The document discusses strategic management and planning. It outlines the typical 7-step strategic planning process as: 1) Developing a strategic vision and mission, 2) Analyzing the internal and external environment, 3) Appraising capabilities and strategies, 4) Setting objectives, 5) Formulating and evaluating strategies, 6) Implementing strategies, and 7) Reviewing and monitoring strategies. It also discusses the importance of analyzing an organization's internal environment including resources and external environment including economic, social, political, and technological factors. The key aspects of developing an effective mission statement are highlighted.
Mission and strategic framework - strategic management - Manu Melwin Joymanumelwin
Mission statement is a statement of purpose and function.
It answers the following questions.
Why the organization does exist?
What is its value addition?
What is its function?
How does it want to be positioned in the market and minds of customer?
What business is it in?
This document outlines key concepts from an economics textbook chapter, including:
- Economics addresses how societies manage scarce resources.
- Scarcity and opportunity costs are fundamental concepts.
- Rational people systematically evaluate costs and benefits of decisions at the margin.
- Trade can make all parties better off through specialization and exchange.
- Markets generally organize economic activity well through prices reflecting supply and demand.
- Governments sometimes improve outcomes by addressing market failures or pursuing equity.
Strategic framework - strategic management - Manu Melwin Joymanumelwin
Strategic management is a process that involves building a careful understanding of how the world is changing, as well as knowledge of how those changes might affect a particular firm.
The document discusses visions, missions, and vision and mission statements. It provides examples of vision statements from PepsiCo and Dell, and examples of mission statements from PepsiCo, Dell, and Procter & Gamble. It outlines the benefits of having a clear vision and mission statement, such as providing unity of direction and promoting shared expectations. Developing a vision and mission statement is presented as an important process that involves manager participation and feedback.
The document outlines a hierarchy of strategic intent for organizations, beginning with vision which describes the desired future state, followed by mission which defines the organization's purpose and business. Goals and objectives then provide the framework for achieving the vision and mission, with objectives specifically defining how goals will be met and providing standards for performance measurement. The document discusses the importance of vision, examples of effective vision and mission statements, and key considerations for setting goals and objectives that are specific, measurable, and help guide strategic decision making.
2. Sales volume
The document discusses vision, mission, objectives and goals. It defines vision as a description of something in the future that an individual or organization aspires to create. A vision statement answers what success will look like. A mission provides the foundation for developing a comprehensive mission statement. Objectives are more specific and measurable end results to be accomplished by a certain time. Objectives should be specific, have a time horizon, be flexible, attainable, and measurable. They help define the organization and coordinate decisions. The document provides examples of vision and mission statements and discusses the differences between vision and mission statements.
The document discusses the importance of developing values, vision, and mission statements for an organization. It provides examples of effective vision statements that are short and inspirational. Mission statements should define the organization's purpose and customers. Goals and objectives specify what the organization aims to achieve and should be SMART (specific, measurable, attainable, results-oriented, and time-limited). Benchmarking against competitors can help set challenging strategic goals and objectives. Developing these elements provides purpose, guidance, and motivation for an organization's employees and stakeholders.
Vision, mission, objectives, and goals provide strategic direction for an organization. A vision describes what an organization aspires to become, while a mission outlines its current purpose. Objectives specify quantifiable targets to achieve within a set timeframe. Goals are short-term milestones that support achieving long-term objectives. Together, they guide an organization and provide a framework for evaluating performance.
Mission and strategic framework - strategic management - Manu Melwin Joymanumelwin
Mission statement is a statement of purpose and function.
It answers the following questions.
Why the organization does exist?
What is its value addition?
What is its function?
How does it want to be positioned in the market and minds of customer?
What business is it in?
This document outlines key concepts from an economics textbook chapter, including:
- Economics addresses how societies manage scarce resources.
- Scarcity and opportunity costs are fundamental concepts.
- Rational people systematically evaluate costs and benefits of decisions at the margin.
- Trade can make all parties better off through specialization and exchange.
- Markets generally organize economic activity well through prices reflecting supply and demand.
- Governments sometimes improve outcomes by addressing market failures or pursuing equity.
Strategic framework - strategic management - Manu Melwin Joymanumelwin
Strategic management is a process that involves building a careful understanding of how the world is changing, as well as knowledge of how those changes might affect a particular firm.
The document discusses visions, missions, and vision and mission statements. It provides examples of vision statements from PepsiCo and Dell, and examples of mission statements from PepsiCo, Dell, and Procter & Gamble. It outlines the benefits of having a clear vision and mission statement, such as providing unity of direction and promoting shared expectations. Developing a vision and mission statement is presented as an important process that involves manager participation and feedback.
The document outlines a hierarchy of strategic intent for organizations, beginning with vision which describes the desired future state, followed by mission which defines the organization's purpose and business. Goals and objectives then provide the framework for achieving the vision and mission, with objectives specifically defining how goals will be met and providing standards for performance measurement. The document discusses the importance of vision, examples of effective vision and mission statements, and key considerations for setting goals and objectives that are specific, measurable, and help guide strategic decision making.
2. Sales volume
The document discusses vision, mission, objectives and goals. It defines vision as a description of something in the future that an individual or organization aspires to create. A vision statement answers what success will look like. A mission provides the foundation for developing a comprehensive mission statement. Objectives are more specific and measurable end results to be accomplished by a certain time. Objectives should be specific, have a time horizon, be flexible, attainable, and measurable. They help define the organization and coordinate decisions. The document provides examples of vision and mission statements and discusses the differences between vision and mission statements.
The document discusses the importance of developing values, vision, and mission statements for an organization. It provides examples of effective vision statements that are short and inspirational. Mission statements should define the organization's purpose and customers. Goals and objectives specify what the organization aims to achieve and should be SMART (specific, measurable, attainable, results-oriented, and time-limited). Benchmarking against competitors can help set challenging strategic goals and objectives. Developing these elements provides purpose, guidance, and motivation for an organization's employees and stakeholders.
Vision, mission, objectives, and goals provide strategic direction for an organization. A vision describes what an organization aspires to become, while a mission outlines its current purpose. Objectives specify quantifiable targets to achieve within a set timeframe. Goals are short-term milestones that support achieving long-term objectives. Together, they guide an organization and provide a framework for evaluating performance.
