Describe how a mission and vision statement influence strategic growth planning.

A company’s mission and vision are foundational pillars that steer its growth strategies:

• Mission Statement:

  • Defines current purpose, core values, and target audience.

  • Influences day-to-day strategy, product development, and communication.

  • Ensures the team stays aligned on “why” the company exists.

• Vision Statement:

  • Describes the long-term aspirations.

  • Guides growth decisions and strategic direction for 5–10 years into the future.

  • Helps investors, customers, and employees understand the company’s goals.

Example:

• Tesla’s mission to "accelerate the world’s transition to sustainable energy" drives its innovation and expansion into solar, battery storage, and electric vehicles.

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