Differences between Vision and Mission
Introduction:
Vision and Mission are the inspiring words chosen by successful leaders to clearly and concisely convey the direction of the organization. By crafting a clear mission statement and vision statement, you can powerfully communicate your intentions and motivate your team or organization to realize an attractive and inspiring common vision of the future. A Mission Statement defines the organization's purpose and primary objectives. Vision Statements also define the organizations purpose, but this time they do so in terms of the organization's values rather than bottom line measures The vision statement communicates both the purpose and values of the organization.
Vision:
Vision is a picture or mental image of what the organization should look like in the future.
Vision should describe a set of ideals and priorities, a picture of the future, a sense of what makes the company special and unique, a core set of principles that the company stands for, and a broad set of compelling criteria that will help define organizational success
Mission:
Missions are targets that focus on finishing the task.
A mission describes the organization’s basic function in society, in terms of the products and services it produces for its customers. Good missions are highly personalized- unique to the organization for which they are developed.
Goal
Goals are broad, general statements of intent.
Goal is the milestone the organization aims to achieve that evolves from the strategic issues. They transform strategic issues into specific performance targets that impact the entire organization. They can be qualitative or quantitative dependent upon usage.
Objective
Objectives are specific result or targets to be reached by a certain time.
Objectives are used to operationalize the mission statement. That is, they help to provide guidance on how the organization can fulfill or move toward the “high goals” in the goal hierarchy-the mission and vision. As a result, they tend to be more specific and cover a more well-defined time frame.
Differences between Goal and Objective:
Strategb:
Strategy is a kind of game plan. Strategy is kind of technique or tactics to achieve organizational goals.
Strategy is the direction and scope of an organization over the long-term: which achieves advantage for the organization through its configuration of resources within a challenging environment, to meet the needs of markets and to fulfill stakeholder expectations.
The business strategy of a company provides the big picture that shows how all the individual activities are coordinated to achieve a desired end result. It is through the strategy process that the overall direction of the business is set.
Southeast Bank Limited:
Southeast Bank Limited was established in 1995 with a dream and a vision to become a pioneer banking institution of the country and contribute significantly to the growth of the national economy. The Bank was established by leading business personalities and eminent industrialists of the country with stakes in various segments of the national economy. The incumbent Chairman of the Bank is Mr. Alamgir Kabir, FCA, a professional Chartered Accountant. Mr. M. A. Kashem a member of the Board and Mr. Yussuf Abdullah Harun were past Presidents of the Federation of Bangladesh Chamber of Commerce and Industries (FBCCI).
Vision of Southeast Bank Limited
• To be a premier banking institution in Bangladesh and contribute significantly to the national economy.
Missions of Southeast Bank Limited
• High quality financial services with state of the art technology
• Fast customer service
• Sustainable growth strategy
• Follow ethical standards in business
• Steady return on shareholders’ equity
• Innovative banking at a competitive price
• Attract and retain quality human resource
• Commitment to Corporate Social Responsibility
Goal of Southeast Bank Limited
• To provide best product and services to customers and make the bank reliable to all the clients.
Objectives of Southeast Bank Limited
• Integrity
• Respect
• Fairness
• Harmony
• Team spirit
• Courtesy
Strategies of Southeast Bank Limited
After analyzing all the available information, we think that, Southeast Bank Limited should follow Growth Strategy. Growth strategy is based on investing in companies which are growing faster than others in the same industry. Southeast Bank Limited has a large amount of market share in bank sector and market growth rate also high. According to Boston Consulting Group (BCG) matrix, Southeast Bank Limited is in the star position. So, it can follow growth strategy. On the other hand, Southeast Bank Limited can also follow Differentiation Strategy. Differentiation Strategy is a business strategy in which a company tries to gain a competitive advantage by providing a unique product or service, or providing a unique brand of customer service. Southeast Bank Limited can attract clients by providing different types of schemes which will differentiate them from different bank. So, Southeast Bank Limited can also follow differentiation strategy.
First Security Islami Bank Limited
First Security Islami Bank Limited (FSIBL) was incorporated in Bangladesh on 29 August 1999 as a banking company under Companies Act 1994 to carry on banking business. It obtained permission from Bangladesh Bank on 22 September 1999 to commence its business. The Bank carries banking activities through its Fifty Three (53) branches in the country. The commercial banking activities of the bank encompass a wide range of services including accepting deposits, making loans, discounting bills, conducting money transfer and foreign exchange transactions, and performing other related services such as safe keeping, collections and issuing guarantees, acceptances and letter of credit.
Vision of First Security Islami Bank Limited
• To be the unique modern Islami Bank in Bangladesh and to make significant contribution to the national economy and enhance customers' trust & wealth, quality investment, employees' value and rapid growth in shareholders' equity.
