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Lecture Crafting and executing strategy: The quest for competitive advantage - Concepts and cases (18/e) - Chapter 2

After studying this chapter, you should be able to: Grasp why it is critical for company managers to have a clear strategic vision of where a company needs to head and why, understand the importance of setting both strategic and financial objectives, understand why the strategic initiatives taken at various organizational levels must be tightly coordinated to achieve companywide performance targets,. | CHAPTER 2 CHARTING A COMPANY’S DIRECTION: VISION AND MISSION, OBJECTIVES, AND STRATEGY Student Version McGraw-Hill/Irwin Copyright ®2012 The McGraw-Hill Companies, Inc. WHAT DOES THE STRATEGY-MAKING, STRATEGY-EXECUTING PROCESS ENTAIL? Developing a strategic vision, a mission, and a set of values. Setting objectives for measuring performance and progress. Crafting a strategy to achieve those objectives. Executing the chosen strategy efficiently and effectively. Monitoring strategic developments, evaluating execution, and making adjustments in the vision and mission, objectives, strategy, or execution as necessary. STAGE 1: DEVELOPING A STRATEGIC VISION, A MISSION, AND A SET OF CORE VALUES Developing a Strategic Vision: Delineates management’s future aspirations for the business to its stakeholders. Provides direction—“where we are going.” Sets out the compelling rationale (strategic soundness) for the firm’s direction. Uses distinctive and specific language to set the firm apart from its rivals. Crafting a Mission Statement The Mission Statement: Uses specific language to give the firm its own unique identity. Describes the firm’s current business and purpose—“who we are, what we do, and why we are here.” Should focus on describing the company’s business, not on “making a profit”—earning a profit is an objective not a mission. Linking Vision and Mission with Core Values Core Values Are the beliefs, traits, and behavioral norms that employees are expected to display in conducting the firm’s business and in pursuing its strategic vision and mission. Become an integral part of the firm’s culture and what makes it tick when strongly espoused and supported by top management. Matched with the firm’s vision, mission, and strategy contribute to the firm’s business success. STAGE 2: SETTING OBJECTIVES The Purposes of Setting Objectives: To convert the vision and mission into specific, measurable, timely performance targets. To focus efforts and align actions throughout the . | CHAPTER 2 CHARTING A COMPANY’S DIRECTION: VISION AND MISSION, OBJECTIVES, AND STRATEGY Student Version McGraw-Hill/Irwin Copyright ®2012 The McGraw-Hill Companies, Inc. WHAT DOES THE STRATEGY-MAKING, STRATEGY-EXECUTING PROCESS ENTAIL? Developing a strategic vision, a mission, and a set of values. Setting objectives for measuring performance and progress. Crafting a strategy to achieve those objectives. Executing the chosen strategy efficiently and effectively. Monitoring strategic developments, evaluating execution, and making adjustments in the vision and mission, objectives, strategy, or execution as necessary. STAGE 1: DEVELOPING A STRATEGIC VISION, A MISSION, AND A SET OF CORE VALUES Developing a Strategic Vision: Delineates management’s future aspirations for the business to its stakeholders. Provides direction—“where we are going.” Sets out the compelling rationale (strategic soundness) for the firm’s direction. Uses distinctive and specific language to set the firm apart from .