Eurotunnel versus the Ferries vision, mission, goals, and objectives (VMGO)
Posted by George on Jul-15-2022
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1. What is Vision, Mission, Goals, and Objectives (VMGO)
Setting a clear vision, mission, goals, and objectives (VMGO) is part of the strategic planning process that helps management in implementing the planned business strategies. Business organizations use VMGO as a comprehensive strategic planning tool to provide a blueprint for translating the dreams into actions. Through VMGO process, organizations build consensus, and direct the efforts towards achieving the assigned objectives that are based on broader goals, and reflect the organization's vision and mission. The VMGO process enables the organizations to emphasize on the short-term objectives, while keeping an eye on the long-term goals, mission, and vision.
There are certain times, when organizations should use this process to provide the right direction. For instance, the VMGO process is important when a news organization is established. Another time is when a new initiative is taken, or an organization starts a large project that may put the business in a new direction. VMGO process is also adopted when an organization enters into a new growth phase.
Vision, mission, goals, and objectives are four legs, and are interconnected in a way that an organization cannot only talk about the vision without communicating its mission, goals, and objectives. Vision is a vivid mental image of a business’s desired future state, mission refers to the core business purpose and drivers that may lead towards achieving the vision, goals are broad targets that businesses strive to achieve over the long-term, and objectives refer to the specific and measurable actions that organization could take to accomplish the broader goals. This article applies the VMGO model to understand the strategic priorities of Eurotunnel versus the Ferries.
2. Model application on Eurotunnel versus the Ferries
2.1 Vision of Eurotunnel versus the Ferries
2.1.1 What is vision?
Vision of an organization is also called the ‘organizational purpose’. It is designed to reflect fundamental reasons for a business’s existence. At Eurotunnel versus the Ferries, the vision is shared and believed by all organizational members. Being a future-oriented concept, vision reflects the Eurotunnel versus the Ferries’s long-term dream. When vision is described in two to three sentences, it forms a vision statement. Vision statement forms a mental image of ‘desired’ future organizational state, and articulates a view of organization’s realistic, attractive and credible future.
2.1.2 Importance of having a vision for Eurotunnel versus the Ferries?
Having a clearly articulated vision is important for Eurotunnel versus the Ferries as it provides necessary direction for business to achieve its purpose. The vision also helps Eurotunnel versus the Ferries in setting the long-term goals. It serves as a guide for management in challenging times, and motivates employees to work towards achievement of shared goals. Eurotunnel versus the Ferries’s vision instills the sense of belongingness to the organizational members, and sets the stage for strategic planning. It illustrates what Eurotunnel versus the Ferries stands for, and why it exists. The vision statement is also important because it forms the inspiration behind all advertising messages and marketing campaigns run by Eurotunnel versus the Ferries.
2.1.3 Key characteristics of Eurotunnel versus the Ferries’s vision statement
2.1.3.1 Future focused
Eurotunnel versus the Ferries’s vision statement is future focused, and has a long-term vision. It describes the Eurotunnel versus the Ferries’s desired future state, and conveys the actions that organization strives to engage to achieve the ‘desired future state. The vision statement of Eurotunnel versus the Ferries also guides organizational leaders in taking the right decisions that are important for achieving the broader vision.
2.1.3.2 Clear and well communicated
Eurotunnel versus the Ferries has developed a clear and well-articulated vision statement that communicates the organizational vision to all stakeholders in an easily understandable manner. At the workplace, management takes appropriate steps to communicate the vision across all hierarchal levels, and communicates how vision is connected with the organizational objectives.
2.1.3.3 Bold
By developing a ‘bold’ vision, Eurotunnel versus the Ferries communicates where the business could go in the future. It gives a broader picture, a map, and a challenge for the business to attain the desired future state.
2.1.3.4 Brevity
Eurotunnel versus the Ferries has developed a succinct vision statement that could be easily communicated and remembered by management, employees, stakeholders, and the general public. The statement is neither too short, nor too long. Whole vision reflects in only three sentences, which could easily be remembered.