Missions of First Security Islami Bank Limited
• To be the most caring and customer friendly and service oriented bank.
• To create a technology based most efficient banking environment for its customers.
• To ensure ethics and transparency in all levels.
• To ensure sustainable growth and establish full value of the honorable shareholders and
• Above all, to add effective contribution to the national economy.
Goal of First Security Islami Bank Limited
• To exceed customer expectations through innovative Islamic financial products & services and establish a strong presence to recognize shareholder’s expectation and optimize their rewards through dedicated work force.
Objectives of First Security Islami Bank Limited
• To manage & operate the bank in the most effective manner.
• To strive our customers best satisfaction & win their confidence.
• To ensure a congenial working environment.
• To diversify portfolio in both retail & wholesale markets.
Strategies of First Security Islami Bank Limited
After analyzing all the available information, we think that, First Security Islami Bank Limited should follow Growth or Joint Venture Strategy. Growth strategy is based on investing in companies which are growing faster than others in the same industry. A joint venture is a business agreement in which parties agrees to develop, for a finite time, a new entity and new assets by contributing equity. First Security Islami Bank Limited has a small amount of market share in bank sector but market growth rate is high. According to Boston Consulting Group (BCG) matrix, First Security Islami Bank Limited is in the question mark or problem child position. So, we think, it should follow Growth or Joint Venture Strategy. On the other hand, First Security Islami Bank Limited can also follow Cost Leadership Strategy. Cost Leadership strategy is a business strategy in which a company tries to provide a product at a lower cost than any of its competitors. By using cost leadership strategy, First Security Islami Bank Limited can reduce their cost and increase profit. So it can also follow cost leadership strategy.
Organization Structure
An organizational structure consists of activities such as task allocation, coordination and supervision, which are directed towards the achievement of organizational aims. It can also be considered as the viewing glass or perspective through which individuals see their organization and its environment. Organizational structure affects organizational action in two big ways. First, it provides the foundation on which standard operating procedures and routines rest. Second, it determines which individuals get to participate in which decision-making processes, and thus to what extent their views shape the organization’s actions.
Importance of Organizational Structure
Good organizational structure helps improve communication, increase productivity, and inspire innovation. It creates an environment where people can work effectively. Most productivity and performance issues can be attributed to poor organizational design. Poor organizational design often results in, among other things, confusion within roles, a lack of coordination among functions, and failure to share ideas. A company can have a clear mission, talented people, and great leaders, and still not perform well because of poor organizational design. To be effective, the overall organization design must be aligned with the business strategy and the market environment in which the business operates. It must also have the right business controls, the right flexibility, the right incentives, the right people, and the right resources.
Types of Organization Structure: (1)Functional Organization Structure:
Strategy is a kind of game plan. Strategy is kind of technique or tactics to achieve organizational goals.
Strategy is the direction and scope of an organization over the long-term: which achieves advantage for the organization through its configuration of resources within a challenging environment, to meet the needs of markets and to fulfill stakeholder expectations.
The business strategy of a company provides the big picture that shows how all the individual activities are coordinated to achieve a desired end result. It is through the strategy process that the overall direction of the business is set.
Southeast Bank Limited:
Southeast Bank Limited was established in 1995 with a dream and a vision to become a pioneer banking institution of the country and contribute significantly to the growth of the national economy. The Bank was established by leading business personalities and eminent industrialists of the country with stakes in various segments of the national economy. The incumbent Chairman of the Bank is Mr. Alamgir Kabir, FCA, a professional Chartered Accountant. Mr. M. A. Kashem a member of the Board and Mr. Yussuf Abdullah Harun were past Presidents of the Federation of Bangladesh Chamber of Commerce and Industries (FBCCI).
Vision of Southeast Bank Limited
• To be a premier banking institution in Bangladesh and contribute significantly to the national economy.
Missions of Southeast Bank Limited
• High quality financial services with state of the art technology
• Fast customer service
• Sustainable growth strategy
• Follow ethical standards in business
• Steady return on shareholders’ equity
• Innovative banking at a competitive price
• Attract and retain quality human resource
• Commitment to Corporate Social Responsibility
Goal of Southeast Bank Limited
• To provide best product and services to customers and make the bank reliable to all the clients.
