Best Buy Co Inc A An Innovator s Journey vision, mission, goals, and objectives (VMGO)

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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 Best Buy Co Inc A An Innovator s Journey.

2. Model application on Best Buy Co Inc A An Innovator s Journey

2.1 Vision of Best Buy Co Inc A An Innovator s Journey

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 Best Buy Co Inc A An Innovator s Journey, the vision is shared and believed by all organizational members. Being a future-oriented concept, vision reflects the Best Buy Co Inc A An Innovator s Journey’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 Best Buy Co Inc A An Innovator s Journey?

Having a clearly articulated vision is important for Best Buy Co Inc A An Innovator s Journey as it provides necessary direction for business to achieve its purpose. The vision also helps Best Buy Co Inc A An Innovator s Journey 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. Best Buy Co Inc A An Innovator s Journey’s vision instills the sense of belongingness to the organizational members, and sets the stage for strategic planning. It illustrates what Best Buy Co Inc A An Innovator s Journey 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 Best Buy Co Inc A An Innovator s Journey.

2.1.3 Key characteristics of Best Buy Co Inc A An Innovator s Journey’s vision statement

2.1.3.1 Future focused

Best Buy Co Inc A An Innovator s Journey’s vision statement is future focused, and has a long-term vision. It describes the Best Buy Co Inc A An Innovator s Journey’s desired future state, and conveys the actions that organization strives to engage to achieve the ‘desired future state. The vision statement of Best Buy Co Inc A An Innovator s Journey 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

Best Buy Co Inc A An Innovator s Journey 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, Best Buy Co Inc A An Innovator s Journey 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

Best Buy Co Inc A An Innovator s Journey 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

Best Buy Co Inc A An Innovator s Journey’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. Best Buy Co Inc A An Innovator s Journey’s vision statement is motivational and vibrant. It pictures the end result of how Best Buy Co Inc A An Innovator s Journey 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 Best Buy Co Inc A An Innovator s Journey in achieving its vision.

2.2 Mission

2.2.1 What is mission?

Mission statement of Best Buy Co Inc A An Innovator s Journey 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. Best Buy Co Inc A An Innovator s Journey 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 Best Buy Co Inc A An Innovator s Journey for the future, and creates enthusiasm among organizational members to achieve business goals.

2.2.2 Importance of having mission for Best Buy Co Inc A An Innovator s Journey?

2.2.2.1 Motivates employees

At Best Buy Co Inc A An Innovator s Journey, 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. Best Buy Co Inc A An Innovator s Journey’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 Best Buy Co Inc A An Innovator s Journey in defining core business purpose. When combined with the vision statement, it defines why Best Buy Co Inc A An Innovator s Journey exists, and how the business is achieving its core purpose.

2.2.3 Key characteristics of Best Buy Co Inc A An Innovator s Journey’s mission statement

2.2.3.1 Precise and brief

Best Buy Co Inc A An Innovator s Journey’s mission statement is neither too wide, nor too narrow. By keeping the mission statement precise, Best Buy Co Inc A An Innovator s Journey successfully conveys the core business operations, and communicates the overall business goals and objectives at the same time. The mission statement of Best Buy Co Inc A An Innovator s Journey 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. Best Buy Co Inc A An Innovator s Journey creates the expectations by targeting the audiences’ ‘most desired’ needs in its mission statement. For instance, Best Buy Co Inc A An Innovator s Journey 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

Best Buy Co Inc A An Innovator s Journey’s mission statement is distinct. The company communicates in its mission statement ‘how’ its offerings are different, and what is Best Buy Co Inc A An Innovator s Journey’s competitive advantage that differentiates itself from competitors. This distinctiveness sets a unique brand image in public’s mind, which means the Best Buy Co Inc A An Innovator s Journey’s mission cannot be generalized for other brands operating in the same industry. High uniqueness makes it harder for other companies to steal the Best Buy Co Inc A An Innovator s Journey’s mission statement, primarily because while crafting the mission statement, Best Buy Co Inc A An Innovator s Journey specifically considered the factors that make the company special and unique.

2.2.3.4 Positive and motivating

The mission statement of Best Buy Co Inc A An Innovator s Journey spreads positive messages by communicating how Best Buy Co Inc A An Innovator s Journey 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

Best Buy Co Inc A An Innovator s Journey 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, Best Buy Co Inc A An Innovator s Journey’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 Best Buy Co Inc A An Innovator s Journey’s mission statement

A well-crafted mission statement has eight key components. Best Buy Co Inc A An Innovator s Journey’s mission statements includes all these components, as explained below:

2.2.4.1 Product/services

Best Buy Co Inc A An Innovator s Journey’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’ Best Buy Co Inc A An Innovator s Journey offers to its target market.

2.2.4.2 Targeted market

Other than mentioning the products/services, the mission statement of Best Buy Co Inc A An Innovator s Journey 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 Best Buy Co Inc A An Innovator s Journey is serving.