2.1.3.5 Illuminates values
Eurotunnel versus the Ferries’s vision statement illuminates the core business values that are strongly connected with the broader organizational purpose.
2.1.3.6 Motivational and vibrant
It is important to develop a vision that is motivational. Eurotunnel versus the Ferries’s vision statement is motivational and vibrant. It pictures the end result of how Eurotunnel versus the Ferries would look like upon fulfilling its core purpose of existence. Without explaining the processes of getting there, the vision statement sets the target. This target then motivates the management to adopt and adjust strategies that may help Eurotunnel versus the Ferries in achieving its vision.
2.2 Mission
2.2.1 What is mission?
Mission statement of Eurotunnel versus the Ferries is a concise description of why the company exists, what it does, how its offerings are different from competitors, who it serves and what is the broader business purpose. Eurotunnel versus the Ferries does not outlines the business outcomes, but highlights the business’s current position and future scenario by explaining target market, product/services and key differentiating factors. This information is provided with a little philosophical touch. Mission keeps the company’s focus on action that may lead towards achievement of core business purpose. It provides an internal direction to Eurotunnel versus the Ferries for the future, and creates enthusiasm among organizational members to achieve business goals.
2.2.2 Importance of having mission for Eurotunnel versus the Ferries?
2.2.2.1 Motivates employees
At Eurotunnel versus the Ferries, mission statement plays a very important role of motivating employees to achieve organizational goals. It helps employees in seeing the work purpose and meaning. Employees get to know ‘how’ their job contributes towards achieving larger business goals. It boosts the employees’ morale, and encourages them to focus on the positive aspects of routine work activities.
2.2.2.2 Improves performance
A well-crafted mission statement develops an environment that motivates organizational members to set high performance standards, and exert full efforts to achieve the business purpose that reflects into the mission statement. Eurotunnel versus the Ferries’s mission statement engages the employees with business’s core values, which ultimately improves the overall business performance.
2.2.2.3 Sets core purpose
The mission statement provides foundation for developing strategies that help Eurotunnel versus the Ferries in defining core business purpose. When combined with the vision statement, it defines why Eurotunnel versus the Ferries exists, and how the business is achieving its core purpose.
2.2.3 Key characteristics of Eurotunnel versus the Ferries’s mission statement
2.2.3.1 Precise and brief
Eurotunnel versus the Ferries’s mission statement is neither too wide, nor too narrow. By keeping the mission statement precise, Eurotunnel versus the Ferries successfully conveys the core business operations, and communicates the overall business goals and objectives at the same time. The mission statement of Eurotunnel versus the Ferries is clear enough to lead to action, and no complex/unclear phrases are added for publicity purpose.
2.2.3.2 Create expectations
A well-designed mission statement creates expectations of targeted audience. Eurotunnel versus the Ferries creates the expectations by targeting the audiences’ ‘most desired’ needs in its mission statement. For instance, Eurotunnel versus the Ferries promises to deliver the best value for money, which creates expectations that customers will receive the ‘best’ value for money every time they will make the purchase decision.
2.2.3.3 Distinct and unique
Eurotunnel versus the Ferries’s mission statement is distinct. The company communicates in its mission statement ‘how’ its offerings are different, and what is Eurotunnel versus the Ferries’s competitive advantage that differentiates itself from competitors. This distinctiveness sets a unique brand image in public’s mind, which means the Eurotunnel versus the Ferries’s mission cannot be generalized for other brands operating in the same industry. High uniqueness makes it harder for other companies to steal the Eurotunnel versus the Ferries’s mission statement, primarily because while crafting the mission statement, Eurotunnel versus the Ferries specifically considered the factors that make the company special and unique.
2.2.3.4 Positive and motivating
The mission statement of Eurotunnel versus the Ferries spreads positive messages by communicating how Eurotunnel versus the Ferries solves the problems of the targeted audience, how it meets the stakeholders’ expectations, and how a business creates an overall positive impact for targeted audience and society in general. Mission statement also motivates the organizational and societal members to feel worthwhile for getting connected with organization as employees or customers.