Objectives of Southeast Bank Limited
• Integrity
• Respect
• Fairness
• Harmony
• Team spirit
• Courtesy
Strategies of Southeast Bank Limited
After analyzing all the available information, we think that, Southeast Bank Limited should follow Growth Strategy. Growth strategy is based on investing in companies which are growing faster than others in the same industry. Southeast Bank Limited has a large amount of market share in bank sector and market growth rate also high. According to Boston Consulting Group (BCG) matrix, Southeast Bank Limited is in the star position. So, it can follow growth strategy. On the other hand, Southeast Bank Limited can also follow Differentiation Strategy. Differentiation Strategy is a business strategy in which a company tries to gain a competitive advantage by providing a unique product or service, or providing a unique brand of customer service. Southeast Bank Limited can attract clients by providing different types of schemes which will differentiate them from different bank. So, Southeast Bank Limited can also follow differentiation strategy.
First Security Islami Bank Limited
First Security Islami Bank Limited (FSIBL) was incorporated in Bangladesh on 29 August 1999 as a banking company under Companies Act 1994 to carry on banking business. It obtained permission from Bangladesh Bank on 22 September 1999 to commence its business. The Bank carries banking activities through its Fifty Three (53) branches in the country. The commercial banking activities of the bank encompass a wide range of services including accepting deposits, making loans, discounting bills, conducting money transfer and foreign exchange transactions, and performing other related services such as safe keeping, collections and issuing guarantees, acceptances and letter of credit.
Vision of First Security Islami Bank Limited
• To be the unique modern Islami Bank in Bangladesh and to make significant contribution to the national economy and enhance customers' trust & wealth, quality investment, employees' value and rapid growth in shareholders' equity.
Missions of First Security Islami Bank Limited
• To be the most caring and customer friendly and service oriented bank.
• To create a technology based most efficient banking environment for its customers.
• To ensure ethics and transparency in all levels.
• To ensure sustainable growth and establish full value of the honorable shareholders and
• Above all, to add effective contribution to the national economy.
Goal of First Security Islami Bank Limited
• To exceed customer expectations through innovative Islamic financial products & services and establish a strong presence to recognize shareholder’s expectation and optimize their rewards through dedicated work force.
Objectives of First Security Islami Bank Limited
• To manage & operate the bank in the most effective manner.
• To strive our customers best satisfaction & win their confidence.
• To ensure a congenial working environment.
• To diversify portfolio in both retail & wholesale markets.
Strategies of First Security Islami Bank Limited
After analyzing all the available information, we think that, First Security Islami Bank Limited should follow Growth or Joint Venture Strategy. Growth strategy is based on investing in companies which are growing faster than others in the same industry. A joint venture is a business agreement in which parties agrees to develop, for a finite time, a new entity and new assets by contributing equity. First Security Islami Bank Limited has a small amount of market share in bank sector but market growth rate is high. According to Boston Consulting Group (BCG) matrix, First Security Islami Bank Limited is in the question mark or problem child position. So, we think, it should follow Growth or Joint Venture Strategy. On the other hand, First Security Islami Bank Limited can also follow Cost Leadership Strategy. Cost Leadership strategy is a business strategy in which a company tries to provide a product at a lower cost than any of its competitors. By using cost leadership strategy, First Security Islami Bank Limited can reduce their cost and increase profit. So it can also follow cost leadership strategy.
Organization Structure
An organizational structure consists of activities such as task allocation, coordination and supervision, which are directed towards the achievement of organizational aims. It can also be considered as the viewing glass or perspective through which individuals see their organization and its environment. Organizational structure affects organizational action in two big ways. First, it provides the foundation on which standard operating procedures and routines rest. Second, it determines which individuals get to participate in which decision-making processes, and thus to what extent their views shape the organization’s actions.
Importance of Organizational Structure
Good organizational structure helps improve communication, increase productivity, and inspire innovation. It creates an environment where people can work effectively. Most productivity and performance issues can be attributed to poor organizational design. Poor organizational design often results in, among other things, confusion within roles, a lack of coordination among functions, and failure to share ideas. A company can have a clear mission, talented people, and great leaders, and still not perform well because of poor organizational design. To be effective, the overall organization design must be aligned with the business strategy and the market environment in which the business operates. It must also have the right business controls, the right flexibility, the right incentives, the right people, and the right resources.
Types of Organization Structure: (1)Functional Organization Structure:
Organization Chart of Southeast Bank Limited
Consolation:
A vision and mission is not only for investors and for lenders but it also helps you to achieve your business goals in the best possible way. Writing the good vision and mission statement is not an easy task. Make sure that your vision and mission statements must be realistic and relevant to your business. Try to make it passionate and inspiring. For example, the mission statement of the famous brand NIKE is: CRUSH REEBOK. The mission and vision statement must be similar to your competitors. On the other hand, the right organizational structure can play an important role in an organization's evolution. By analyzing all mission, vision, goal, objective, strategy and organization structure of Southeast Bank Limited and First Security Islami Bank Limited, we can say that, these are important in their success in banking industry.
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