Strategy meaning and vision and mission
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The document discusses strategic management concepts including strategic intent, vision, mission, goals, and objectives. It provides definitions and examples of each concept. The key differences between vision and mission statements and between goals and objectives are outlined. Vision statements describe where an organization wants to be in the future, while mission statements explain its current purpose. Goals are long-term aims while objectives are specific, time-bound milestones to help achieve goals.
Strategy meaning and vision and mission
- 1. Mr. Ashesh Anand, Department of Management, vinoba Bhave University Strategic and Innovation Management Course Code: MBA-441 semester – IV Paper- Core Mr. Ashesh Anand University Department Of Management Vinoba Bhave University Hazaribagh
- 2. Mr. Ashesh Anand, Department of Management, vinoba Bhave University UNIT 1 UNDERSTANDING Strategy Defining Strategy Importance Of Strategy Levels At Which Strategy Operates Strategic Intent STRATEGIC INTENT Vision Mission Goals Objective
- 3. Mr. Ashesh Anand, Department of Management, vinoba Bhave University What is Strategic Management? Strategic management is the set of managerial decision and action that determines the long-run performance of a corporation. It includes 1. Environmental Scanning (Both External And Internal), 2. Strategy Formulation (Strategic Or Long Range Planning), 3. Strategy Implementation, 4. Evaluation And Control. The study of strategic management therefore emphasizes the monitoring and evaluating of external opportunities and threats in lights of a corporation’s strengths and weaknesses.
- 4. Mr. Ashesh Anand, Department of Management, vinoba Bhave University Strategic management is defined as dynamic process of formulation implication and control of strategies to realize the organization strategic intent. Dynamic- Means changing process which is not static or mechanistic process .Strategic management is continual evolving iterative process which is repeated over the time as situation demands. Importance of Strategic Management: 1. To The Shape The Future Of Business 2. Effective Strategic Idea 3. Mangers And Employer Are Innovative And Creative 4. Its Decentralized The Management 5. Its Helps To Increase The Productivity 6. To Makes Discipline 7. To Make Control
- 5. Mr. Ashesh Anand, Department of Management, vinoba Bhave University strategic Intent Strategic Intent can be understood as the philosophical base of the strategic management process. It implies the purpose, which an organization endeavor of achieving. It is a statement, that provides a perspective of the means, which will lead the organization, reach the vision in the long run. Strategic intent gives an idea of what the organization desires to attain in future. It answers the question what the organization strives or stands for? It indicates the long-term market position, which the organization desires to create or occupy and the opportunity for exploring new possibilities.
- 6. Mr. Ashesh Anand, Department of Management, vinoba Bhave University Strategic Intent In the field of management and organizational development, strategic intent is defined as a compelling statement about where an organization is going that succinctly conveys a sense of what that organization wants to achieve in the long term. Strategic intent answers the question: “What exactly are we trying to accomplish?” •Strategic intent can provide a sense of direction, a particular point of view about the long- term market or competitive position the organization hopes to develop and occupy. •Strategic intent can provide a sense of discovery in that it holds out to the organization’s members the promise of learning about other organizations that operate in the same market, adopting their best practices and avoiding pitfalls. •Strategic intent can provide a sense of destiny, a worthwhile goal around which energies can be focused across the organization.
- 7. Mr. Ashesh Anand, Department of Management, vinoba Bhave University Vision Mission Goals Objectives Plan S T R A T E G I C I N T E N Plan to fail ……FAIL TO PLAN
- 8. Mr. Ashesh Anand, Department of Management, vinoba Bhave University MISSION STATMENT A mission statement is a short statement of why an organization exists, what its overall goal is, identifying the goal of its operations: what kind of product or service it provides, its primary customers or market, and its geographical region of operation. It may include a short statement of such fundamental matters as the organization's values or philosophies, a business's main competitive advantages, or a desired future state
- 9. Mr. Ashesh Anand, Department of Management, vinoba Bhave University VISION STATMENT Facebook - To give people the power to share and make the world more open and connected .” •Tesla: To accelerate the world’s transition to sustainable energy. •Nike: Bring inspiration and innovation to every athlete* in the world. *If you have a body, you are an athlete. •MVMT: Style shouldn’t break the bank. •Warby Parker: To offer designer eyewear at a revolutionary price, while leading the way for socially conscious businesses. •Shopify: Make commerce better for everyone, so businesses can focus on what they do best: building and selling their products. •Patagonia: Build the best product, cause no unnecessary harm, use business to inspire and implement solutions to the environmental crisis. •IKEA: To create a better everyday life for the many people. •TED: Spread ideas. •Amazon: To be Earth’s most customer-centric company, where customers can find and discover anything they might want to buy online. •Southwest Airlines: To become the world’s most loved, most flown, and most profitable airline. •Google: To organize the world’s information and make it universally accessible and useful. •Asos: Become the world’s number-one destination for fashion-loving 20-somethings. •Loreal: To provide the best in cosmetics innovation to women and men around the world with respect for their diversity. •Bulletproof: Help people perform better, think faster, and live better. •Honest Tea: Create and promote great-tasting, healthy, organic beverages.
