Learn: Evaluating Vision, Mission and Objectives for Stakeholders

Welcome!You've already learned about vision statements, aims, objectives, and mission statements. Now, we'll explore how these are evaluated in relation to stakeholders. Let's build on your strong foundation!

What Are Stakeholders?Stakeholders are individuals or groups affected by or interested in a business's decisions and performance. This includes employees, customers, suppliers, shareholders, and local communities.

Why Evaluate Vision, Mission and Objectives?Businesses evaluate their vision, mission and objectives to ensure they align with stakeholder needs. This helps maintain trust, build relationships, and achieve long-term success.

Balancing Stakeholder InterestsBusinesses often face competing priorities from different stakeholders. For example, shareholders may want higher profits, while employees may seek better pay and working conditions. Evaluating objectives helps balance these interests.

Impact of Vision and Mission on StakeholdersA business's vision and mission statements communicate its purpose and values. These statements influence how stakeholders perceive the business and whether they choose to support it.

SMART Objectives and StakeholdersSMART objectives (Specific, Measurable, Achievable, Relevant, Time-bound) help ensure that stakeholder expectations are met effectively. For example, a SMART objective to reduce waste may appeal to environmentally conscious stakeholders.

Review Time!Great work! You've learned about stakeholders, the importance of evaluating vision, mission, and objectives, and how SMART objectives support stakeholder interests. Let's test your understanding with a few review questions.