technology, an activity) in the future”.
According to El-Namaki :
“Vision is a mental perception of the kind of environment an individual, or an organisation, aspires to create within a broad time horizon and the underlying conditions for the actualisation of this perception”.
According to Oren Harari :
“Vision should describe a set of ideals and priorities, a picture of the future, a sense of what makes the company special and unique, a core set of principles that the company stands for, and a broad set of compelling criteria that will help to define organisational success”.
Features of Vision
A vision statement has following features :
1) Requires Careful Thinking :
Formulating a vision statement not only requires attractive tagline, but also requires strategic thinking regarding the future prospects of an organisation to achieve success.
2) Helps in Selecting Target Market :
As a company cannot serve the needs of each and every type of customer, it has to customise the services for a particular target customer. Vision statement helps the organisation to decide the market segments to which the organisation would cater and make strategic decisions accordingly. In this way, the vision statement creates a strategic path for the organisation.
3) Decides the Long-Term Objectives and Focus :
Strategic vision helps in deciding the direction of the organisation and the strategies needed to achieve the set targets.
4) Future-Oriented :
Vision is future-oriented. Vision does not represent an organisation’s present condition; it depicts the state in which an organisation wants to be within the stipulated period of time. Therefore, in other words, it can be said that the vision statement highlights the organisation’s future goals and helps in formulating necessary plans. It becomes important for an enterprise to formulate the vision while keeping a bright picture of future in mind.