- 10. Mr. Ashesh Anand, Department of Management, vinoba Bhave University Key Elements of a Good Vision Statement companies should not be too ambitious in defining their long-term goals, it is critical to set a bigger and further target in a vision statement that communicates a company’s aspirations and motivates the audience. Below are the main elements of an effective vision statement: •Forward-looking •Motivating and inspirational •Reflective of a company’s culture and core values •Aimed at bringing benefits and improvements to the organization in the future •Defines a company’s reason for existence and where it is heading
- 11. Mr. Ashesh Anand, Department of Management, vinoba Bhave University DIFFERENCE BETWEEN VISION AND MISSION mission statement is what your company is doing right now, while vision statement is what you hope to achieve in the future – where you are in this moment versus where you’re going. The vision statement specifies the company’s future goals and values. It does not change with the passage of time i.e. it remains same. The statement must have clarity, concreteness, conciseness, completeness, correctness and courtesy. , “A man without eyes is blind, but a man without a vision is dead.” This statement defines that a company without having a vision will not survive for a long time. VISION STATEMENT LinkedIn-“Connect the world’s professionals to make them more productive and successful.”
- 12. Mr. Ashesh Anand, Department of Management, vinoba Bhave University KEY DIFFERENCES BETWEEN MISSION STATEMENT AND VISION STATEMENT A. The vision statement discusses the desired position of the company in future. On the contrary mission statement talks about the company’s business, purpose and the approach to pursue them. B. The Vision Statement remains same till the company survives. Conversely, the Mission Statement may change if required by the company. C. The Vision Statement is made to inspire. On the other hand, the Mission Statement is made to inform. D. The Vision Statement shows the company’s future aspirations whereas the Mission Statement explains the company’s core purpose. E. The Vision Statement is shorter than Mission Statement
- 13. Mr. Ashesh Anand, Department of Management, vinoba Bhave University EXAMPLE Vision Statement •Facebook – “People use Facebook to stay connected with friends and family, to discover what’s going on in the world, and to share and express what matters to them.” •Google – “to provide access to the world’s information in one click.” Mission statement •Facebook – “to give people the power to share and make the world more open and connected.” •Google – “to organize the world’s information and make it universally accessible and useful.”
- 14. Mr. Ashesh Anand, Department of Management, vinoba Bhave University Goals & Objectives A company’s goals and objectives are the foundation, which measures how much distance it has covered to attain its vision. Goals are defined as the lifelong aims, which an individual or entity endeavor to achieve something. It determines what the company is attempting to accomplish. On the other hand, objectives are the specific milestones which a person plans to achieve in a limited period. These are precise, measurable, time-based, actions that assist in the achievement of goal. Every company sets out is goals and objectives, in order to reach its mission and vision. These are specific outcome which an enterprise aims to accomplish within the particular timeframe, that too with available resources. Take a read of the given article to understand the difference between goals and objectives.
- 15. Mr. Ashesh Anand, Department of Management, vinoba Bhave University Definition of Goals Goals are defined as the target or purpose that a person imagines or plans to accomplish or to reach or to achieve in future. They are the driving force that directs a person to make efforts to achieve it. Definition of Objectives The aim or target which you want to achieve within a limited period is known as the objective. They are the milestones that help you to reach your goal. That is why they are also termed as subgoals. It is a step to reach a particular point.
- 16. Mr. Ashesh Anand, Department of Management, vinoba Bhave University
- 17. Mr. Ashesh Anand, Department of Management, vinoba Bhave University KEY DIFFERENCES BETWEEN GOALS AND OBJECTIVES A. The goals are the broad targets, which can be achieved through continuous actions taken in the particular direction. Objectives are the aims that you want to achieve in a short span of time. B. The goals are the result i.e. a primary outcome, but if we talk about objective, it is a stepping stone for achieving the goal. C. The goals are based on ideas, whereas objectives are facts based. D. When it is about the time limit, it is difficult to determine correctly that in how much time it can be achieved, but objectives can be time bound, in essence, they can be attained in a given period. E. It is hard to measure goals, i.e. how much distance you have covered till now, while chasing your goal and how much is left to be achieved. On the other hand, objectives are easy to measure. F. The goals are abstract, while objectives are concrete. G. The goals require general actions to attain it. As opposed to objectives, that needs specific actions.