Cutting Costs Strategically
February 12, 2025
When it comes to pricing policy, marketers tend to play with consumer psychology. Marketers play a huge role in repackaging the same price and making it look attractive. For instance, marketers are well aware of the fact that there are certain buzzwords such as “free,” “buy one get one” and “limited period offer” which get […]
“Money does matter a lot.” Advertising Budget is the amount of money which can be or has to be spent on advertising of the product to promote it, reach the target consumers and make the sales chart go on the upper side and give reasonable profits to the company. Before finalizing the advertising budget of […]
Sales Professionals play a pivotal role in generating revenues for the organization. They are the ones who are responsible for product promotion and making a particular brand popular amongst the end users. In simpler words, sales representatives are the true face of an organization. The individuals representing the sales and marketing vertical must be satisfied […]
Marketing is usually taken to be the entire gamut of activities that span customer acquisition, retention, and customer prospecting. In this context, we are used to receiving marketing messages and advertisements that entice us and persuade us to buy and consume products. This is the traditional concept of push marketing wherein marketing messages about new […]
Marketing Management has evolved to become a multi faceted and all embracing science over a period of time. Studies in Marketing do not involve the 4Ps anymore. The markets, geographies, the consumer segments have changed leading to multi tier and complex networks and relationships. Marketing Managers of today are no longer following the same rules […]
One of the first things that any observer of management thought and practice asks is whether a particular organization has a vision and mission statement. In addition, one of the first things that one learns in a business school is the importance of vision and mission statements.
This article is intended to elucidate on the reasons why vision and mission statements are important and the benefits that such statements provide to the organizations.
It has been found in studies that organizations that have lucid, coherent, and meaningful vision and mission statements return more than double the numbers in shareholder benefits when compared to the organizations that do not have vision and mission statements. Indeed, the importance of vision and mission statements is such that it is the first thing that is discussed in management textbooks on strategy.
Some of the benefits of having a vision and mission statement are discussed below:
As can be seen from the above, articulate, coherent, and meaningful vision and mission statements go a long way in setting the base performance and actionable parameters and embody the spirit of the organization.
In other words, vision and mission statements are as important as the various identities that individuals have in their everyday lives.
It is for this reason that organizations spend a lot of time in defining their vision and mission statements and ensure that they come up with the statements that provide meaning instead of being mere sentences that are devoid of any meaning.
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