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Strategic Management : Strategy Formulation Vision and Mission

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Strategy Formulation Vision and Mission Presentation Transcript

Slide 2 - 1. Vision & Mission A Vision is a description of the business as you want it to be The description might include : How things will be Where With Whom What you’ll be doing How you’ll feel
Slide 3 - 1. Vision & Mission 1.1. Definition 1.2. Corporate mission 1.3. Mission and change 1.4. Mission and strategy 1.5. Organizational mission
Slide 4 - 1.1. Definition Strategic Mission is a statement of firm’s which reveals the long –term vision of an organization in terms of what it wants to be and whom it want to serve It anwers the pivatal question « What is our business? »
Slide 5 - 1.2. Corporate mission Corporate mission represent the broadest statements of the company’s vision and philosophy They describe the company’s relationship to its external environment and establish the basic identity of the company for external stakeholders
Slide 6 - The following steps can help managers to develop useful missions statements : 1 - analyze historical missions , values and business operations and practices 2 - consult organizational stakeholders about directions the company should take 3 - Resolve conlicting demands 4 - Describe the company’s value , guiding philosophy , business domains 5 - share the draft mission statement with key managers and stakeholders , seek feedback and make modifications
Slide 7 - 1.3. Mission and change Corporate and strategic business level missions will generally change over time The change may take place rapidly or be slow and gradual
Slide 8 - 1.4. Mission and strategy It’s difficult to know where one is going if one does not first know who one is Effective management requires not only an understanding of the environment but also a focus on the organization’s mission
Slide 9 - 1.5. Organizational mission Mission statements tend to be made up of some or all of the following nine components : Customers Products or Services Location Concern for survival Philosophy Self concept Concern for public image Concern for employees
Slide 10 - Key elements In developing a statement of mission , management must take into account three key elements : The organization’s history The competencies The environment
Slide 11 - Characteristics of a mission statement An effective mission statement should be : Market rather than product focus Achievable Motivational Specific
Slide 12 - The mission statement of any business should answer the following general questions : What is our business? Who is the customer ? What will our business be ? What should our business be ?
Slide 13 - Thank You