The Inspirational Executive: Strategy Planning Through Mission, Vision, and Values

Vikas Mittal () and Shrihari Sridhar ()
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Vikas Mittal: Rice University
Shrihari Sridhar: Texas A&M University

Chapter 4 in Focus, 2021, pp 47-63 from Springer

Abstract: Abstract An inspirational approach to strategy planning is founded on senior executives articulating the mission, vision, and values of an organization. Notwithstanding their claimed advantages, mission statements (1) tend to be subjective and vague; (2) have a broad an overarching scope; (3) are inward-looking, echoing senior executives’ desired; and (4) rarely provide the focus and clarity that employees need to implement strategy. Results from multiple peer-reviewed studies examining the efficacy of mission, vision, and values statements in driving financial performance show a lack of scientific association between having a mission statement and superior financial performance. This refutes a strongly held belief in the strategy-consulting community and among senior executives that mission or vision statements are the bedrock of a sound and financially accountably strategy process. The chapter concludes with findings from original research that shows that mission statements serve the aspirations of senior leaders and de-emphasize strategic areas important to customers—there is virtually no statistical association between elements of a company’s mission statement and the needs of its customer needs.

Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-70720-0_4

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DOI: 10.1007/978-3-030-70720-0_4

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