Ch4 Internal Assessment: Strategic ManagementTriune Global
Focus is on identifying & evaluating a firm's strength & weaknesses in the functional areas of business, including management, marketing, finance, production, and management information systems.
Organizations win by developing and working around 'Big Picture'. Japanese firms called it 'Strategic Intent' and supplement it by 'Competitive Innovation'.... Obsession to win and following it up with Changing the rules of the game.
Mba syllabus 2019 pattern (sem i to iv) 08.062020 (2)indseach
The document summarizes the revised curriculum for the Master of Business Administration (MBA) program effective from the 2019-2020 academic year. Key aspects of the revised curriculum include:
1. Implementing an Outcome Based Education approach along with the existing Choice Based Credit System and grading system.
2. Defining terms related to the Outcome Based Education approach such as Program Educational Objectives, Graduate Attributes, Program Outcomes, Program Specific Outcomes, Learning Outcomes, Course Outcomes, and Outcome Based Assessment.
3. Outlining the Program Educational Objectives and Program Outcomes that students will achieve by the end of the MBA program related to integrating management theories, effective communication, leadership, global
Strategic management involves identifying strategies to help organizations achieve competitive advantages and better performance. It is a continuous process that includes environmental scanning, strategy formulation, implementation, and evaluation. Managers must understand internal strengths/weaknesses and external opportunities/threats to develop strategies. The key aspects of strategic management are setting a mission, vision and goals, and aligning the organization's resources and activities to achieve these objectives over the long run.
Road Map for Organizational Effectivenesstdhooper2
The document provides an overview of the services offered by Leadership Strategy Group to help organizations, teams, and individuals improve leadership effectiveness and drive organizational performance. The services include change management, employee engagement, team performance, and leadership development. Key practices involve assessment, action planning, facilitation, coaching, and measuring results. Case studies demonstrate how clients achieved goals like cost reduction, improved processes, and increased employee engagement.
Educaterer India is an unique combination of passion driven into a hobby which makes an awesome profession. We carve the lives of enthusiastic candidates to a perfect professional who can impress upon the mindsets of the industry, while following the established traditions, can dare to set new standards to follow. We don't want you to be the part of the crowd, rather we like to make you the reason of the crowd. Today's Effort For A Better Tomorrow
Here are the key points about strategic group analysis:
- Strategic groups separate companies within the same industry that have similar business models and strategy combinations.
- Companies within a strategic group compete most directly with each other.
- Strategists will often display companies on a two-dimensional grid to show their relative market positions within a strategic group.
- Examining strategic groups provides insights into the competitive dynamics within an industry by analyzing groups of closest competitors.
- It also helps companies assess their relative strengths and weaknesses compared to industry peers in the same strategic group.
- The goals of strategic group analysis depend on factors like a group's market share, growth rates, and profitability relative to other groups.
This document discusses strategic leadership and provides examples of strategic leaders. It defines strategic leadership as expressing a strategic vision to motivate others and influence organizational change. Strategic leaders create structure, allocate resources, and have qualities like loyalty, motivation, and self-awareness. The document then profiles several strategic leaders like Mahatma Gandhi, Dr. Vijay Mallya, Ratan Tata, and Dhirubhai Ambani. It provides a case study on the Coca-Cola company facing allegations in India and their strategic response. Lastly, it includes a short quiz for the audience.
The document discusses strategic planning concepts like vision, mission, objectives, and goals. It provides definitions and examples of each concept. A vision is a long-term future outlook for an organization, while a mission outlines its current purpose and operations. Objectives and goals are shorter-term aims that support the vision and mission, with objectives being more specific and measurable. Good strategic planning cascades these concepts down through an organization to guide decision-making.
Managers at all levels are responsible for directing resources and people to achieve organizational goals. Top managers oversee overall strategy and performance, middle managers implement strategies, and first-line managers directly supervise employees. Effective management involves planning, organizing, directing, and controlling organizational activities and resources. Key management skills include technical expertise, relationship building, conceptual thinking, decision-making, and time management. Corporate culture and managing change are also important aspects of management.
The document discusses the vision and mission statements of companies. It provides information on developing vision and mission statements, including getting input from managers, drafting statements, and revising them. It also discusses the importance of vision and mission statements in providing direction and motivation for employees. Key aspects of an effective mission statement mentioned include being broad in scope, identifying customer utility, and including components like markets and technology.
Organizational objectives and individual objectivesSultana Parveen
This document discusses organizational objectives and how they provide direction for an organization. Organizational objectives include establishing a mission statement that articulates the organization's values and reason for existence. Both long-term and short-term goals are set to achieve the mission. Goals specify desired outcomes while plans define the steps to achieve goals. Objectives should be specific, measurable, achievable, realistic and time-bound to provide clear guidance and boundaries for the organization.
This document discusses corporate strategy and provides three key points:
1) It explains the basic structure and organization of corporations, including functional departments, hierarchical and matrix structures.
2) It discusses the importance of operations research and industrial engineering in analyzing problems and improving efficiency. Tools like workflows and diagrams are used to understand operations.
3) Corporate strategy involves setting objectives, managing resources through the PDCA cycle, and ensuring legal compliance and social responsibility.
The document discusses strategic management and the strategic planning process. It defines key concepts like strategy, competitive advantage, and strategic leadership. It then outlines the five steps of the strategic management process: 1) defining the mission and goals, 2) external analysis, 3) internal analysis, 4) selecting strategies, and 5) implementing strategies. It provides details on how to conduct external and internal analysis, and explains how strategies are selected and implemented to achieve competitive advantage.
Operation management is important for the business entity which helps in running the business smoothly and make the more productivity in the corporation.
This document provides an outline for a course on strategic implementation taught by Prof. Joseph Mba. The course aims to teach students processes and techniques for effectively implementing strategic plans to achieve desired strategic performance outcomes. The outline covers topics such as implementation planning, administrative actions, leadership actions, change actions, and strategic control actions. It also includes chapter sections on strategic implementation planning envelopes and the role of top executives and boards in strategic planning and organization.
