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Strategic+management+5 Strategic+management+5 Presentation Transcript

  • Strategic ManagementBHRM 31124
    Lecturer (prob)
    Department of Human Resource Management
    Faculty of Commerce & Management Studies
    University of Kelaniya
  • Vision, Mission, Goals and Objectives
    Learning outcomes
    After completing of this topic, students should be able to,
    Describe the nature and role of vision, mission, goals and objectives in strategic management
    Identity the components of mission statement
    Discuss how clear vision and mission statements can be benefit other strategic management activities
    Evaluate mission statements in different organizations
    Develop good vision and mission statements
  • What is vision? :- What do we want to become?
    Foresight or power of seeing
    Vision must focus on future
    Serve as a concrete foundation for the organization
    Vision never change but it serves as an enduring promise-remained fixed
  • Vision
    A strategic thinker should have a good vision for the future. This has three aspects. They are,
    What the business is now
    What it could be in the ideal world
    What the ideal world would be like
  • Problems with vision
    It ignores real, practical problems
    It can generate into wishful thinking
  • Benefits of a vision
    A vision enhances a wide range of performance measures
    A vision promote change
    A vision provides the basis for a strategic plan
    A vision motivates individuals and facilitates the recruitment of talents
    A vision helps keeping decision making in context
  • Examples for Vision statements
    "All Sri Lankans seamlessly connected with world-class information, communication and entertainment services.“ (Sri Lanka Telecom)
  • Mission :- What is our business?
    Organizations basic function in society, in terms of the products and services it produces for its clients’ (Mintzberg)
  • Mission Statement
    • Captures the essence of why the organization
    exists – Who we are, what we do
    • Explains the basic needs that you fulfill
    • Expresses the core values of the organization
    • Should be brief and to the point
    • Easy to understand
    • If possible, try to convey the unique nature of your
    organization and the role it plays that differentiates
    it from others
  • Components of a of Mission
    Customers – Who are the firm’s customers?
    Products or services – What are the firm’s major products or services?
    Markets – Geographically ,where does the firm operating?
    Technology – Is the firm technologically current?
    Concern for survival, growth and profitability – Is the firm committed to growth and financial soundness?
  • Cont…Components of a of Mission
    Philosophy – What are the basic beliefs, values, aspirations and ethical priorities of the firm?
    Self-concept – What is the firm’s distinctive competence or major competitive advantage?
    Concern for public image – Is the firm responsive to social, community and environmental concern?
    Concern for employees – Are employees a valuable asset of the firm?
  • Characteristics of Mission Statement
  • The importance of mission
    Values and feelings are integral elements of consumers’ buying decisions, as evidenced by advertising, branding and market research. Customers not only ask ‘What do you sell? But What do you stand for?
    To motivate employees
    Many firms take mission seriously in strategic management
  • Examples for Mission statements
    "Your trusted and proven partner for innovative and exciting communication experiences delivered with passion, quality and commitment“
    (Sri Lanka Telecom)
  • Examples – Good and BadMission Statements
    To Explore the Universe and Search for Life and to Inspire the Next Generation of Explorers
    Does a good job of expressing the core values of the organization. Also conveys unique qualities about the organization.
    Walt Disney
    Too vague and and unclear. Need more descriptive information about what makes the organization special.
    To Make People Happy
  • Evaluating Mission StatementAn evaluation matrix of mission statement (An Example)
  • Goals
    • The intention behind decisions or actions, the states of mind that derive individuals or collectives of individuals called organizations to do what they do (Minzberg)
    • Describes a future end-state – desired outcome that is supportive of the mission and vision.
    • Shapes the way ahead in actionable terms.
    • Best applied where there are clear choices about the future.
    • Puts strategic focus into the organization – specific ownership of the goal should be assigned to someone within the organization.
  • Cont….
  • Examples of Goals
    Reorganize the entire organization for better responsiveness to customers
    We will partner with other businesses, industry leaders, and government agencies in order to better meet the needs of stakeholders across the entire value stream.
    Manage our resources with fiscal responsibility and efficiency through a single comprehensive process that is aligned to our strategic plan.
    Improve the quality and accuracy of service support information provided to our internal customers.
    Establish a means by which our decision making process is market and customer focus.
    Maintain and enhance the physical conditions of our public facilities.
  • Goal Congruence
    The goals sets fro different parts of the organization should be consistent with each other
    Eg :-
  • Objectives
    Relevant - directly supports the goal
    Compels the organization into action
    Specific enough so we can quantify and measure the results
    Simple and easy to understand
    Realistic and attainable
    Conveys responsibility and ownership
    Acceptable to those who must execute
    May need several objectives to meet a goal
  • Objectives are
    Time –bounded
  • Types of Objectives
    Primary and Secondary objectives
    Long term objectives and short term objectives
  • Goals vs. Objectives
  • Major Components of theStrategic Plan / Down to Action
    Strategic Plan
    Action Plans
    Evaluate Progress
    Why we exist
    What we want to be
    What we must achieve to be successful
    Specific outcomes expressed in measurable terms (NOT activities)
    Planned Actions to
    Achieve Objectives
    Indicators and
    Monitors of success
    Desired level of performance and timelines
  • - The End -