Long-Term Guidance in Flux: The Evolving Significance of Mission and Vision in Strategic Management
Abstract
This book chapter examines the role of mission and vision as long-term guidelines in the constantly changing context of strategic management. Considering the St. Gallen Management Model, mission and vision are regarded as central elements of the normative framework. The literature review indicates that these dimensions should ideally be clearly formulated in the strategy process, especially in family businesses, where the family dimension adds an additional layer of complexity. Mission defines the core purpose and values of a company, while vision outlines the shaping of the future. The findings emphasize ...
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