Question Tag: Mission

i) Mission:
The mission of an organization is its declaration of what it is and why it exists; that is, its reason for being and the values it holds. A mission has two main parts: the purpose for which it exists and what it does to achieve that purpose.
(2 marks)

ii) Vision:
The vision of an organization represents a desired optimal future state of what the organization wants to achieve over a stated period of time. It relates to where the firm wants to be in the future as opposed to a mission which tells the current state of the organization.
(2 marks)

iii) Values:
Values are the core principles or standards that guide the behavior and decision-making processes within the organization. They reflect what the organization stands for and are foundational to its culture and identity.
(2 marks)

iv) Strategy:
A strategy refers to a course of action together with an indication of the resources required to achieve a specific company objective. In an organizational setting, strategy formulation is the responsibility of top management.
(2 marks)

v) Objective:
An objective is an aim derived from the goals of an organization, expressed in a measurable form. A specific time by which the objective should be achieved is usually given.
(2 marks)