The document discusses strategic management concepts including strategy formulation and implementation. Strategy formulation includes defining the company's vision, mission, objectives, goals, strategies and policies. Key aspects of vision include communicating purpose and competitive leadership. The mission identifies the company's scope and objectives are specific, measurable goals. Goals are set at different levels to achieve objectives. Policies provide guidelines for decision making. Strategy implementation involves programs, budgets, procedures and leadership roles.
strategic development process follow by four steps:
1- Crafting mission , vision and value statement
2- Strategic goals
3- Strategic analysis
4- Formulating and launching the strategy
The document discusses the vision, mission, objectives, and goals of businesses. It defines each concept and provides examples. A vision statement outlines where an organization wants to go in the future. A mission statement explains an organization's purpose and scope. Objectives are specific and measurable targets that help track performance. Goals are intermediate targets that contribute to achieving the overall vision. Together, vision, mission, objectives and goals provide strategic direction and guidelines for an organization.
This document provides an overview of strategic management concepts including strategy, vision, mission, objectives, goals, the strategic management process, corporate planning, and strategic business units. Some key points:
1. Strategy involves consciously choosing a company's direction and responding proactively to changes. A vision describes what a company aspires to become, while a mission explains what it is and why it exists.
2. Objectives are long-term goals that support the mission, while goals are more specific and short-term. The strategic management process consists of environmental scanning, strategy formulation, implementation, and evaluation.
3. Corporate planning is a comprehensive process undertaken by top management to guide the company towards its objectives. Strateg
Ch4 Internal Assessment: Strategic ManagementTriune Global
Focus is on identifying & evaluating a firm's strength & weaknesses in the functional areas of business, including management, marketing, finance, production, and management information systems.
Organizations win by developing and working around 'Big Picture'. Japanese firms called it 'Strategic Intent' and supplement it by 'Competitive Innovation'.... Obsession to win and following it up with Changing the rules of the game.
Mba syllabus 2019 pattern (sem i to iv) 08.062020 (2)indseach
The document summarizes the revised curriculum for the Master of Business Administration (MBA) program effective from the 2019-2020 academic year. Key aspects of the revised curriculum include:
1. Implementing an Outcome Based Education approach along with the existing Choice Based Credit System and grading system.
2. Defining terms related to the Outcome Based Education approach such as Program Educational Objectives, Graduate Attributes, Program Outcomes, Program Specific Outcomes, Learning Outcomes, Course Outcomes, and Outcome Based Assessment.
3. Outlining the Program Educational Objectives and Program Outcomes that students will achieve by the end of the MBA program related to integrating management theories, effective communication, leadership, global
Strategic management involves identifying strategies to help organizations achieve competitive advantages and better performance. It is a continuous process that includes environmental scanning, strategy formulation, implementation, and evaluation. Managers must understand internal strengths/weaknesses and external opportunities/threats to develop strategies. The key aspects of strategic management are setting a mission, vision and goals, and aligning the organization's resources and activities to achieve these objectives over the long run.
Road Map for Organizational Effectivenesstdhooper2
The document provides an overview of the services offered by Leadership Strategy Group to help organizations, teams, and individuals improve leadership effectiveness and drive organizational performance. The services include change management, employee engagement, team performance, and leadership development. Key practices involve assessment, action planning, facilitation, coaching, and measuring results. Case studies demonstrate how clients achieved goals like cost reduction, improved processes, and increased employee engagement.
Educaterer India is an unique combination of passion driven into a hobby which makes an awesome profession. We carve the lives of enthusiastic candidates to a perfect professional who can impress upon the mindsets of the industry, while following the established traditions, can dare to set new standards to follow. We don't want you to be the part of the crowd, rather we like to make you the reason of the crowd. Today's Effort For A Better Tomorrow
Here are the key points about strategic group analysis:
- Strategic groups separate companies within the same industry that have similar business models and strategy combinations.
- Companies within a strategic group compete most directly with each other.
- Strategists will often display companies on a two-dimensional grid to show their relative market positions within a strategic group.
- Examining strategic groups provides insights into the competitive dynamics within an industry by analyzing groups of closest competitors.
- It also helps companies assess their relative strengths and weaknesses compared to industry peers in the same strategic group.
- The goals of strategic group analysis depend on factors like a group's market share, growth rates, and profitability relative to other groups.
This document discusses strategic leadership and provides examples of strategic leaders. It defines strategic leadership as expressing a strategic vision to motivate others and influence organizational change. Strategic leaders create structure, allocate resources, and have qualities like loyalty, motivation, and self-awareness. The document then profiles several strategic leaders like Mahatma Gandhi, Dr. Vijay Mallya, Ratan Tata, and Dhirubhai Ambani. It provides a case study on the Coca-Cola company facing allegations in India and their strategic response. Lastly, it includes a short quiz for the audience.
The document discusses strategic planning concepts like vision, mission, objectives, and goals. It provides definitions and examples of each concept. A vision is a long-term future outlook for an organization, while a mission outlines its current purpose and operations. Objectives and goals are shorter-term aims that support the vision and mission, with objectives being more specific and measurable. Good strategic planning cascades these concepts down through an organization to guide decision-making.
Managers at all levels are responsible for directing resources and people to achieve organizational goals. Top managers oversee overall strategy and performance, middle managers implement strategies, and first-line managers directly supervise employees. Effective management involves planning, organizing, directing, and controlling organizational activities and resources. Key management skills include technical expertise, relationship building, conceptual thinking, decision-making, and time management. Corporate culture and managing change are also important aspects of management.
The document discusses the vision and mission statements of companies. It provides information on developing vision and mission statements, including getting input from managers, drafting statements, and revising them. It also discusses the importance of vision and mission statements in providing direction and motivation for employees. Key aspects of an effective mission statement mentioned include being broad in scope, identifying customer utility, and including components like markets and technology.
Organizational objectives and individual objectivesSultana Parveen
This document discusses organizational objectives and how they provide direction for an organization. Organizational objectives include establishing a mission statement that articulates the organization's values and reason for existence. Both long-term and short-term goals are set to achieve the mission. Goals specify desired outcomes while plans define the steps to achieve goals. Objectives should be specific, measurable, achievable, realistic and time-bound to provide clear guidance and boundaries for the organization.