2.2.3.5 Targeted
Eurotunnel versus the Ferries has a well-targeted mission statement that expresses the brand’s target audience and reflects the audience’s needs and wants. The company knows the importance of tailoring the mission statement to match the audience’s desires.
2.2.3.6 Realistic
Despite being unique and distinct, Eurotunnel versus the Ferries’s mission statement remains realistic. It does not include any overly philosophical phrase that may make the mission statement grandiose to the extent where it loses the touch with reality. The company has grounded its mission statement in what business actually provides.
2.2.4 Components of Eurotunnel versus the Ferries’s mission statement
A well-crafted mission statement has eight key components. Eurotunnel versus the Ferries’s mission statements includes all these components, as explained below:
2.2.4.1 Product/services
Eurotunnel versus the Ferries’s mission statement indicates the products and services that the company offers. All key business offerings are listed in the mission statement to communicate ‘what’ Eurotunnel versus the Ferries offers to its target market.
2.2.4.2 Targeted market
Other than mentioning the products/services, the mission statement of Eurotunnel versus the Ferries describes ‘to whom’ the products and services are offered and ‘what’ are key target market characteristics. Statement reflects a brief customer profile to indicate the type of market Eurotunnel versus the Ferries is serving.
2.2.4.3 Technology
In technological section, the mission statement communicates the technologies that Eurotunnel versus the Ferries is implementing to achieve its business goals. It also demonstrates the Eurotunnel versus the Ferries’s commitment to acquiring better vendors who could help Eurotunnel versus the Ferries in keeping pace with changing technological environment.
2.2.4.4 Philosophy
Eurotunnel versus the Ferries’s mission statement reflects its basic philosophical beliefs, ethical priorities, and aspirations. Company places high importance to bringing innovation and inspiration, taking care of society, adopting customer-centric approach, and creating value for all stakeholders. Company has incorporated all values and beliefs into its mission statement.
2.2.4.5 Policy
Eurotunnel versus the Ferries considers its employees an important internal stakeholder. In its mission statement, the company describes its policies for employees and workforce welfare so that employees may consider themselves a valuable asset of the organization.
2.2.4.6 Self-concept
In its mission statement, Eurotunnel versus the Ferries communicates its competitive advantage and distinctive competencies. Eurotunnel versus the Ferries is committed to enriching the people’s lives around the world by offering a memorable consumption experience with the best value for money. Mission statement also reflects the company’s commitment to environmental welfare, social welfare, quality, and constant innovation.
2.2.4.7 Concern for survival/growth/profitability
An important component of mission statement is reflecting whether company is concerned for survival, growth or profitability. Being a commercial organization, Eurotunnel versus the Ferries clearly reflects its financial objectives within its mission statement, which allows the stakeholders to know company’s strategic priorities and financial motives.
2.2.4.8 Public Image
Eurotunnel versus the Ferries conveys basic business functions and features in its mission statement that sets a positive organizational image in public. By setting the public image, Eurotunnel versus the Ferries employees get guidance about how to behave to comply with the approved public image.
2.3 Goals of Eurotunnel versus the Ferries
2.3.1 What are goals of Eurotunnel versus the Ferries?
Goals are defined as the end point or target that a business wants to achieve in the long run. Goals provide an overall destination that helps the company in realizing the vision. Eurotunnel versus the Ferries has developed motivational and aspirational goals that drive the organization towards achieving desired objectives. Goals include a list of accomplishment that Eurotunnel versus the Ferries has set, and strives to achieve over the long term. Mostly, the Eurotunnel versus the Ferries’s goals have a broad scope, are intangible, and are difficult to measure.
