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AND
EXECUTIN
G
STRATEGY
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THE 5-PHASED STRATEGY-MAKING,
STRATEGY-EXECUTING PROCESS
Of where the company needs to head and what its future
DEVELOPING
A
A STRATEGIC
STRATEGIC
VISION
product/customer/market/technology focus should be.
And using them as yardsticks for measuring the companys performance and
SETTING
SETTING
OBJECTIVES
OBJECTIVES progress.
To achieve the objectives and move the company along the strategic course
CRAFTING
CRAFTING A
STRATEGY
STRATEGY
A
that management has charted.
EVALUATING
EVALUATING
PERFORMANC
PERFORMANC In the companys long-term direction, objectives, strategy, or execution in light
E AND
INITIATING
INITIATING
CORRECTIVE
of actual experience, changing conditions, new ideas, and new opportunities.
ADJUSTMENT
S
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PHASE 1:
DEVELOPING A
STRATEGIC VISION
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STRATEGIC VISION?
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STRATEGIC VISION (cont.)?
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STRATEGIC VISION (cont.)?
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STRATEGIC VISION (cont.)?
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REQUIREMENTS INORDER THAT
STRATEGIC VISION WILL FUNCTION AS
A VALUABLE MANAGERIAL TOOL
2. Internal considerations.
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EXTERNAL CONSIDERATIONS
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INTERNAL CONSIDERATIONS
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INTERNAL CONSIDERATIONS (cont.)
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CHARACTERISTICS OF AN EFFECTIVELY
WORDED VISION STATEMENT
CHARACTERISTICS DESCRIPTION
Graphic Paints a picture of the kind of company that
management is trying to create and the market
position(s) the company is striving to stake out.
Directional Is forward-looking; describes the strategic course
that management has charted and the kinds of
product/market/customer/technology changes that
will help the company prepare for the future.
Focused Is specific enough to provide managers with
guidance in making decisions and allocating
resources.
Flexible Is not a once-and-for-all time statement-the
directional course that management has charted
may have to be adjusted as
product/market/customer/technology circumstances
change.
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CHARACTERISTICS OF AN EFFECTIVELY
WORDED VISION STATEMENT (cont.)
CHARACTERISTICS DESCRIPTION
Feasible Is within the realm of what the company can
reasonably expect to achieve in due time.
Desirable Indicates why the direction make good business
sense and is in the long-term interests of
stakeholders (especially shareowners, employees,
and customers.)
Easy to Communicate Is explainable in 5-10 minutes and, ideally, can be
reduced to a simple, memorable slogan (like Henry
Fords famous vision of a car in very garage).
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COMMON SHORTCOMINGS IN
COMPANY VISION STATEMENTS
SHORTCOMINGS DESCRIPTION
Vague or Incomplete Short on specifics about where the
company is headed or what the company
is doing to prepare for the future.
Not Forward-Looking Does not indicate whether or how
management intends to alter the
companys current
product/market/customer/technology
focus.
Too Broad So inclusive that the company could head
in most any direction, pursue most any
opportunity, or enter most any business.
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COMMON SHORTCOMINGS IN
COMPANY VISION STATEMENTS (cont.)
SHORTCOMINGS DESCRIPTION
Bland or uninspiring Lacks the power to motivate company
personnel or inspire shareholder confidence
about the companys direction or future
prospect.
Not Distinctive Provides no unique company identity; could
apply to companies in any of several
industries (or at least several rivals operating
in the same industry or market arena).
Too Reliant on Does not say anything specific about the
Superlatives companys strategic course beyond the pursuit
of such lofty accolades as best, most
successful, recognized leader, global or
worldwide leader, or first choice of customers.
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PAYOFFS OF A CLEAR VISION
STATEMENT
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PAYOFFS OF CLEAR VISION
STATEMENT (cont.)
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LINKING THE
VISION/MISSION WITH
COMPANY VALUES
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VALUES?
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EXAMPLES OF COMPANY VALUES
Customer commitment
Quality
Integrity
Teamwork
Respect for people
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EXAMPLES OF COMPANY VALUES (cont.)
Toyota
Respect for and development of its employees
Teamwork
Getting quality right the first time
Learning
Continuous improvement
Embracing change in its pursuit of low-cost,
top notch manufacturing excellence in motor
vehicles.
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EXAMPLES OF COMPANY VALUES (cont.)
Du Pont
Safety
Ethics
Respect for people
Environmental stewardship
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EXAMPLES OF COMPANY VALUES (cont.)
Abbott Laboratories
Pioneering
Achieving
Caring
Enduring
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EXAMPLES OF COMPANY VALUES (cont.)
Enron
Respect
Integrity
Communication
Excellence
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EXAMPLES OF COMPANY VALUES (cont.)
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COMMUNICATING
THE STRATEGIC
VISION
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CORE CONCEPT
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CORE CONCEPT (cont.)
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CORE CONCEPT (cont.)
Why?
When managers articulate a vivid and compelling
case for where the company is headed,
organization members begin to say -
In Summary
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PHASE 2:
SETTING
OBJECTIVES
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FOOD FOR THOUGHT
Bill Hewlett
Co-founder of Hewlett-Packard
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OBJECTIVES?
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ELEMENTS OF WELL-STATED
OBJECTIVES
S PECIFIC
M EASURABLE
A TTAINABLE
R ELEVANT
T IME BOUND
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SIMPLE
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ATTAINABLE
Your goal must be within your reach in your present
situation. High goals that stretch you are okay, but
high AND realistic goals are better. Unattainable
goals can not motivate you. Easy goals on the
other hand are not challenging enough. Thus, they
do not contribute to your growth.
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SETTING STRETCH OBJECTIVES
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OUTCOMES OF SETTING STRETCH
OBJECTIVES
to be more inventive;
to exhibit more urgency in improving both its
financial performance and its business position;
and
to be more intentional and focused in its
actions.
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THANK YOU!
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