This document discusses corporate strategy and provides three key points:
1) It explains the basic structure and organization of corporations, including functional departments, hierarchical and matrix structures.
2) It discusses the importance of operations research and industrial engineering in analyzing problems and improving efficiency. Tools like workflows and diagrams are used to understand operations.
3) Corporate strategy involves setting objectives, managing resources through the PDCA cycle, and ensuring legal compliance and social responsibility.
The document discusses strategic management and the strategic planning process. It defines key concepts like strategy, competitive advantage, and strategic leadership. It then outlines the five steps of the strategic management process: 1) defining the mission and goals, 2) external analysis, 3) internal analysis, 4) selecting strategies, and 5) implementing strategies. It provides details on how to conduct external and internal analysis, and explains how strategies are selected and implemented to achieve competitive advantage.
Operation management is important for the business entity which helps in running the business smoothly and make the more productivity in the corporation.
This document provides an outline for a course on strategic implementation taught by Prof. Joseph Mba. The course aims to teach students processes and techniques for effectively implementing strategic plans to achieve desired strategic performance outcomes. The outline covers topics such as implementation planning, administrative actions, leadership actions, change actions, and strategic control actions. It also includes chapter sections on strategic implementation planning envelopes and the role of top executives and boards in strategic planning and organization.
The document discusses strategic management concepts including strategy formulation and implementation. Strategy formulation includes defining the company's vision, mission, objectives, goals, strategies and policies. Key aspects of vision include communicating purpose and competitive leadership. The mission identifies the company's scope and objectives are specific, measurable goals. Goals are set at different levels to achieve objectives. Policies provide guidelines for decision making. Strategy implementation involves programs, budgets, procedures and leadership roles.
strategic development process follow by four steps:
1- Crafting mission , vision and value statement
2- Strategic goals
3- Strategic analysis
4- Formulating and launching the strategy
The document discusses the vision, mission, objectives, and goals of businesses. It defines each concept and provides examples. A vision statement outlines where an organization wants to go in the future. A mission statement explains an organization's purpose and scope. Objectives are specific and measurable targets that help track performance. Goals are intermediate targets that contribute to achieving the overall vision. Together, vision, mission, objectives and goals provide strategic direction and guidelines for an organization.
This document provides an overview of strategic management concepts including strategy, vision, mission, objectives, goals, the strategic management process, corporate planning, and strategic business units. Some key points:
1. Strategy involves consciously choosing a company's direction and responding proactively to changes. A vision describes what a company aspires to become, while a mission explains what it is and why it exists.
2. Objectives are long-term goals that support the mission, while goals are more specific and short-term. The strategic management process consists of environmental scanning, strategy formulation, implementation, and evaluation.
3. Corporate planning is a comprehensive process undertaken by top management to guide the company towards its objectives. Strateg
The document discusses vision, mission, objectives and goals for strategic planning. It defines each term and provides examples. A vision is a description of an ideal future state; a mission explains an organization's purpose and values; objectives are specific targets to be achieved within a set timeframe; and goals are interim milestones that support achieving objectives. Together, vision, mission, objectives and goals provide a framework for strategic direction and performance measurement.
"Dive into the intricate world of the Business Environment with this insightful presentation. Tailored for students, entrepreneurs, and professionals alike, it delves deep into the dynamic forces shaping today's business landscape. Topics covered include market analysis, regulatory shifts, cutting-edge technology trends, and the growing importance of sustainability. Packed with real-world case studies and data-driven insights, this presentation equips you with valuable knowledge and actionable strategies to navigate the ever-evolving challenges and opportunities in the business world. Stay ahead of the curve and gain a competitive edge with this comprehensive exploration of the Business Environment."
A mission statement declares an organization's core purpose and focus, serving as a filter to identify priorities and communicate intended direction. It differs from a vision, which describes an effect or pursuit rather than an accomplishment. Objectives support the mission by breaking it into achievable steps, whereas the mission expresses a broad vision. Objectives are measurable actions defined at the corporate, business unit, functional, and individual levels to accomplish goals in a hierarchy and achieve the overarching mission.
Strategic management is the process of specifying an organization's objectives, developing policies to achieve those objectives, and allocating resources to implement the policies. It involves environmental scanning, strategy formulation, strategy implementation, and evaluation and control. Strategic decisions are made at the corporate, business unit, and functional levels. Strategic intent is reflected through an organization's vision, mission, objectives, and goals. The strategic management process involves analyzing the environment, identifying strategic alternatives, choosing a strategy, implementing it, and evaluating performance. Mintzberg proposed that strategies can emerge through deliberate planning or as patterns from actions and decisions over time.
Vision is a dream what a company wishes to become or aspire or intend to be in future.
Kotler defines it as a “description of something in future.”
A vision answers the question “where we want to be”.
It gives us a reminder about “what we want to develop”.
A vision statement is for the organization & it’s members, unlike the mission statement is for the customers & clients.
Example: the vision of “Wal-Mart” is to become the worldwide leader in retailing.
Generic Electric: “We bring good things to life”.
Ranbaxy Laboratories: “to become a research based international pharmaceutical company”.
FEATURES
The vision must be clear.
It must be unambiguous.
It must harmonies with organization’s culture & values.
It should be realistic.
It should be concise to be memorised.
It incorporates a shared understanding about the nature and aim of the organization.
It prepares the foundation for mission & describes that on achieving the mission, how the organization would be placed in a particular position in future.
Mission is states that “what the company is, why it exists & the unique contribution it can make”.
The mission can be defined as the fundamental or unique purpose that makes it apart from other firms of its type.
It indicates the nature & scope of business in terms of product, market & technology.
The mission states its core ideology which can be divided into two parts: core purpose & core value.
Core purpose is the reason for which the firm exists & the firm stands on core values which it holds.
The mission can be reflected through the “mission statement”.
The Mission Statement distinguishes one business from other similar firms.
It is the statement of the role by which an organization intends to serve its stakeholders.
It describes why an organization is operating, what the organization does, who all it serves & what makes it unique.