2.3.2 How Eurotunnel versus the Ferries set business goals?
While determining business goals, Eurotunnel versus the Ferries takes care of the following points:
- Set goals are not complicated, and are well-defined to avoid the ambiguity
- Set goals establish a long-term business strategy
- Goals are ambitious, but realistic and achievable
- Set goals help Eurotunnel versus the Ferries management in visualizing the overall business vision, and the work required to achieve that vision
When goals are set, Eurotunnel versus the Ferries involves all major stakeholders who could share valuable input. It helps Eurotunnel versus the Ferries in gaining the ‘buy in’ for set goals.
2.3.3 Characteristics of Eurotunnel versus the Ferries’s business goals
Effective goals give motivation, clarity, and focus, and have specific characteristics that are mentioned below:
2.3.3.1 Challenging
At Eurotunnel versus the Ferries, goals are set as the vehicles for change rather than the tools of complacent. By assigning challenging goals, Eurotunnel versus the Ferries management motivates the employees to give their best performance. Challenging goals stretch the employees’ mind, and encourage them to think bigger. Although, goals are challenging, but remain attainable to keep the motivation level high.
2.3.3.2 Linked with rewards
It is important to link the goals with rewards to incentivize the goal attainment. At Eurotunnel versus the Ferries, employees who successfully attain goals are rewarded with salary increments, promotions and other tangible and intangible rewards. Rewards enhance the significance and meaning of goals, and strengthen the employees’ commitment with goals.
2.3.3.3 Result oriented
Goals are result oriented. Compared to objectives, goals are broader and have a more generalized focus. Moreover, it is not possible to cover all possible behavioral and organizational performance aspects in assigned goals. So, Eurotunnel versus the Ferries chooses the most important business areas that make highest contribution to the overall business performance. By using balance scorecard approach, Eurotunnel versus the Ferries sets goals that cover the key result areas.
2.3.3.4 Adaptable
Effective goals are flexible and adaptable. As Eurotunnel versus the Ferries operates in quickly changing business environment, flexible goals remain alive over a period of time, and allow Eurotunnel versus the Ferries to adapt with the changing external environment.
2.3.3.5 Inclusive
Eurotunnel versus the Ferries sets business goals that adopt a holistic view, and reflect the expectations of broader stakeholders. Rather than just focusing on wealth maximization for shareholders, Eurotunnel versus the Ferries tends to develop inclusive goals that focus on long-term sustainability. For instance, while setting goals, Eurotunnel versus the Ferries considers the impact on the employees, environment and society.
2.5 Objectives
2.5.1 What are objectives of Eurotunnel versus the Ferries
Business objectives are the results that companies strive to achieve, and include the strategies for getting there. Usually, business objectives include a timeframe within which they could be attained with available resources. While setting objectives, Eurotunnel versus the Ferries considers the SMART criteria that guides the management to ensure that the set objectives are specific, measurable, attainable, realistic and timely.
Some key objectives of Eurotunnel versus the Ferries are to- increase the profit by 15 percent during next 12 months, drive the sales revenue by 25 percent by the end of year and reduce customer complaints by 50 percent during the next 6 months.
2.4.2 Importance of setting clear business objectives for Eurotunnel versus the Ferries
At Eurotunnel versus the Ferries, objectives are mutually set by management and employees and organizational values and goals provide a basic direction during objective setting process. It is important to set the clear business objectives as objectives help company to direct effort and energy for achieving broader goals. When objectives are well-designed and accepted by the employees, they inspire the need to act. Employee involvement in the objective setting is a strong reason behind successful objective achievement at Eurotunnel versus the Ferries.
2.4.3 Characteristics of Eurotunnel versus the Ferries’s SMART business objectives
SMART business objectives allow employees and managers to develop, track and achieve short and long-term goals. SMART objectives are designed by parameters that bring traceability and structure together, and create trajectory with clearly defined milestones within a specific timeline. Here are SMART characteristics of Eurotunnel versus the Ferries’s objectives:
2.5.3.1 Specific
In SMART acronym, ‘S’ refers ‘specific’. Specific objectives provide a clear direction, and employees remain certain about how to act to achieve the set objectives. At Eurotunnel versus the Ferries, management ensures that objectives are not vague, as unclear objectives could harm the business performance. Managers at Eurotunnel versus the Ferries help employees in setting, understanding and achieving the assigned specific objectives.
