Mission, vision and values of a company: what they are, and examples

A summary of the concepts of mission, vision and values of a company or organization.

Just like people, companies also have an idiosyncrasy that differentiates them from the rest, giving them very specific characteristics that make consumers perceive them in a certain way.

An important part of this corporate identity is given by its mission, vision and values.. Let's discover what each of these concepts consists of.

What do we understand by the mission, vision and values of a company?

These three elements are going to be the ones that will mark the roadmap of the corporation in its projects and decision making for the future, but each of them has its peculiarities, which we will explore below.

Mission

The first element we encounter is the mission. This is the main idea by which the organization functions, its raison d'être..... It would be the ultimate goal of the company, that to which it is directed little by little with each small decision that is taken and each objective achieved. It is the company's long-term goal. It could be said that it acts as a compass, always marking a course towards which to look.

But this does not mean that the mission is static and untouchable, far from it. It is common for revisions and updates to be made, because the company acts as a changing organism that evolves and adapts to the environment. that evolves and adapts to the environment in which it finds itself, which is not static either.

The mission cannot be reduced to the absurd and placed solely in the economic perspective of "being profitable", or "generating a certain amount of money", which would obviously be part of the plans of any company that is not a non-profit organization. It is a matter of establishing the idea for which the company has been created.

Vision

If the mission is the idea of the company in the long term, we could say that the vision would be that idea but in the medium term. It is about the concrete situation that we wish for our company in a few years' timeTherefore, every job and every project must be aimed at achieving that specific position.

The question we must ask ourselves when setting out the vision of the corporation is where we want to be in X years from now, and likewise, what goals we want to achieve. It must be an approach that inspires and motivates all employees.The vision is for everyone, and it must be set out in a simple and clear way so that all employees, regardless of their position and training, understand it. And, as the vision is for everyone, it must be stated in a simple and clear way, so that all employees, regardless of their position and training, understand it.

Although a distinction is generally made between mission and vision, since they are independent concepts, there is a certain tendency in companies in some North European countries to synthesize them into a single concept, so it is not unusual to find them unified if we look for information about a brand in those countries.

Obviously, the vision must be an achievable and reasonable objective within the capabilities of the company itself and once its future growth prospects have been taken into account. It would be unreasonable for a small neighborhood shoe store to aim to be the world's largest exporter of shoes in 5 years. One must be aware of one's strengths but also of one's weaknesses..

On the other hand, the vision should not be to stay in the same position we are in, unless the specific circumstances of the environment make us anticipate a serious economic crisis, a scenario in which, maintaining our sales at the level of other years, would already be a magnificent achievement. However, apart from this type of situation, which fortunately does not abound, the vision should also be an incentive to achieve growth, improvement and, in short, a better position in the future.

A reasonable vision in the example of the small shoe store could be to become the reference store in the neighborhood, manage to grow enough to be able to open another store and start a chain, or even get a certain market share not only locally but in other parts of the country thanks to digital marketing and online sales through the network.

Values

We come to the third point within the roadmap of the company's ethos.. In this case we refer to values. They would be the general guidelines of action of our company.

They are usually between five and seven, and would be a kind of sacred laws to be taken into account in every action we develop within the company. They would be our particular rules of the game. They could even be seen as the very personality of the entity. They have an important ethical componentIn this sense, they will mark the red lines of corporate actions, always making clear the limits that must not be exceeded under any circumstances.

Of course, these values will apply to everyone. Any member of the corporation must take this list into account when carrying out his or her day-to-day tasks, regardless of the position he or she occupies in the corporate organization chart.

Values can be of different types, depending on their purpose. We can therefore observe the following types.

1. Work dynamics value

It will set the appropriate guideline to carry out the tasks of production or service performance in the way required by the organization, achieving the best results. in the way required by the organization, achieving the best possible result. We must always look for the most efficient methods and at the same time set as a goal to achieve excellence in our product.

2. Development value

Refers to the how workers must perform in order to achieve a better product or service to offer customers every time. One of the clearest would be that which seeks innovation, so that we always have a cutting-edge product that is more attractive than that of our competitors.

3. Social value

This refers to the responsibility that the corporation has towards the environment and society itself during its operation.. We all know how powerful a large corporation can be, and therefore it must have a responsibility attached to it. In other words, they must be an example for society.

4. Customer service value

These are those designed to offer the consumer a unique experience, which will be remembered and achieve customer loyalty, so that the customer becomes a loyal customer.They are those designed to offer the consumer a unique experience, to be remembered and to achieve loyalty, so that he/she becomes a recurring customer of our company.

Functions

Having obtained an overview of the three elements, let's review some general functions that all of them fulfill in the corporation's day-to-day operations.

Communication

The mission, vision and values of a company have an important function, and that is to communicate and inform employees, customers, suppliers, partners and other groups of all the guidelines and objectives that govern the work of the company. that govern the work of this company.

It is very useful for a new incorporation in the company to have access to the company's philosophy and to have a quick and satisfactory adaptation. It is also useful for other companies to know in a certain way the strategies of the competitors and thus be able to act accordingly, establishing similar measures or setting themselves apart from others in order to make a difference and be more attractive. This process can feed back to the initial company, generating a mutual enrichment.

Strategy

Nor can we ignore the clear strategic function of the mission, vision and values. It has become clear that all these elements make up the main lines of action, both in the present and in the future, and will therefore be defining factors when it comes to the company's future. will be defining when it comes to establishing strategies..

Practical example of a company's mission, vision and values

As it is always easier to understand new concepts when we have real examples, we are going to review everything explained in the article taking as a reference a well known company both in Spain and internationally.In this case we are referring to the oil company Repsol. All the information is accessible and public from its own website.

Example of mission

In this case the objective is clear and concise. Repsol's mission is to be a company that provides energy to consumers but that does so while maintaining a commitment to sustainability in its insertion into the planet. to sustainability in its insertion in the planet.

This will be, therefore, the key that will guide any small action and project carried out in the organization.

Example of vision

The course set for the future is to be a company that provides energy at a global levelThe vision for the future is to be a company that provides energy at a global level, in an innovative manner, respectful of people and nature, and at the same time efficient in its procedures. It will seek to generate value and always do so in a way that ensures sustainability, ultimately achieving that the society in which the company is located, progresses.

Examples of values

Repsol has four clearly differentiated guidelines for day-to-day actions, which are as follows.

1. Anticipate challenges

A leading company like this The company must foresee all scenarios in order to be able to face possible threats but at the same time take advantage of the opportunities that may arise. that may arise.

2. Be efficient

As an energy company, Repsol knows better than anyone how important it is to take advantage of every resource and make the best possible use of them. knows better than anyone how important it is to take advantage of every resource and make the best possible use of it.. This must be applied at all levels during production.

3. Always respectful

Respect must guide every act at Repsol, both in the work environment, creating an inclusive climate, where all employees trust each other, as well as in relation to consumers and customers.and in relation to consumers and society itself.

4. Creating value

As a benchmark company, this company and and all those who make it up must be a value in themselves, and must be aware of the importance they have and the service they provide to society through their work. to society through their work.

Bibliographical references:

• Martos, R. (2009). Corporate Culture: Mission, Vision and Values in the Strategic Management of Automotive Companies in Spain. Universitat Politècnica de Catalunya.
• Cruz, R.C. (2007). Values-Mission-Vision. Contributions to Economics. Intercontinental Academic Services.
• Rivera, O. (1991). The concepts of: mission, vision and strategic purpose. Universidad de Deusto.