The document discusses strategic management concepts including strategic intent, vision, mission, objectives, and critical success factors. It defines strategic intent as an organization's obsession with ambitions that may exceed its resources. Vision and mission are described as descriptions of the future and purpose. Objectives should be specific, measurable, and help achieve the vision. Critical success factors are crucial to organizational success.
International Journal of Business, Marketing, and Decision Sci.docxnormanibarber20063
International Journal of Business, Marketing, and Decision Sciences Volume 7, Number 1, Summer 2014 95
MISSION STATEMENT THEORY AND PRACTICE: A
CONTENT ANALYSIS AND NEW DIRECTION
Meredith E. David
Baylor University
Forest R. David
Strategic Management Textbook Author
Fred R. David
Francis Marion University
ABSTRACT
This study provides a theoretical foundation for researchers to examine mission
statements from a customer perspective, although historically these statements have been used
almost exclusively in a management context. A content analysis of nine mission statements
provides direction for researchers to examine statements, and practitioners to create and modify
statements, from a customer perspective. This study contributes to the marketing literature by
“initiating a new direction for mission statement theory and practice, whereby statements are
examined and written in a way to attract and keep customers externally, rather than solely being
used internally in strategic planning and to motivate employees/managers.” This study marries
the mission statement and customer satisfaction literatures, creating a fruitful new area for
marketing research and practice. The new approach will hopefully enable mission statements to
finally, after thirty years of management research, accomplish their mission as a core part of
marketing strategy.
Keywords: Mission statements, strategic planning, marketing strategy, customer satisfaction
INTRODUCTION
The natural role and importance of mission statements have been examined for over three
decades in the management literature (Pearce, 1982; Pearce & David, 1987; Powers, 2012).
However, mission statements have received much less attention in the marketing literature,
despite their perceived importance in marketing strategy (Amato & Amato, 2002; Sashittal &
Tankersley, 1997). This void in the marketing literature is surprising given mission statements
could be used in formulating and implementing marketing strategy. In this article, we propose
mission statement content, research, and practice be realigned from an internal, management
focus to an external, marketing focus in order to enhance customer satisfaction (Amato &
Amato, 2002; Braun et al., 2012). A new direction for mission statement theory and practice is
suggested, whereby statements are examined and written in a manner to attract and keep
customers (Amato & Amato, 2002). Specifically, this study offers a theoretical and practical
foundation for mission statements to be examined, developed, and written from a customer
perspective. A foundation for mission statements to be used to create and nurture an emotional
bond with customers is provided. The customer-focused perspective offered herein is new to the
mission statement literature, and is vastly different than the typical manager and employee-
focused perspective evident in prior research and practice.
96 In.
Minimum of 300 words in the body Minimum of 2 sources from the .docxssuserf9c51d
Minimum of 300 words in the body Minimum of 2 sources from the literature in addition to course texts
Gamble, J., Peteraf, M., & Thompson, A. (2019).
Essentials of strategic management: The Quest
for Competitive Advantage
. (6th ed.), New York, NY: McGraw Hill Higher Education
Keller, T., & Alsdorf, K. L. (2012).
Every good endeavor: Connecting your work to God's work
.
New York, N.Y: Dutton, Penguin Random House.
Krogerus, M., & Tschäppeler, R. (2018).
The decision book: 50 models for strategic thinking.,
(Revised ed.), New York, NY: W. Norton & Company, Inc.
Rumelt, R. (2011).,
Good strategy/bad strategy: The difference and why it matters
., New York,
NY: Crown Busines
Content must include:
· Summary of the author’s Main Thread – no less than 125 words · What you agreed with, did not agree with and why – no less than 125 word
APA FORMAT A MUST FOR THE REPLY PLEASE
Organizations need to know where they are heading if they are going to be effective in the marketplace. According to Gamble, Peteraf, and Thompson (2019) the heart and soul of any organizations lies within creating and executing strategy. There are many stages to sound strategy formulation. This discussion board will discuss how organizations should use strategy formulation to set the direction of the company. Next, this discussion board will discuss key advantages and disadvantages of strategy formulation. Finally, this discussion board will discuss the decision models and how they impact the strategy and the direction the company.