2.2.4.3 Technology

In technological section, the mission statement communicates the technologies that Best Buy Co Inc A An Innovator s Journey is implementing to achieve its business goals. It also demonstrates the Best Buy Co Inc A An Innovator s Journey’s commitment to acquiring better vendors who could help Best Buy Co Inc A An Innovator s Journey in keeping pace with changing technological environment.

2.2.4.4 Philosophy

Best Buy Co Inc A An Innovator s Journey’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

Best Buy Co Inc A An Innovator s Journey 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, Best Buy Co Inc A An Innovator s Journey communicates its competitive advantage and distinctive competencies. Best Buy Co Inc A An Innovator s Journey 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, Best Buy Co Inc A An Innovator s Journey 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

Best Buy Co Inc A An Innovator s Journey conveys basic business functions and features in its mission statement that sets a positive organizational image in public. By setting the public image, Best Buy Co Inc A An Innovator s Journey employees get guidance about how to behave to comply with the approved public image.

2.3 Goals of Best Buy Co Inc A An Innovator s Journey

2.3.1 What are goals of Best Buy Co Inc A An Innovator s Journey?

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. Best Buy Co Inc A An Innovator s Journey has developed motivational and aspirational goals that drive the organization towards achieving desired objectives. Goals include a list of accomplishment that Best Buy Co Inc A An Innovator s Journey has set, and strives to achieve over the long term. Mostly, the Best Buy Co Inc A An Innovator s Journey’s goals have a broad scope, are intangible, and are difficult to measure.

2.3.2 How Best Buy Co Inc A An Innovator s Journey set business goals?

While determining business goals, Best Buy Co Inc A An Innovator s Journey 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 Best Buy Co Inc A An Innovator s Journey management in visualizing the overall business vision, and the work required to achieve that vision

When goals are set, Best Buy Co Inc A An Innovator s Journey involves all major stakeholders who could share valuable input. It helps Best Buy Co Inc A An Innovator s Journey in gaining the ‘buy in’ for set goals.

2.3.3 Characteristics of Best Buy Co Inc A An Innovator s Journey’s business goals

Effective goals give motivation, clarity, and focus, and have specific characteristics that are mentioned below:

2.3.3.1 Challenging

At Best Buy Co Inc A An Innovator s Journey, goals are set as the vehicles for change rather than the tools of complacent. By assigning challenging goals, Best Buy Co Inc A An Innovator s Journey 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 Best Buy Co Inc A An Innovator s Journey, 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, Best Buy Co Inc A An Innovator s Journey chooses the most important business areas that make highest contribution to the overall business performance. By using balance scorecard approach, Best Buy Co Inc A An Innovator s Journey sets goals that cover the key result areas.

2.3.3.4 Adaptable

Effective goals are flexible and adaptable. As Best Buy Co Inc A An Innovator s Journey operates in quickly changing business environment, flexible goals remain alive over a period of time, and allow Best Buy Co Inc A An Innovator s Journey to adapt with the changing external environment.

2.3.3.5 Inclusive

Best Buy Co Inc A An Innovator s Journey sets business goals that adopt a holistic view, and reflect the expectations of broader stakeholders. Rather than just focusing on wealth maximization for shareholders, Best Buy Co Inc A An Innovator s Journey tends to develop inclusive goals that focus on long-term sustainability. For instance, while setting goals, Best Buy Co Inc A An Innovator s Journey considers the impact on the employees, environment and society.

2.5 Objectives

2.5.1 What are objectives of Best Buy Co Inc A An Innovator s Journey

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, Best Buy Co Inc A An Innovator s Journey 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 Best Buy Co Inc A An Innovator s Journey 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 Best Buy Co Inc A An Innovator s Journey

At Best Buy Co Inc A An Innovator s Journey, 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 Best Buy Co Inc A An Innovator s Journey.

2.4.3 Characteristics of Best Buy Co Inc A An Innovator s Journey’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 Best Buy Co Inc A An Innovator s Journey’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 Best Buy Co Inc A An Innovator s Journey, management ensures that objectives are not vague, as unclear objectives could harm the business performance. Managers at Best Buy Co Inc A An Innovator s Journey 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, Best Buy Co Inc A An Innovator s Journey 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. Best Buy Co Inc A An Innovator s Journey 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 Best Buy Co Inc A An Innovator s Journey 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. Best Buy Co Inc A An Innovator s Journey 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 Best Buy Co Inc A An Innovator s Journey, 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 Best Buy Co Inc A An Innovator s Journey, 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 Best Buy Co Inc A An Innovator s Journey

Best Buy Co Inc A An Innovator s Journey ensures that its vision, mission, goals and objectives share strong alignment. A misalignment between any of these components could negatively affect the Best Buy Co Inc A An Innovator s Journey’s image, and make it difficult for management to achieve desired business objectives. Best Buy Co Inc A An Innovator s Journey considers its goals and objectives as the building blocks for achieving vision and mission. Through goals, Best Buy Co Inc A An Innovator s Journey 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. Best Buy Co Inc A An Innovator s Journey 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.

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