It differentiates an organization from others by explaining its broad scope of activities, its products & technologies it uses to achieve its goals & objectives.
Example: Microsoft’s mission is to help people and business throughout the world to realize its full potential.
Wal-Mart’s mission is to give ordinary folk the chance to buy the same thing as rich people.
NTPC: To make available, reliable & quality power in increasingly large quantities.
BHEL: A world class innovative, competitive & profitable engineering enterprise providing total business solutions
Characteristics of Mission Statement
Both vision & mission statement always exist at top level of an organization and flow towards middle and lower level hierarchy.
It should be unique or distinct that every one keeps it in mind.
It should be feasible & attainable.
It should be clear enough so that actions can be taken.
It should be inspiring for the management, employees & society a large.
It should be precise & analytical.
It should be credible for all the stakeholders.
The mission statement of the firm wants to maintain its distinct image & characteristics
This document discusses various concepts related to strategic planning including vision, mission, goals, objectives, targets, policies, procedures, strategies, and project identification. It provides definitions and explanations of each concept, highlighting the differences between related terms like vision and mission. Guidelines are presented for developing effective policies and procedures. The importance of having clear strategies to achieve organizational objectives is also emphasized.
This document outlines a strategic management model that includes determining a company's mission, developing a company profile, assessing the external environment, conducting strategic analysis and choice, implementing strategies, and controlling and evaluating performance. It discusses setting long-term objectives, grand strategies, and functional strategies aligned with the mission. The model emphasizes matching internal capabilities to external opportunities through analysis and strategic decisions at multiple levels of the organization.
This document contains information related to developing mission and vision statements, corporate strategy, competitive strategy, and strategic planning. It includes sample mission and vision statements, discusses the key characteristics and components of effective statements, and outlines some of the main questions that should be considered when developing strategies. The document provides guidance on defining an organization's purpose, goals, values, and direction to help guide decision-making.
Mission & vision (business strategy policy)Swarnima Tiwari
An organization's vision and mission act as guidelines for strategic formulation. The process involves articulating a vision, translating it into a mission that defines the organization's purpose, converting the mission into performance objectives, detailing objectives into goals, and formulating tactics and strategies to accomplish goals. An organization's social responsibilities include economic, legal, ethical, and discretionary responsibilities to stakeholders like shareholders, employees, local community, and society. Strategic managers must recognize stakeholders' legitimate role in defining an organization's mission, and business ethics is important for strategic leaders to influence corporate culture and make ethical decisions.
To lead, you have to know where you are going; and to know
where you are going you have to look ahead. Leadership means
seeing future potential in the present and anticipating how it
might unfold. Sometimes the potential looks good, sometimes
bad, but either way a leader will be ahead of the game planning
how to avert or mitigate potential dangers and how to seize and
maximise potential opportunities.
This document provides an overview of strategic management concepts including definitions of strategy, the strategic management process, and frameworks for strategic analysis. It defines strategy as a plan to achieve organizational goals. The strategic management process involves setting strategic intent through vision and mission, formulating strategy by analyzing the external and internal environment, implementing strategy, and evaluating performance. Frameworks explained include the levels of strategy (corporate, business, functional), McKinsey's 7S model analyzing seven internal elements, and forms of corporate strategies like growth, stability, and retrenchment.
The document discusses various concepts related to the principles of management. It defines management as a continuous process of designing and maintaining an environment for people to work together to efficiently achieve goals. It describes management as both an art and a science. The key functions of management are identified as planning, organizing, staffing, directing and controlling. Scientific management and contributions of theorists like Taylor, Fayol and others are summarized.
This document discusses organizational direction and how it is established through mission statements and objectives. It defines organizational mission as the purpose for an organization's existence and objectives as targets an organization aims to reach. Objectives provide direction and should be specific, achievable, measurable, and consistent with the long-term mission. The document outlines key areas objectives can focus on and stresses the importance of reflecting on environmental factors when establishing mission and objectives.
2 Business Policy And Strategic Management BASIC CONCEPTSAmy Isleb
This document discusses key concepts in strategic management including:
1. Strategic management involves developing a strategic vision, objectives, and strategy to create competitive advantages and guide a company through environmental changes.
2. There are three levels of management - corporate, business, and functional. Corporate management oversees company strategies, business management focuses on business unit strategies, and functional management handles operational functions.
3. Other concepts discussed include a company's mission, the difference between proactive and reactive strategies, and how strategic management helps companies be proactive and ensure long term success.
This document defines and explains the bank reconciliation statement. [1] It reconciles the differences between the bank balance shown in a business's cash book and the balance in their bank statement or passbook. [2] Common causes of differences include outstanding checks and deposits, as well as bank charges and interest that have been applied. [3] Preparing the reconciliation statement regularly helps ensure accurate accounting records and identifies potential errors or fraud.
This document provides an overview of accounting for partnerships. It discusses the key characteristics of partnerships, including association of individuals, mutual agency, limited life, unlimited liability, and co-ownership of property. The document outlines the accounting entries for forming a partnership and dividing net income or loss among partners. It also describes how partnership financial statements are prepared and the effects of liquidating a partnership, including how gains or losses are allocated to partners.
Home Science involves the scientific study of developing family and home life. It covers topics like hygiene, community living, food, clothing, and home management. As Home Science has wide applications in industries like food preservation and textiles, more colleges are offering degrees in this field. It provides career opportunities in areas like food production, research, sales, teaching, and technical roles in industries.
Biotechnology is a growing sector in India with a global market worth US$91 billion that offers many job prospects. A biotechnologist can find work in drug and pharmaceutical research, public laboratories, the chemicals industry, environmental control, waste management, energy, and various food and bio-processing industries. Both government organizations like the Department of Biotechnology and private companies in sectors like drugs, food processing, chemicals, and textiles provide employment opportunities for biotechnology professionals.
Career in Forestry involves protecting and managing forests and trees to ensure a sustainable timber supply, conserving wildlife habitats and biodiversity, and performing research. Main career paths include working for the Indian Forest Service, in forest management which involves planning conservation and resource use, or in forest research studying topics like biodiversity, climate change impacts, and wildlife. A bachelor's degree in forestry is typically required, and jobs are available in both government and private sectors.
