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Related Flashcards
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Cards In This Set
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5 stages of crafting/executing a strategy
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1) develop a strategic vision, mission, and values
2) Setting objectives 3)crafting a strategy 4) executing the chosen strategy 5) monitoring developments, evaluating performance, and initiating corrective adjustments |
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Strategic vision
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Describes management's aspirations for the future and delineates the company's strategic course and long-term direction
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Effectively communivated vision
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A tool for enlisting the commitment of company personnel to actions that move the companny forward in the intended direction
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Culture of strategic vision
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Strategic visions become real only when the vision statement is imprinted in the minds of organiztion members and then trasnlated into hard objectives and strategies
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Payoffs of good vision statement
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1)crystallizes senior executives' own view about long term direction
2)reduces the risk of rudderless decision making 3)tool for winning the support of members for internal changes that will help make the vision a reality 4) provides a beacon for lower-level managers in setting objectives and crafting strategies 5) helps an organization prepare for the future |
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Difference between strategic vision and mission statement
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Strategic vision-future strategic course
mission statement- current business and purpose |
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Mission statement
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Describes the enterprises' current business and purpose "who we are, what we do, and why we are here"
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Points of mission statment
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*identify the company's product/service
*specify the buyer needsit seeks to satisfy *identify the customer groups/markets *specify its approach to pleasing ppl *give the company an identity |
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Profit
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An objective and a result of what a company does
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Values
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The beliefs, traits, and behavioral norms that company personnel are expected to display in conducting the company's business and pursuing its strategic vision and mission
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Objectives
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An organization's performance targets-the specific results management wants to achieve
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Flnancial objectives
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Communicate management's targets for financial performance
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Strategic objectives
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Related to a company's marketing standing and competitive vitality
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Balanced Scorecard
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A tool that is widely used to hel a company achieve its financial objectives by linking them to specific strategic objectives derived from the company's business model
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Collaborative team effort
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Which every manager has a role in the area he or she heads; not only high managers view and craft strategies
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