What is a Vision?
Vision is an inspirational description of where the business would like to be, or to achieve in the future. It provides a benchmark for what the business hopes to accomplish. Tesco is an organisation that was built for the customers and associates. Tesco’s vision guides them to their direction and the strategic decisions Tesco have to makes. Tesco’s vision is:
‘To be the most highly valued business by the customers we serve, the communities in which we operate, our loyal and committed colleagues and of course, our shareholders.’
Tesco’s vision has five elements of which can be defines that the sort of company it aspires to be. The five elements are:
Wanted and needed around the world
A growing business, full of opportunities
Modern, innovative and full of ideas
Winners locally whilst applying our skills globally
Inspiring, earning trust and loyalty from customers, our colleagues and communities.
The vision, mission statement and goals interrelated and state what an organisation is looking to accomplish though the procedures and strategies indicate how it will accomplish them. Tesco’s core purpose is, ‘We make what matters better, together.’
Once aims are established, functional areas within a firm will be devise department-based strategies to ensure goals are achieved. The vision will drive the business and make them to become more successful than before.
While a vision outlines the aspirations of senior managers, a mission statement is a general expression of the overall purpose of the business. It communicates the goals of a company to all stakeholders. The vision inspires all stakeholders and motivate employees towards achieving its stated objectives. If it is done well, it should convince the customers, suppliers and external stakeholders of its sincerity and commitment to them.