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Vision statement and its importance Case Study

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Updated: May 11th, 2019

A vision statement can be defined and explained as an aspirational description. This is mostly concerned with what a given organization wants to achieve. Most of these aspirations can either be in the mid-term or long term future. As a matter of fact, a vision statement describes what a given organization will do thereby explaining why it will exist tomorrow (Haines, 2004, p. 24).Most notably, a vision statement defines goals that are supposed to be achieved and attained after a given period of time.

This means that the current status of the organizations should be taken into consideration for sustainability. In a broad perspective, a vision statement should be able to point to the direction that the organization will go. All this withstanding, a vision statement defines the future success of a business. This is as far as what the business hopes to achieve is concerned. Vision statements are made after goals have been defined which outlines their importance as far as long term sustainability of an organization is concerned.

The importance a vision statement to an organization can not be underestimated in any way which is a fact. This means that they can be useful when an organization wants to convey a message on why it exists in the first place. A vision statement is important because it helps in proper identification of gaps that are supposed to be filled as the organization grows (Bradford, 2000, p. 46).

This is because an organization is expected to achieve set targets and expectations that will suit different interests. In this case, it should be known that by looking at the company’s vision statement, the management will be able to define strategies that will move the organization forward. As a matter of fact, the vision statement should motivate and inspire employees to represent the company well by articulating what it stands for. This paper will therefore give the vision statement of Chester Company and explain it.

The vision statement

The Company’s vision statement is ‘low priced products for the industry’. Chester has always wanted to serve the market well as far as fair pricing and superior products are concerned which underlines our commitment to satisfy our customers. In this case, the company envisages a point where it will be able to penetrate the market by pricing our products well for long term sustainability. The company operates in a competitive market that is always faced with unique challenges as time goes by.

This means that customers are very sensitive to pricing which explains our desire to operate on a low pricing model that is unique in the market (Haines, 2004, p. 61). As much as the company will offer low priced products, it will not compromise on quality that is important as far as customer loyalty is concerned. The technological industry is very competitive and that is why this will help the company to move forward in future thereby guaranteeing the market that is needed.

Chester’s primary stakeholders are bondholders, customers, the management and different stockholders. In this case, it should be understood that they have different interests that need to be catered for. As a matter of fact, customers should receive value for money which will be catered for through competitive pricing. On the other hand, employees and the management expect the company to be sustainable thereby guaranteeing them their income.

This can be taken care of by having a good market that will be secured through low priced products for the industry. Bondholders and stockbrokers always want good returns which can not be realized if the company is performing poorly in the market (Bradford, 2000, p. 84).

Such expectations can only be taken care of by having a sizeable market share that will make the company’s stocks pricey as time goes by. All this withstanding, the vision statement explains where the company wants to be in the near future by offering low priced products to the market and industry as a whole.

Reference List

Bradford, D., 2000. Simplified Strategic Planning. New York: Chandler House.

Haines, S., 2004. ABCs of strategic management: An executive briefing and plan-to- plan day on strategic management in the 21st century. New York: John Wiley and Sons.

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IvyPanda. "Vision statement and its importance." May 11, 2019. https://ivypanda.com/essays/vision-statement-and-its-importance-case-study/.

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IvyPanda. 2019. "Vision statement and its importance." May 11, 2019. https://ivypanda.com/essays/vision-statement-and-its-importance-case-study/.

References

IvyPanda. (2019) 'Vision statement and its importance'. 11 May.

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