The document classifies expenditures as capital, revenue, or deferred revenue. Capital expenditures acquire or improve assets that generate benefits for long periods, like machinery or buildings. Revenue expenditures maintain business operations and generate benefits within a year, like wages, rent, materials, and interest payments. The key differences are that capital expenditures create or enhance assets while revenue expenditures maintain assets or operations without creating additional assets.
This document contains sample ratio analysis questions and solutions for accounting students. It includes 8 questions with financial information for various companies (Sumit Ltd, Rahul Ltd, Ashish Ltd, Star Hotels, Aditi Ltd, Asish Ltd) and asks the student to calculate various financial ratios for each, such as current ratio, quick ratio, inventory turnover, gross profit ratio, and others. The document is intended to help accounting students learn how to calculate common financial ratios used in ratio analysis.
This document discusses ratio analysis, which is an important tool in financial management. Ratio analysis involves calculating and comparing ratios using data from financial statements to evaluate a company's performance. There are three types of ratios: percentage ratios for profitability, turnover ratios computed in times, and simple ratios. Ratios can be classified based on the financial statements used - income statement ratios include gross profit ratio and net profit ratio, while balance sheet ratios include current ratio, debt-equity ratio, and fixed asset turnover ratio. Ratio analysis allows management to compare results over different periods and between companies.
The document contains sample accounting questions related to topics like fund flow statement, cash flow statement, working capital analysis, and capital budgeting techniques like payback period and post-payback period analysis. Specifically, it provides 7 questions with numerical details requiring the preparation of schedules, statements and evaluation of projects using mentioned techniques.
1. Management involves coordinating organizational resources, tasks, and goals through processes like planning, organizing, staffing, directing, and controlling.
2. Management is a social process that is concerned with relationships between people at work and helping an organization achieve its objectives.
3. Management refers both to the group of people who manage an organization as well as the activities they perform like planning, organizing, and controlling work.
1. Management principles provide understanding and guidance for thinking and practice, though they should not be treated as rigid rules. They represent generalizations from experience.
2. Principles of management can never be stated as rigorously as principles of physical science because human behavior is more erratic. They are general ideas to guide sound action, not absolute truths.
3. Management principles help increase efficiency, crystallize the nature of management, improve management research, and attain social goals by bringing order and committing resources advantageously. They provide a foundation for efficient management.
A joint stock company is an incorporated association with a separate legal existence from its members. It has a perpetual succession regardless of member changes and its members have limited liability. Key characteristics include separate legal identity, members having limited liability for company debts, capital divided into freely transferable shares, and control being separated from ownership with directors managing on behalf of shareholders. It is created by law as an artificial legal person distinct from natural persons.
The document discusses different types of expenditures: capital expenditure, revenue expenditure, and deferred revenue expenditure. Capital expenditure is spending that acquires or improves fixed assets used in the business for more than one year. Examples include purchasing land, buildings, or machinery. Revenue expenditure maintains business operations and fixed assets, and its benefits last less than one year, such as wages, rent, and repairs. The document provides examples of each type of expenditure and compares their key differences.
The document provides information about the final steps in the accounting process which include preparing final accounts such as trading account, profit and loss account, and balance sheet. It explains that these final accounts are needed to determine the profit or loss for the year and the year-end financial position of the business. The document then goes into detail about how to prepare each of these final accounts, the key components that make up each account, and various adjustments and accounting entries needed to accurately capture the financial activities and position of the business.
Accounting ratios are relationships between financial statement figures that simplify complex amounts and help understand quantitative and qualitative relationships. Ratios are significant tools for managerial and financial analysis and decision making. Key ratios include liquidity ratios like current and quick ratios, profitability ratios like gross profit and net profit ratios, turnover ratios like inventory and fixed asset turnover, and stability/capital ratios like debt-equity ratio. Ratios aid analysis but require further investigation; they do not replace sound thinking.
Auditing involves systematically examining an organization's books and records to verify financial information and report on the results. It ensures accuracy and helps detect errors and fraud. Internal auditors check financial, costing, and other information for management, as well as the effectiveness of internal controls. External audits are compulsory and conducted by registered accountants to satisfy legal and other requirements. Auditing provides benefits to management, shareholders, and the public through more accurate financial reporting and improved operations. However, it requires qualified staff, independence, access to records, and adequate resources to be effective.
The document discusses the importance and benefits of a uniform accounting system for the hotel/hospitality industry. Some key points:
1. The hotel/hospitality industry is one of the largest industries globally and generates many jobs. A uniform accounting system is helpful for employees transferring between hotels in different countries or regions.
2. Owners and directors can more easily compare financial results across different periods and locations using a uniform system. This helps with decisions about performance, investments, and strategy.
3. A uniform system allows for standardized classification of transactions, assessment of assets, and calculation of taxes- helping hotels, tax authorities, and other stakeholders understand the financials.
1. I.H.M Dehradun
Theory
TOPIC - STRATEGIC MANAGEMENT
Notes by -:
G.K Sawhney
7895190950
Process of strategic planning
A formal system of strategic planning and management normally consist of the following
steps-:
1. Developing a strategic vision of where the organization is headed & defining the
business mission or purpose.
2.Analysis and diagnosis of the current & likely future environment identifying
opportunities & threat.
3.Appraisal of internal capabilities & potential strategy for strength & weakness of the
organisation.
4. Setting corporate objectives in broad term subject to the realities of external
environment & power relations, internal resources & the values & preferences of
executives.
5.Formulation of alternative strategies, evaluation & choice of option of appropriate
strategic.
6.Implementation of the chosen strategy establishing structural & administrative system
& planning.
7.Review of the strategy, monitoring the result.
STRATEGIC INTENTS
Developing strategic vision
Defining organizational mission
Setting Corporate objective
Analysis of internal & external environment
2. Formulation & evaluation of strategic option & choice of strategy
Implementation of strategy
Monitoring & return of strategy
Internal Environment External environment
* Human resource * Economical environment
* Capital * Social & cultural environment
* Land * Religion, income
* Equipment * Political
* Structure * Legal
* Mission * Technological
* Culture * Natural
* Financial aspects * International
* Marketing environment * Competitive
* Production * Demographic factor
(eg- age,sex,population)
MISSION
A company’s mission is along term view of what the organisation is striving to become in
future. The basic thrust of firm including its products business& markets. The mission
may be described as the scope of operation in term of product& market or of services &
client. An organisation mission statement tell what it is, why it exists & the unique
contribution it can make.
