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Lecture Crafting and executing strategy (15/e): Chapter 2 - Arthur A. Thompson, A. J. Strickland III, John E. Gamble

Chapter 2 - Leading the process of crafting and executing strategy. Learning objectives of this chapter include: Grasp why it is critical for company managers to think long and hard about where a company needs to head and why, understand the importance of setting both strategic and financial objectives,. | The Managerial Process of Crafting and Executing Strategy Screen graphics created by: Jana F. Kuzmicki, Ph.D. Troy University-Florida Region Fig. 2.1: The Strategy-Making, Strategy-Executing Process Developing a Strategic Vision Involves thinking strategically about Future direction of company Changes in company’s product/market/customer technology to improve Current market position Future prospects Phase 1 of the Strategy-Making Process A strategic vision describes the route a company intends to take in developing and strengthening its business. It lays out the company’s strategic course in preparing for the future. Strategic Vision vs. Mission A strategic vision concerns a firm’s future business path - “where we are going” Markets to be pursued Future product/market/ customer/technology focus Kind of company management is trying to create The mission statement of a firm focuses on its present business purpose - “who we are and what we do” Current product and service offerings Customer needs being served Technological and business capabilities Characteristics of a Mission Statement Identifies the boundaries of the current business and highlights Present products and services Types of customers served Geographic coverage Conveys Who we are, What we do, and Why we are here A well-conceived mission statement distinguishes a company’s business makeup from that of other profit-seeking enterprises in language specific enough to give the company its own identify! Setting Objectives Purpose of setting objectives Converts vision into specific performance targets Creates yardsticks to track performance Well-stated objectives are Quantifiable Measurable Contain a deadline for achievement Spell-out how much of what kind of performance by when Phase 2 of the Strategy-Making Process Types of Objectives Required Outcomes focused on improving financial performance Outcomes focused on improving competitive vitality and future business position Financial Objectives Strategic . | The Managerial Process of Crafting and Executing Strategy Screen graphics created by: Jana F. Kuzmicki, Ph.D. Troy University-Florida Region Fig. 2.1: The Strategy-Making, Strategy-Executing Process Developing a Strategic Vision Involves thinking strategically about Future direction of company Changes in company’s product/market/customer technology to improve Current market position Future prospects Phase 1 of the Strategy-Making Process A strategic vision describes the route a company intends to take in developing and strengthening its business. It lays out the company’s strategic course in preparing for the future. Strategic Vision vs. Mission A strategic vision concerns a firm’s future business path - “where we are going” Markets to be pursued Future product/market/ customer/technology focus Kind of company management is trying to create The mission statement of a firm focuses on its present business purpose - “who we are and what we do” Current product and service offerings .