Process: Setting the Company’s Direction with Strategy
Organizations, in order to be effective, must be willing to set the strategic vision. This allows the managers of the organization to know how to make decisions within their respective areas. Gamble et al. (2019) states that a strategic vision can serve as a managerial tool when it provides understanding of what management wants the business of the organization to look like. This will allow managers to make informed strategic decisions within their department. According to Cossette (2001) strategic vision can have a long-lasting impact on an organization and it can help leaders define their vision for their organization.
Once strategic vision is set by management, communication of the vision must take place. As Gamble et al (2019) states, “A strategic vision has little value to the organization unless it is effectively communicated down the line to lower-level managers and employees” (p. 18). According to Mayfield, Mayfield, Sharbrough (2015) an effective strategic vision will help express the organizational goals and values to both internal (employees) and external stakeholders. Mayfield et al. (2015) goes on to say that when the vision is communicated
properly the employees are more motivated to perform better. Therefore, it is imperative that the communication be clear as it will help guide the organization in th.
10 STRATEGIC WORKFORCE PLANNINGWayne F. Cascio, Herman AguinisBenitoSumpter862
10 STRATEGIC WORKFORCE PLANNING
Wayne F. Cascio, Herman Aguinis
Learning Goals
By the end of this chapter, you will be able to do the following:
· 10.1 Describe the four components of the strategic workforce planning process and explain how they work together
· 10.2 Explain the relationship between strategic business plans and strategic workforce plans
· 10.3 Compare and contrast traditional and values-based approaches to developing strategy
· 10.4 Identify key talent management issues that arise at various business-planning horizons
· 10.5 Describe the multiple uncertainties that characterize supply and demand forecasts
· 10.6 Know the steps to take to avoid a crisis in leadership succession
· 10.7 Identify when it makes more sense to “buy” rather than “make” talent
· 10.8 Explain the kinds of information to collect when evaluating newly established versus well-established strategic workforce planning systems
The judicious use of human resources is a perpetual problem in society. Specific examples of talent management problems that are also top management problems include the following:
· Finding the specialized technical talent needed to staff specific programs of planned business expansion (e.g., Cappelli, 2008; Ostrower, 2017)
· Finding seasoned talent to manage new and expanding operations, including people with the capability eventually to assume senior management positions
· Developing competent, equitable talent management practices that will ensure compliance with EEO requirements and thus avoid the potentially large settlement costs of discrimination suits
· Devising alternatives to layoffs or, if layoffs become necessary, implementing fair and workable layoff policies that acknowledge the needs of all parties
· Improving productivity, especially among managerial and technical employees
· Managing career development opportunities so that an effective pool of talented people can be attracted, motivated, and retained over long periods of time
To a considerable extent, emphasis on improved talent management practices has arisen as a result of recognition by many senior leaders of the crucial role that talent plays in gaining and sustaining a competitive advantage in a global marketplace. It is the source of innovation and renewal. Despite these encouraging signs, it appears that, although most companies engage in some form of strategic business planning to assess periodically their basic missions and objectives, very few are practicing strategic HR management today.
Organizations will not have succeeded in fully using their human resources until they can answer the following questions (Cappelli, 2008; Maurer, 2017c):
· What talents, abilities, and skills are available within the organization today?
· Is there a talent pool that we can dependably draw from for tomorrow?
· What are the qualitative as well as quantitative talent demands of our growth plan?
· How can we embed the labor market context into every stage of the strategic workf ...
