Vision towers as instrument of guidance for a firm over long period, while mission may change after periodic attainment. Therefore, mission statements are timely hurdles that need to be attained in order to advance towards the timeless target expressed by the vision.
Vision: At Pfizer, we're inspired by a single goal: your health. That's why we're dedicated to developing new, safe medicines to prevent and treat the world's most serious diseases. And why we are making them available to the people who need them most. We believe that from progress comes hope and the promise of a healthier world.
Mission: We will become the world's most valued company to patients, customers, colleagues, investors, business partners, and the communities where we work and live.
Vision: To be the company that best understands and satisfies the product, service and self-fulfillment needs of women - globally.
Mission: We will build a unique portfolio of Beauty and related brands, striving to surpass our competitors in quality, innovation and value, and elevating our image to become the Beauty company most women turn to worldwide.
“ Critical Success Factors are the limited number of areas in satisfactory results will ensure successful competitive performance for the individual, department or organisation. Critical Success Factors are the few key areas where things must go right for the business to flourish and for the manager’s goals to be attained.”
- Christine Bullen & Jack Rockart, A Primer on Critical Success Factors
Identify key factors (CSF) that influence each objective.
Establish a measure (KPI) for each CSF.
Determine target for each CSF.
Process of Identifying and Monitoring Critical Success Factors
How to Identify Industry Related Critical Success Factors
Use industry analysis to determine critical success factors of the industry in which a firm operates.
Evaluate the CSF and rate them in terms of degree of influence to the firm.
Identify the 3 topmost CSF.
Deriving Objective, Target, KPI, and Critical Success Factors from A Goal
Increase in customer loyalty
Critical Success Factors
Increase innovative response to customer needs
Positioning to fulfill customer needs
Keeping product cost at a low level
Increasing value deliverables to customer
Boosting effective customer service and response to feedback
Increase brand image and awareness
Increase magnitude and impact of promotion
Key Performance Indicator for “Increase innovative response to customer needs”
Rate of product enhancement for catching up with changing customer needs
100% integration of identified key-features requirements of customers within a period of 6 months
Increase innovative response to customer needs by ensuring rate of product enhancement catches up with customer needs through 100% integration of identified key-features requirements of customers within a period of 6 months.
To achieve return on equity at 20% or above, “real earnings growth averaging 5% or better over time, be a leading marketer of strong consumer brands, and improve the profitability of low-return businesses or divest them.
To offer the best possible personal computing technology, and to put that technology in the hands of as many people as possible.
Analysis of the task environment (industry and sector)
External Analysis (STEEPLED)
Using Root Cause Analysis For Identification of Causalities Declining Sales Marketing Production Human Resource Materials Management Dull Product Image Deficiency in Promotion Reduced Quality Inappropriate Planning High Staff Turnover Lack of Vital Expertise Poor Inventory
This tool was developed by Michael Porter for analysing a firm’s industry structure in strategic processes.
Wherefore, it provides room for ascertainment of market attractiveness by assessing total effect of the five forces on a firm’s ability to make profit while relating with its customers.
Using Porter’s Five Forces for Industry Mapping Potential Entrants Substitutes Suppliers Buyers Competitive Rivalry Threat of Entrants Threat of Substitutes Bargaining Power Bargaining Power Source: Michael Porter, Competitive Strategy
Applying The Five Forces Bargaining Power of Buyers Threat of Entrants Bargaining Power of Suppliers Threat of Substitutes Extent of Competitive Rivalry Force Factors for Consideration
This involves translation of the corporate level strategy into suitable strategies for individual business divisions or portfolios, required to develop and sustain competitive advantage for products or services of the firm.
This is concerned with the following:
Influencing the layout of competition by means of action such as vertical integration.
Positioning the firm’s business against competitors.
Modifying actions to cope with changes in demand, supply, regulations and technology.
Developing useful partnerships with customers and other business units.
A strategy portfolio consists of strategic options which enable a firm to take advantage of distinctive leveraging points in order to ensure appropriate alignment to objectives while reacting to competitors or exploring opportunities.
Examples of leveraging points are as follows:
Economies of Scale
Adapted from Jorge Vasconcellos, Strategy Moves Classes of Strategy Attack Strategy Defense Strategy
This occurs when the growth strategy is executed internally.