The mission of a business is the fundamental unique purpose that sets it
apart from other organisation of its type. It indicate the nature & scope of business
operation in term of product market & technology.
Features of a good mission statement-:
The mission statement answer the question:
*What is our business?
3. *It defines the business that the company wants to be in & serve as its guiding principle.
*It differentiates the company from its competitors.
* It is exciting & inspiring ,it adds zeal to the firm & its people.
*It is not time bound & cannot be easily achieved with a fix time frame.
* It represent the whole thrust of the organisation & its core values & belief.
Essential of mission statements-:
A mission statement should support these positions & should have essentials mentioned
below-:
1. Clarity-The mission statement should be clear to lead to action. The corporate
dreams must be presented in crystal clear manner preferably in positive tone.
2. Broad & enduring- The mission is a grand design of the firm’s future. It is a
general statement of the firm’s intend a kind of self image , the firm intends to
project for years to come.
3. Identity & image- The mission sets a firm apart from other of its style through
this statement the firm wants to maintain its distinct image & character in term of
quality ,services, latest technology & unique product offering, etc.
4. Realistic- Mission should be realistic & achievable ofcourse by running that extra
miles.
5. Specific- Mission should be specific, they must define the competitive scope
which the company will operate.
6. Values, belief & philosophy-The mission lays emphasis on the value the firm
stand for what it intends to do so that it stands out in a crowd what is unique about
its offering etc.
7. Vision- The mission is an expression of the vision of corporation. Its leader or
founder . A vision statement usually describe what the company wishes to
become in future.
8. Dynamic –The concept of mission is dynamic & not a static one. It must strike a
happy balance between the narrow & broad way of doing in the years ahead
between the present requirement & future expectations.
Elements of mission statement
A good mission statement reveals an organisation , customer, product, or services.
Market technology ,concern for survival, philosophy, self concept, concerned for public
image & concerned for employee. These nine basic components serve as practical
framework for evaluating & writing mission statements.
*CUSTOMER – Who are the firm’s customer product & service, market, technology ,
concerned for survival , growth & profitability, philosophy, self concept , concerned for
public image, concerned for employees.
OBJECTIVE
An objective indicates the result that the organisation expect to achieve in the long run. It
is an end result, the end point, sometime that you aim for & try to reach. It is a desired
result towards which behaviour is directed in an organisation objectives are the product
of specific concrete thinking. They commit person & organisation to achieve target &
4. goals . organizational objectives are defined as end which the organisation seek to
achieve by existence & operation . The objectives may be classified into two cateories-:
1) External institutional objectives
2) Internal institutional objectives
• External institutional objectives are those which define the impact of the
organisation on its environment.
• Internal institutional objectives on the other hand are those which define how
much is expected to be achieved with the resources that organisation commands.
Characteristics of objectives
Objectives have the following features-:
1) Objective from a hierarchy-In many organisation objectives are structured n a
hierarchy of important. There are objective within objectives. They are require
definition & chose analysis if they are to be useful separately & profitable as a
whole.
2) Objective from a network- Objective interlock an a network fashion. They are
inter-related & inter –dependent. The concept of network of objective implies that
once objective are established for every department & every individual in an
organisation. These subsidiary objectives should contribute to meet the basic
objectives of the total organisation.
3) Multiplicity of objective- Organisational pursue multi-farious objective at every
level in the hierarchy , goals & likely to be multiple in order to meet the demand
from various internal & external groups, organizations generally pursue multiple
objectives.
4) Long term & short range objectives-Oganisational objectives are usually
related to time, long range objective . extending over five or more years are the
ultimate or required objectives for the organisation short range objective ( one
year goal) & medium range objectives, two to four years period goals, reflect
immediate attainable goals, the short range & medium range objectives are the
means for achieving long term goals & the long terms goals supply a frame work
within which the lower level goals are designed.
Role of formal objectives
Objectives serve the following functions-:
1) Legitenancy- Objectives describe the purpose of the organisation so that people
know what is stands for and all will accept its existence & objective help to
validate the presence of organistion in its environment.
2) Direction- Objective provide guidelines for orgnisational efforts. They keep
attention focused on common purpose. Once objective are formulated , they
become the polar star by which the journey is navigated . Every activity is
directed towards the objective , every individual contribute to meet the goals.
3) Coordination- Objectives keep activities on the right track. They make behaviour
in organisation more national, more coordinated & more effective because
5. everyone knows the accepted rolls to work toward. In setting effective goals,
manager help members at all levels of the organisation to understand how they
can best achieve their own goals by directing their behaviour towards the goals o
organisation.
4) Benchmark for success-objectives serve as performance study against which
actual performance may be checked. They provide a benchmark for assessment ,
they help in the control of human effort in an organisation.
5) Motivation- Goals are motivators. The setting if goal i.e both specific &
challenging lead to an increase in performance because it makes clear for the
individual what he is suppose to do. He can compare with past & present & also
with others.
Organisational objective
Organisational objective are not flexible to behaviour organizations seek stability, goals
change overtime & they change continuously . Goals change means that goals priorities
are periodically revaluated keeping the ongoing changes in the external environment. The
reason why goals change are not far to see. Basically an oganisation is non-static & a set
of objectives can not be static if it is to succeed. Managers may feel that there is scope for
further expansion & instead of concentrating only on audio set(in the case of an
electronic firm). The production of video set may also be undertaken. At times demand
from alide group that make up the enterprise may change & the organisation may be
forced to change its goals. New government or labour ,leaders . for eg- may force a
change in the way a business set its goals priorities.The mission can also change in a
crisis. Normally goals changes are expressed in two forms-:
1) Goal displacement
2) Goal succession
• GOAL DISPLACEMENT – It generally takes place when goals are expressed in
a different manner. The official goals are ignored & changes take places. When
old goals have been achieved or discarded.
