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EFFECTS OF VISION AND MISSION STATEMENT ON FIRMS’ SURVIVAL
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.
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:
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.
1.4 RESEARCH QUESTIONS
iii. Is there a significant difference between the survival of firms that use vision, mission statement and those that do not use?
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.
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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