Abstract:

Vision and mission statements have been studied extensively in strategic management literature for more than 30 years (Powers, 2012). Regardless of the type of company, whether private or public sector, business or non-profit, multinational or a small, medium or large-scale enterprise, vision and mission statements have been highly considered as a crucial part of the strategic management process (Darbi, 2012). The importance of a company's vision and mission statements cannot be overstated when it comes to strategy. Almost every company has a vision and a mission. In his study, Bart et al. (2001) found that senior managers frequently used mission statements as a management tool. Vision statements describe where a company wants to be in the near future, whereas mission statements describe the specific measures the business will take to get there. They also specify the tasks that must be completed in order to help the company realize its vision. The firm's long-term strategy is guided by its vision and mission statements, which are based on the firm's underlying ethical beliefs. Embedding a strong sense of ethics across an organization's internal culture, imbuing employees with a sense of purpose, and influencing the way they conduct themselves are all important components of increasing productivity and improving an organization's public image. In making ethical decisions, an individual uses core orientations such as utilitarianism, honesty and integrity, duty and duties, cultural recognition, and self-interest (Jones et al., 2003).