This occurs when a firm opts to implement growth strategy externally through merger, acquisition or alliance.
Motivations for Global Strategies GLOBAL STRATEGIES Access Strategic Markets Access National Incentives Cross- Subsidize Create Global Associations Obtain Scale Economies Access Low-Cost Labour/Materials Dodge Trade Barriers Source: David Aaker, Developing Business Strategies
Using SWOT Analysis to Suggest and Test Strategies Situation Audit Data Base Strengths Weaknesses Opportunities Threats Mission Goals Cash Flow Product Line Competition Facilities etc Suggest Strategies Tested Against Source: George Steiner and John Miner
Mintzberg & Quinn Model for Strategy Implementation Mintzberg & Quinn Model for Strategy Implementation
Cole’s Model for Strategy Implementation Strategic Choice (The Strategy) Organizational Structure (Framework) Managerial Authority & Power (Leadership) Financial & Physical Resources ( Resources) Organizational & Individual Values ( Culture) Personnel Skills & Development ( Resources) Strategy Implementation
Crevice & Annuity is a manufacturing firm operating in the food & Beverages subsector. The turbulence which forced some operators in the same subsector into moribundity became its reason to opt for a new CEO, who would provide appropriate leadership for organisational excellence and overhaul the status quo. As the new CEO, you are required to establish a strategic road map for the firm to escape from that quandary.
Dr. Elijah Ezendu is a multidisciplinary professional whose business experience mounts through diverse fields. He is a Certified Management Consultant, licensed by International Council of Management Consulting Institutes which has a Special Consultative Status in United Nations Economic and Social Council. As a result of his strides in management consulting, he received Merit Award for Excellence in Consulting. He is concurrently Senior Partner, Shevach Consulting; Lead Assessor and Member of Governing Council, Institute of Management Consultants; Director of Training, International Council of Business Development Professionals; Member of Strategic Planning & Implementation Committee, Chartered Institute of Personnel Management of Nigeria; Member of Training Development and Delivery Committee, International Association of Software Architects; Honorary Global Advisor, International Project Management Commission; as well as Visiting Lecturer & MBA Programme Coordinator (Nigeria), Regent Business School, South Africa. He holds a doctoral degree in Management from St. Clements University, British West Indies. He is a Chartered Manager certified by Canadian Institute of Management, Canada and holds numerous professional qualifications including Master Project Manager; Project Manager E-Business; Fellow, Institute of Management Consultants; Fellow, Certified Institute of Cost Management; Fellow, Institute of Business Development; Fellow, American Academy of Financial Management; Fellow, Institute of Internal Auditors; Fellow, Society of Sales and Marketing; Member, Nigerian Institute of Training and Development; Member, Institute of Analytics Professionals; Associate, Chartered Institute of Personnel Management of Nigeria; Associate, Chartered Institute of Arbitrators (Nigeria). He is a Certified Business Development Analyst, Outsourcing Professional, Mergers and Acquisition Advisor, Intellectual Property Professional and Competitive Intelligence Professional. Additionally, he is an information technology management professional certified by Institute for the Management of Information Systems, UK along with Microsoft Corporation, USA and stands as a Member of International Association of Software Architects holding assortment of certificates in computer programming and web systems. He is a world-class consultant, who has functioned as Speaker/Facilitator at myriad programmes of professional institutes, international development organisations, private and public firms including extra-governmental agencies and institutions. He is a prolific writer and author who had served as Editor-in-Chief, Cost Management Journal; Part-Time Lecturer & External Examiner (MBA Programme), Ladoke Akintola University of Technology; Director of MBA Programme (Nigerian Outreach), Management Institute of Canada; Chief Operating Officer, Rohan Marine; Second Vice President and Member of Governing Council, Certified Institute of Cost Management; Director of Programmes and Member of Governing Council, The Institute of Business Development; Director, Refined Shipping; Lead Consultant/ Country Manager in some consulting firms including JK Michaels Consulting, Desire & Eliakim, Human Resource Associates; and Examiner to various Professional Institutes.
Thank You Dr. Elijah Ezendu email@example.com, 234 8033024596, 234 8058835237