10 STRATEGIC WORKFORCE PLANNINGWayne F. Cascio, Herman AguinisSantosConleyha
10 STRATEGIC WORKFORCE PLANNING
Wayne F. Cascio, Herman Aguinis
Learning Goals
By the end of this chapter, you will be able to do the following:
· 10.1 Describe the four components of the strategic workforce planning process and explain how they work together
· 10.2 Explain the relationship between strategic business plans and strategic workforce plans
· 10.3 Compare and contrast traditional and values-based approaches to developing strategy
· 10.4 Identify key talent management issues that arise at various business-planning horizons
· 10.5 Describe the multiple uncertainties that characterize supply and demand forecasts
· 10.6 Know the steps to take to avoid a crisis in leadership succession
· 10.7 Identify when it makes more sense to “buy” rather than “make” talent
· 10.8 Explain the kinds of information to collect when evaluating newly established versus well-established strategic workforce planning systems
The judicious use of human resources is a perpetual problem in society. Specific examples of talent management problems that are also top management problems include the following:
· Finding the specialized technical talent needed to staff specific programs of planned business expansion (e.g., Cappelli, 2008; Ostrower, 2017)
· Finding seasoned talent to manage new and expanding operations, including people with the capability eventually to assume senior management positions
· Developing competent, equitable talent management practices that will ensure compliance with EEO requirements and thus avoid the potentially large settlement costs of discrimination suits
· Devising alternatives to layoffs or, if layoffs become necessary, implementing fair and workable layoff policies that acknowledge the needs of all parties
· Improving productivity, especially among managerial and technical employees
· Managing career development opportunities so that an effective pool of talented people can be attracted, motivated, and retained over long periods of time
To a considerable extent, emphasis on improved talent management practices has arisen as a result of recognition by many senior leaders of the crucial role that talent plays in gaining and sustaining a competitive advantage in a global marketplace. It is the source of innovation and renewal. Despite these encouraging signs, it appears that, although most companies engage in some form of strategic business planning to assess periodically their basic missions and objectives, very few are practicing strategic HR management today.
Organizations will not have succeeded in fully using their human resources until they can answer the following questions (Cappelli, 2008; Maurer, 2017c):
· What talents, abilities, and skills are available within the organization today?
· Is there a talent pool that we can dependably draw from for tomorrow?
· What are the qualitative as well as quantitative talent demands of our growth plan?
· How can we embed the labor market context into every stage of the strategic workf ...
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2. (c) Dr. Azhar Kazmi 2008 2
Learning objectives
Explain the concepts of strategic intent, stretch, leverage,
and fit
Describe and exemplify the concept of vision
Describe and exemplify the concept of mission
Explain the three dimensions of business definition
Evaluate quality of vision, mission statements, and business
definitions
Describe business model and their relationship with
strategy
Describe the role and characteristics of objectives
Explain the process of objective setting
Distinguish between well-formulated and badly-stated
objectives
Discuss the role of critical success factors in setting
objectives
3. (c) Dr. Azhar Kazmi 2008 3
Strategic intent
Strategic intent is an obsession with
an organisation: an obsession by
having ambitions that may even be
out of proportion to their resources
and capabilities. This obsession is to
win at all levels of the organisation
while sustaining that obsession in the
quest for global leadership.
4. (c) Dr. Azhar Kazmi 2008 4
Concept of stretch, leverage and fit
Stretch is "a misfit between resources and
aspirations"
Leverage refers to concentrating, accumulating,
complementing, conserving, and recovering resources
in such a manner that meagre resource base is
stretched to meet the aspirations that an organisation
dares to have.
Fit means positioning the firm by matching its
organisational resources to its environment.
G. Hamel and C. K. Prahalad: "Strategy as Stretch and Leverage" Harvard Business Review, Mar -
April 1993, pp. 75 - 84.
5. (c) Dr. Azhar Kazmi 2008 5
Vision
Kotter (1990) defines it as a "description of something
(an organization, a corporate culture, a business, a
technology, an activity) in the future".
El-Namaki (1992) considers it as a "mental perception
of the kind of environment an individual, or an
organization, aspires to create within a broad time
horizon and the underlying conditions for the
actualization of this perception".
Miller and Dess (1996) view it simply as the "category
of intentions that are broad, all-inclusive, and forward
thinking".
J. Kotter, A Force for Change: How Leadership Differs from Management (London:
Free Press, 1990); M. S. S. El-Namaki, "Creating a corporate vision" Long Range
Planning, Vol. 25, No. 6, (1992), pp. 25 – 29; A. Miller and G. G. Dess, Strategic
Management (2nd. ed.) (New York: McGraw-Hill, 1996), p. 6.