For instance, instead of assigning an unclear objective of ‘increasing sales’, which does not answer what to sale? How much increase? And by when? Management assigns objective like ‘increasing sales of product ‘A’ this year by 20 percent’. By ensuring the specificity, Eurotunnel versus the Ferries employees get clear idea of what they are expected to achieve and by when to achieve.
2.5.3.2 Measurable
Second SMART acronym ‘M’ refers measurable. Eurotunnel versus the Ferries management assigns measurable objectives that could be tracked to ensure if efforts are being exerted in right direction. Managers assign the quantitative measures to make tracking easier. For instance, another SMART objective of Eurotunnel versus the Ferries is to ‘reduce the waste by 30 percent during next 12 months’. This objective is measurable, and could be tracked along the year to measure the progress.
2.5.3.3 Attainable
Third SMART acronym refers ‘attainable’. A common mistake that companies do is that they assign unachievable objectives. Eurotunnel versus the Ferries understands the importance of assigning attainable objectives to avoid frustration and burnout. Before assigning objectives, management analyzes what has been achieved and what could be achieved in available time if employees exert full efforts. It makes objectives challenging yet attainable.
2.5.3.4 Realistic
Fourth SMART acronym refers ‘realistic’. At Eurotunnel versus the Ferries, management ensures that the organization has all resources that are required for achieving the objectives, and everything is in place from ideation to implementation stage.
2.5.3.5 Timely
Fifth SMART acronym refers ‘timely’. It is important to set the targeted timeframe within which the objectives need to be attained. At Eurotunnel versus the Ferries, management ensures that the assigned objectives are time bound. Setting deadline cultivates a sense of urgency.
2.7 Alignment between vision, mission, goal, and objectives of Eurotunnel versus the Ferries
Eurotunnel versus the Ferries ensures that its vision, mission, goals and objectives share strong alignment. A misalignment between any of these components could negatively affect the Eurotunnel versus the Ferries’s image, and make it difficult for management to achieve desired business objectives. Eurotunnel versus the Ferries considers its goals and objectives as the building blocks for achieving vision and mission. Through goals, Eurotunnel versus the Ferries measures the progress towards achieving mission and vision, and considers objectives as the plan for achieving the goals.
3. Conclusion
VMGO is an important strategic planning process that provides necessary guidance to the businesses about how they could achieve their vision, mission, goals and objectives. Eurotunnel versus the Ferries has developed a clear, well-articulated vision that is strongly connected with its mission statement. The goals and objectives also reflect the organizational vision and mission. Strong alignment between all four components is an important reason for continued business success.
4. References
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Brătianu, C., & Bălănescu, G. V. (2008). Vision, mission and corporate values. A comparative analysis of the top 50 US companies. Management & Marketing, 3(3), 19-38.
Chwolka, A., & Raith, M. G. (2012). The value of business planning before start-up—A decision-theoretical perspective. Journal of business venturing, 27(3), 385-399.
David, F. R. (2011). Strategic management concepts and cases. Prentice hall.
Gurley, D. K., Peters, G. B., Collins, L., & Fifolt, M. (2015). Mission, vision, values, and goals: An exploration of key organizational statements and daily practice in schools. Journal of Educational Change, 16(2), 217-242.
Horwath, R., & Drucker, P. (2005). Discovering purpose: Developing mission, vision & values. Strategic Thinking Institute, 1-9.
Hunger, J. D., & Wheelen, T. L. (2013). Essentials of strategic management. Pearson.
Les MacLeod EdD, M. P. H. (2012). Making SMART goals smarter. Physician executive, 38(2), 68.
Moore, S. L., Ellsworth, J. B., & Kaufman, R. (2011). Visions and missions: Are they useful? A quick assessment. Performance improvement, 50(6), 15-24.
Spee, A. P., & Jarzabkowski, P. (2011). Strategic planning as communicative process. Organization studies, 32(9), 1217-1245.
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