Objectives are organizations performance targets – the results and outcomes it wants to achieve. They function as yardstick for tracking an organizations performance and progress. Objectives are open-ended attributes that denote the future states or outcomes. Goals are close-ended attributes which are precise and expressed in specific terms. Objectives with strategic focus relate to outcomes […]
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Mission of Unilever: “The mission of our company, as William Hasketh Lever saw it, is to make cleanliness commonplace, to lessen work for women, to foster health, and to contribute to personal attractiveness that life may be more enjoyable for the people who use our products.” Mission of Mckinsey & Co: “To help business corporation […]
According to Glueck & Jauch mission is answer to the question ‘what business are we in’ that is faced by corporate-level strategist A company’s Mission statement is typically focused on its present business scope – “who we are and what we do”; mission statements broadly describe an organizations present capabilities, customer focus, activities, and business […]
The entrepreneurial challenge in developing a strategic vision is to think creatively about how to prepare a company for the future. ♦ Forming a strategic vision is an exercise in intelligent entrepreneurship. ♦ Many successful organizations need to change direction not in order to survive but in order to maintain their success. ♦ A well-articulated […]
A Strategic vision is a road map of a company’s future – providing specifics about technology and customer focus, the geographic and product markets to be pursued, the capabilities it plans to develop, and the kind of company that management is trying to create The three elements of a strategic vision: 1. Coming up with […]
The strategy-making/strategy-implementing process consists of five interrelated managerial tasks. These are: ♦ Setting vision and mission: Forming a strategic vision of where the organization is headed, so as to provide long-term direction, delineate what kind of enterprise the company is trying to become and infuse the organization with a sense of purposeful action. ♦ Setting […]
Strategic management provides the framework for all the major business decisions of an enterprise such as decisions on businesses, products and markets, manufacturing facilities, investments and organizational structure. In a successful corporation, strategic planning works as the pathfinder to various business opportunities; simultaneously, it also serves as a corporate defence mechanism, helping the firm avoid […]
The five stages are as follows: Stage one: This is the starting point of strategic planning and consists of doing a situational analysis of the firm in the environmental context. Here the firm must find out its relative market position, corporate image, its strength and weakness and also environmental threats and opportunities. This is also […]
A corporate strategy has the following characteristics: ♦ It is generally long-range in nature, though it is valid for short-range situations also and has short-range implications. ♦ It is action oriented and is more specific than objectives. ♦ It is multipronged and integrated. It is flexible and dynamic. ♦ It is formulated at the top […]
Strategic management is not a box of tricks or a bundle of techniques. It is analytical thinking and commitment of resources to action. Peter Drucker Features Of Strategic Management 1. On-going process: Strategic management is a on-going process which is in existence through out the life of organization. 2. Shaping broad plans: First, it is […]
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