Formation of a strategic vision for the future of the company

An idea of the long-term development of the company, selected technologies, products, customers, business development directions is the strategic vision of the company.

If the strategic vision determines the future image of the company, then the mission describes the activities of the company at the present time: what goods and services it produces, who its customers are, what are the technological and business opportunities. Most companies include the mission in their annual reports and post them on Web sites. The mission says nothing about the direction of the company’s development, future activities and business plans. So the strategic vision reflects the future of the company, and the mission is the present. For example, Intel (the production of processors for PCs): “Our vision: billions of computers connected to the Internet, millions of servers, trillions of dollars in profits from e-commerce. Intel’s mission is to maintain its role as a key provider in the Internet economy and to facilitate any effort to improve the efficiency of the Internet. Today, the main thing in computers is the Internet. We are expanding the capabilities of the PC and the Internet”; Eastman Kodak “We take photos”; Ritz-Carlton Hotel Chain “The mission of the Ritz-Carlton hotel chain is to tirelessly care for and provide maximum comfort to every guest.” “We guarantee our guests the best personalized service, comfort, calm and refined environment.”

“Thanks to the vast experience of the staff of Ritz-Carlton hotels, an atmosphere of comfort and well-being is created, even the unspoken wishes of its guests are satisfied” [15 p.35].

The formation of a strategic vision begins with the creation of its three main components.

The mission of the company, which determines the position and business of the company at the moment; A long-term course developed on the basis of the mission and determining the strategic path of the company; Clear articulation of the strategic vision to gain broad support from all employees of the company.

The mission formulation contains a description of three elements [25 p.169.]:

The needs of the buyer, i.e. what must be satisfied; Groups of buyers, i.e. who will be the object of service; Actions, technology and knowledge, i.e. how the company creates and distributes customer value and satisfies the needs of its customers [15 p.60].

Based on today’s mission, the company forms its future business, future target consumers and the direction of future development. As a rule, the strategic vision is designed for at least the next five years; the exception is new industries or markets with high volatility and uncertainty, which do not allow you to make plans with sufficient confidence for such a long period. To choose the direction of the company’s development, it is necessary to evaluate a number of important parameters:

changes in the market segment in which the company operates, and their impact on the development of the company; the change (and the emergence of new) customer needs that the company needs to meet; change (and the emergence of new) consumer segments that it is desirable to master; new geographical or product markets to enter; the company’s image in five years; the future of the company [15 p.60].