• GOAL SUCCESSION- It take place allowing old goals to outlive their utility
will be disastrous for organisation. When the organisation is confronted with
sales, outthroat competition, shortage of funds. The only way to survive is to find
out the new goal which can inject a fresh breeze of life.
MODE OF STRATEGY
Strategy making is a complex process. It involves linking together number of important
decision to form strategies to describe the strategy making process in term of modes is
difficult. There are combination of modes provide a more realistic description of the
process. To understand the combination or mixed mode of strategy making. It is
necessary to go through the characteristics of various modes.
1) Adaptive mode- Adaptive strategy making process is basically remedial in nature. In
this mode the executives concerned with solving problems of immediate importance
rather than developing long range strategies. This may imply bargaining with suppliers,
6. compromising with competitors or reducing conflicts among interest groups with the
organizations. The adaptive mode is characterised by the following features-:
a) The process has a reactive approach aimed at solving crucial problems emerging in a
complex environment.
b) This mode focus on minimum acceptability of satisfying objective.
c) Decisions are made in adaptive mode in sequential steps one thing at a time strategy
making in the adaptive mode is typically a never ending process.
d) Basin idea in this mode is to maintain flexibility & freedom to adapt the decision in
the more pressing need.
2) Intuition mode-The basic approach of this mode is that the strategy evolves in the
mind of the cheap executive workout ever being used & workout the aid of formal
procedure. In the intuition approach ,personal judgement is also necessary element in this
approach. The strategies developed by cheap executives over the years may be attributed
to their intuition & judgement.
3)Key factor approach- key factor approach or strategic factor approach. This approach
consists of determining significant factors that are important in the success of a particular
business & concentrating on major decision.
4) Integrated approach-This approach provide framework which consist of following
part:
a)Analysing the present internal & external conditions.
b) Identifying & evaluating the present strategy, the major objectives, policies ,plan&
currently guiding the form.
c) Generating alternatives to resolve the problems & look for opportunity.
d) Developing alternatives unified strategies by combining the various alternatives in
each of the problem opportunity area & evaluation of each unified. Strategy in term of
enterprise objective & choosing the strategy the best satisfy the objective.
5)Enterpreneurial approach-In this, the entrepreneur is defined as a creative thinker ,
an individual who combine in himself the role of innovation & risk taker.He is tough in
this position & is motivated by a powerful deed for achievement & independence.This
mode of strategy making reflect the following characteristics:
a) It is dominated by active search for opportunities. The focus in this mode is on
opportunities rather than problem solving.
b) In this mode power rest with one man.
c) The bold decision taken in the face of uncertainity , strategy in the organisation moves
forward by unusual way with corresponding gains.
d) The most dominant role in this mode consist of gowth & expansion in terms of an
asset, market , share & turnover.
Briefly speaking, strategy in this mode characteristics pushes ahead in the face of
environmental orders.the vision & direction are typically provided by young entrepreneur
& the heads of family owned enterprises.
The planning mode essentialy involves decision making in anticipation of
a future state that the company wants to be in strategy making in this mode is ideally
based on study of –
a) Fundamental socio-economic , purpose of the organisation
b) Values of top management
7. c) Evaluation of external & internal opportunities & problems
d) Evaluation of companies strength & weakness.
The following characteristics are of planning mode.
a) Strategy making depends on the role of analysis & planner as help to executives.
This ensures application of scientific technique & tools of analysis in the
planning process.
b) It involves a systematic & a structured approach to the solution of the problems.
c) It is a comprehensive process which produces a set of integrated decision &
strategies & ensure the development of strategic direction.
In short , the planning modes implies a strategy making process having oath
proactive & reactive thrust , systematic & structured in its approach & result in
integrated decision – making.
8. compromising with competitors or reducing conflicts among interest groups with the
organizations. The adaptive mode is characterised by the following features-:
a) The process has a reactive approach aimed at solving crucial problems emerging in a
complex environment.
b) This mode focus on minimum acceptability of satisfying objective.
c) Decisions are made in adaptive mode in sequential steps one thing at a time strategy
making in the adaptive mode is typically a never ending process.
d) Basin idea in this mode is to maintain flexibility & freedom to adapt the decision in
the more pressing need.
2) Intuition mode-The basic approach of this mode is that the strategy evolves in the
mind of the cheap executive workout ever being used & workout the aid of formal
procedure. In the intuition approach ,personal judgement is also necessary element in this
approach. The strategies developed by cheap executives over the years may be attributed
to their intuition & judgement.
3)Key factor approach- key factor approach or strategic factor approach. This approach
consists of determining significant factors that are important in the success of a particular
business & concentrating on major decision.
4) Integrated approach-This approach provide framework which consist of following
part:
a)Analysing the present internal & external conditions.
b) Identifying & evaluating the present strategy, the major objectives, policies ,plan&
currently guiding the form.
c) Generating alternatives to resolve the problems & look for opportunity.
d) Developing alternatives unified strategies by combining the various alternatives in
each of the problem opportunity area & evaluation of each unified. Strategy in term of
enterprise objective & choosing the strategy the best satisfy the objective.
5)Enterpreneurial approach-In this, the entrepreneur is defined as a creative thinker ,
an individual who combine in himself the role of innovation & risk taker.He is tough in
this position & is motivated by a powerful deed for achievement & independence.This
mode of strategy making reflect the following characteristics:
a) It is dominated by active search for opportunities. The focus in this mode is on
opportunities rather than problem solving.
b) In this mode power rest with one man.
c) The bold decision taken in the face of uncertainity , strategy in the organisation moves
forward by unusual way with corresponding gains.
d) The most dominant role in this mode consist of gowth & expansion in terms of an
asset, market , share & turnover.
Briefly speaking, strategy in this mode characteristics pushes ahead in the face of
environmental orders.the vision & direction are typically provided by young entrepreneur
& the heads of family owned enterprises.
The planning mode essentialy involves decision making in anticipation of
a future state that the company wants to be in strategy making in this mode is ideally
based on study of –
a) Fundamental socio-economic , purpose of the organisation
b) Values of top management