State of Vision Development in Slovenian Companies

• Main Author: Vojko Toman
• Format: Article
• Language: English
• Published: Slovenian Academy of Management 2014-05-01
• Series: Dynamic Relationships Management Journal (DRMJ)
• Subjects: vision; state of vision setting; strategic management
• Online Access: http://www.sam-d.si/Upload/Articles/DRMJv03n01a02.pdf

Vision is a prerequisite for efficient strategic planning and the effectiveness of a company. If a company has no vision (i.e., it does not know where it is heading), then it cannot build on advantages, eliminate weaknesses, exploit opportunities and avoid threats. The term ‘vision’ is often used in scientific and professional literature, but it should be noted that different authors understand the term differently and often discuss it inadequately. Many questions regarding the nature of vision arise in practice and in theory, and I answer many of them in my article. I define vision, explain the reasons for its necessity and provide its characteristics and content. I define mission and explain the main difference between vision and mission. The majority of the article presents the results of empirical research on the state of vision setting in Slovenian companies. The article highlights the way in which these terms are understood by top managers.