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EFFECTS OF
VISION AND MISSION STATEMENT ON FIRMS’ SURVIVAL
ABSTRACT
The mission
statement is becoming an integral part of firms operating plans for both public
and private firms within and outside Nigeria. This study was set to bring
fore effect of vision and mission
statement on firms’ survival.
The study
employed a descriptive survey and a research questionnaire was used for data collection; one hundred
questionnaires was distributed to employees at Nestle PLC Sagamu. The data
collected were thus analyzed using frequency count and t-test statistics. The
findings of the study revealed that
there is no significant difference in the perception of male and female
workers on the effects of vision and mission statement and also there is no
significant difference between the survival of firms that use vision and
mission statement and those that do not use.
The study
therefore recommends among others that firms should find the means of surviving
the present economic hardship, which can hinder the time of implementation of
the formulated strategies. The management should establish the need for vision
and mission statement planning by defining the corporate goals and formulating
policies which acts as a guide in decision making.
CHAPTER ONE
INTRODUCTION
1.1
BACKGROUND OF THE STUDY
The mission
statement is becoming an integral part of firms operating plans for both public
and private firms within and outside Nigeria. Indeed, many modern organizations prepare a simple or
small draft documents that bear
what their mission
statements or their
equivalents for a certain period of time. Specifically, for firms with a
profit motive, the vision and mission statement constitute their preambles of
what they want to achieve and how to achieve them when preparing business
plans, strategic and operating plans, and even when they draft letters to apply
for loans from commercial banks. At the same time, pundits of strategic
business management claim that well-defined vision and mission help organizations to align
individual employees’ objectives
with corporate plans.
It is in
this regard that strategic plans, which articulate business missions and
objectives as well as the creation of business departments including
marketing and customer
care, have been given
due weight in
the past (Dorrian, 1996; David,
2007). In fact, the inclusion of mission statements in business documents
almost appears there to stay in formally operating businesses even if its
contribution to the marketing and customer care activities in business entity
remains unclear. Mission and
vision statements have
been overwhelmingly accepted
as an indispensable
part of the
strategic management process for
organizations of all
types; be it
public sector, not-for-profit, private,
for profit, a multinational or
a small and
medium scale enterprise.
It is widely believed
that mission and
vision statements impact on
strategy and most
aspects of organizational performance.
Most firms have mission and vision statements. In the worst case
scenario, mission and vision statements are implied implicitly.
Mullane
(2002) argued and supported it empirically that mission and vision statements
are useful for practical day-to-day operations,
taking a contrary
view to those
who assert they
are archaic documents
that are typically exhibited as
wall hangings. (Campbell and Yeung, 1991) have delineated
how mission and vision statements
can be used to build a common and shared sense of purpose and also serve as
conduit through which employees‟ focus
are shaped. Other schools of thought believe mission and vision
statements tend to
motivate, shape behaviours,
cultivate high levels
of commitment and
ultimately impact positively on
employee performance (Mullane,
2002)
Strategic
management expert Toffler (2003) writes that a firm without a strategy is like
an airplane weaving through the skies, hurled up and down, slammed by winds and
lost in the thunder heads. If lightning
or crushing winds do not destroy it, it will simply run out of gas. In a
similar line of thought, Ross, Rosenberg, Schewe, and Perry (2000) note that,
without a strategy an organization is like a ship without a rudder. It goes
round in circles and like a tramp, has no specific place to go. Clearly, these
statements emphasize the importance and
the need for
a comprehensive, systematic and
dynamic vision and mission planning
for every firm
which seeks to
survive competition in the
ever changing global
competitive business environment.
Ansoff (1970) argues that
planning generally produces better
alignment and financial results in companies which are
strategically managed than
those which are
not. This suggests
an apparent correlation between
strategic planning and the ultimate
performance of a firm in terms of its
growth, profits, attainment
of objectives and
sustained competitiveness (Strickland, 2004).
Though these
assertions are largely true, exceptional situations also arise when some
companies gain not because they had in
place any strategy but because they just
benefited from some sudden
conditions in the
external environment. Nonetheless, and
still consistent with
the need for
evolving and constantly
reviewing strategy, it is
important to note
that having a
sound strategy in
itself does not
necessarily translate into
desired performance goals
if it is
not properly implemented. Both
strategy and implementation must
be good and timely to achieve positive results. As for a firm driven by wrong
strategic planning, Malamud (2004) likens it to a train on a
wrong track saying, every station
it comes to is the wrong station.
These
fundamental principles essentially hold true for all industries globally and as
should be expected, management is subject no less to the dynamics of these
tendencies. It is assumed that strategic
planning, like other
management initiatives developed
basically for business, can be adapted in spite of the
differences between profit and not-for-profit organizations. Vision and mission
statement provides the
basic direction and
rationale for determining
the focus of an
organization; and also
provides the specification
against which any
organization may best decide what to do and how to do it.
Simply put, it is a process for creating and describing a better future in
measurable terms and the
selection of the best means to achieve the results desired. It is important to note that
not all planning is actually strategic even though they may be termed so. It is
said that failure to plan leads to planning to fail.