6. (c) Dr. Azhar Kazmi 2008 6
Core ideology and envisioned
future
The core ideology defines the enduring
character of an organisation that remains
unchangeable as it passes through the
vicissitudes of vectors such as technology,
competition or management fads.
The envisioned future too consists of two
components: a 10 - to - 30 years audacious
goal and vivid description of what it will be
like to achieve that goal.
7. (c) Dr. Azhar Kazmi 2008 7
Mission
Thompson (1997) defines mission as the
"essential purpose of the organization,
concerning particularly why it is in
existence, the nature of the business(es) it
is in, and the customers it seeks to serve
and satisfy".
Hunger and Wheelen (1999) say that
mission is the "purpose or reason for the
organization's existence".
J. L. Thompson: Strategic Management: Awareness and Change, (3rd ed.) (London:
International Thomson Business Press) 1997, p.6; J. D. Hunger & T. L. Wheelen:
Strategic Management, (Reading, Mass.: Addison Wesley Longman), 1999, p. 10.
8. (c) Dr. Azhar Kazmi 2008 8
Characteristics of mission
statements
It should be feasible
It should be precise
It should be clear
It should be motivating
It should be distinctive
It should include major components of
strategy
It should indicate how objectives are to be
accomplished
9. (c) Dr. Azhar Kazmi 2008 9
Abells’ three dimensions for defining a
business of a watch company
Customer functions:
Utility / ornamental
Alternative technologies:
Mechanical / quartz
technology
Customer groups:
children, men or
women
Based on: D.F. Abell: Defining the Business: The Starting Point of Strategic Planning Englewood Cliffs,
N.J. Prentice-Hall, 1980
10. (c) Dr. Azhar Kazmi 2008 10
Business model
Business model could be defined as
“a representation of a firm's
underlying core logic and strategic
choices for creating and capturing
value within a value network.”
Shafer, Scott M. & Smith, H. Jeff & Linder, Jane C., 2005. "The power of business models," Business Horizons,
Elsevier, vol. 48(3), pages 199-207
11. (c) Dr. Azhar Kazmi 2008 11
Goals and objectives
Goals denote what an organisation hopes to
accomplish in a future period of time. They
represent the future state or outcome of
effort put in now.
Objectives are the ends that state
specifically how the goals shall be achieved.
They are concrete and specific in contrast
to goals that are generalised.
12. (c) Dr. Azhar Kazmi 2008 12
Role of objectives
Objectives define the organisation's
relationship with its environment
Objectives help an organisation
pursue its vision and mission
Objectives provide the basis for
strategic decision-making
Objectives provide the standards for
performance appraisal
13. (c) Dr. Azhar Kazmi 2008 13
Characteristics of objectives
Objectives should be understandable
Objectives should be concrete and specific
Objectives should be related to a time
frame
Objectives should be measurable and
controllable
Objectives should be challenging
Different objectives should correlate with
each other
Objectives should be set within constraints
15. (c) Dr. Azhar Kazmi 2008 15
Factors for objective setting
The forces in the environment
Realities of enterprise' resources and
internal power relationships
The value system of the top executive
Awareness by the management
16. (c) Dr. Azhar Kazmi 2008 16
The balanced scorecard model
Financial Perspective
Objectives Targets
Internal Process Perspective
Learning / Innovation
Perspective
Customer Perspective
Objectives Targets
Objectives Targets
Vision & Strategy
Objectives Targets
How do we look to shareholders?
Based on R.S. Kaplan & D.P. Norton: The Strategy-focused orientation: How Balanced Scorecard
Companies Thrive in the New Business Environment Boston: Harvard Business School Publishing, 2000
and R.S. Kaplan & D. P. Norton: The Balanced Scorecard: Translating Strategies into Action Boston:
Harvard Business School Press, 1996.
17. (c) Dr. Azhar Kazmi 2008 17
Critical success factors and key
performance indicators
Critical success factors are crucial for
organisational success. When strategists
consciously look for such factors and take
them into consideration for strategic
management, they are likely to be more
successful, putting in relatively less efforts.
Key performance indicators are the metrics
or measures in terms of which the critical
success factors are evaluated.