Vision and
mission statement provides the basic direction and rationale for determining
the focus of an organization; and also provides the specification against which
any organization may best decide what to do and how to do it. Simply put, it is
a process for creating and describing a better future in measurable terms and
the selection of the best means to achieve the results desired. It is important
to note that not all planning is actually strategic even though they may be
termed so. It is said that failure to plan leads to planning to fail. Strategic
planning standardizes the processes of goal/objective setting, situation
analysis, alternative consideration, implementation and evaluation that enable
an organization to attain its goals and objective. Sarason and Tegarden, (2003)
asserted to the positive correlation between strategic planning and performance
achievements as very beneficial for organizations.
1.2
STATEMENT OF THE PROBLEM
Managements
lead role requiring strategic thinking, planning, decision-making and ultimate
implementation could also
have much to
contribute to the
fortunes or otherwise
of the various organizations
in their respective
industries. Much as the differences in the performance levels of various
organizations are to be expected, it is still strongly believed that the vision
and mission pursued by each organization are largely accountable for the
outcome of their survival.
Vision and
mission is a difficult process which requires that people think and act
creatively. The Vision and mission planning process is used by management to
establish objectives, set goals, and schedule activities for achieving those
goals and includes a method for measuring progress. These goals can be
accomplished through the steps of the strategic plan, beginning with an
external and internal analysis, a clearly defined mission statement, goals and
objectives, formulation of specific strategies, concluding with the
implementation of the strategy and managed control process. The problems that
most firms faced in Nigeria is as a result of vision and mission statement and
it has brought upon many firms failure to meet yearly demands, profits etc.
Hence, there is need to examine the effect of vision and mission statement on
firms’ survival.
1.3
OBJECTIVES OF THE STUDY
The
objectives of the study are:
i. To examine the need for vision and
mission statement in organization.
ii. To assess the perception of male and
female workers on effects of vision and mission statement.
iii. To identify the survival of firms that use
vision and mission statement strategy as opposed to those that do not use in
the industry.
iv. To highlight the challenges faced by the
firms which practice vision and mission statement strategy.
1.4 RESEARCH
QUESTIONS
i. Is there a need for vision and
mission statement in every organization?
ii. Is there a significant difference in
the perception of male and female workers on effects of vision and mission
statement on firms survival?
iii. Is there a significant difference between
the survival of firms that use vision, mission statement and those that do not
use?
iv. What are the challenges faced by the firms
which practice vision and mission statement strategy?
1.5 RESEARCH
HYPOTHESIS
H01: There
is no significant difference in the perception of male and female workers on
effects of vision and mission statement.
H02; There
is no significant difference between the survival of firms that use vision and
mission statement and those that do not use.
1.6
SIGNIFICANCE OF THE STUDY
This study
is expected to have effect on strategic planning practitioners management of
firms, academia and the general public. The outcome of this study is to
supplement the existing store of knowledge on the subject of vision and mission
statement and also serves as a channel for further research on innovative ways
of gaining competitive advantage for the overall business well-being of the
nation.
In addition,
the research and its findings are expected to help inform firms in the area of
utilizing vision and mission statement and also elucidate on decision making in
the area of strategic management using strategic planning.
This study
will be very useful to other researchers interested in the area, that is, the
outcome of this study will serve as a base for business tycoon, academicians
who might want to conduct further studies on effect of vision and mission
statement strategy.
1.7
METHODOLOGY STUDY AREA
Research design means the structuring of
investigating aimed at identifying variables and their relationship to one
another. The was undertaken at Nestle Nigeria PLC located at Sagamu in Ogun
State.
The research designs under this methodology is
survey design, the research population will comprise employees of Nestle
Nigeria PLC located at Sagamu in Ogun State.
Instruments of Data Collection
Two methods
were employed for gathering of information of this study which are primary and
secondary data. A primary data is a direct source and it will be a self
constructed questionnaire that would serve as the research instrument for data
collection and the secondary data will be journals, online materials etc.
Data
Analysis
The package
that was used in analyzing data in this research work is the statistical
package for social science (SPSS) expressed in a simple percentage. Therefore
the statistical method that was employed in this research work is t-test
statistics.
1.8 SCOPE OF THE STUDY
This study
was restricted to employees of Nestle Nigeria PLC located at Sagamu in Ogun
State.
1.9
DEFINITION OF TERMS
Vision: it
is generally seen as a picture of the future.
It is a picture of excellence, something that the person, team or firm
wants to create in its best possible future.
Mission: it
is an assumed responsibility of the firm born from its social goals. Mission
reflects the way in which vision can be transformed into a tangible existence
for the firm.
Firms: it is
defined as a business organization that owns, operates, employs productive
resources to obtain products and/or services which are offered in the market
with the aim of making profit.
1.10
DEFINITION OF TERMS
This study
was structured into five (5) chapters. Chapter one is the introductory chapter
and gives the background to the study, states the research problem, objectives
of the study, research questions, significance of study, structure of the
study, the scope and operational definition of terms.
Chapter two
is on the review of literature relevant to the study scholars and researchers
in the field of strategic management. Chapter three dealt with the specifics of
steps, tools and procedures that were taken to collect data needed to address
the research problems. Chapter four was dedicated to the analysis and
discussion of data collected in the field surveys. Chapter five which is the final chapter
captures the summary of findings, conclusions and recommendations.
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