This chapter discusses the five stages of the strategy-making and strategy-executing process: 1) Developing a strategic vision, mission, and values; 2) Setting objectives; 3) Crafting a strategy; 4) Executing the strategy; and 5) Evaluating performance and making adjustments. It describes each stage in detail, providing examples. Key aspects covered include developing a vision and mission, communicating the vision, setting financial and strategic objectives, crafting a strategic plan, executing the strategy effectively, and the board's role in governance and oversight of the process.
01 Globalization and International BusinessBrent Weeks
To define globalization and international business and show how they affect each other
To understand why companies engage in international business and why international business growth has accelerated
To discuss globalization’s future and the major criticisms of globalization
To become familiar with different ways in which a company can accomplish its global objectives
To apply social science disciplines to understanding the differences between international and domestic business
11 The Strategy of International BusinessBrent Weeks
To evaluate industry structure, firm strategy, and value creation
To profile the features and functions of the value chain
To assess how managers configure and coordinate a value chain
To explain global integration and local responsiveness
To profile the types of strategies firms use in international business
01 Globalization and International BusinessBrent Weeks
To define globalization and international business and show how they affect each other
To understand why companies engage in international business and why international business growth has accelerated
To discuss globalization’s future and the major criticisms of globalization
To become familiar with different ways in which a company can accomplish its global objectives
To apply social science disciplines to understanding the differences between international and domestic business
11 The Strategy of International BusinessBrent Weeks
To evaluate industry structure, firm strategy, and value creation
To profile the features and functions of the value chain
To assess how managers configure and coordinate a value chain
To explain global integration and local responsiveness
To profile the types of strategies firms use in international business
Communication and Consumer Behavior
Basic Communication Model
The Message Initiator (source)
The Credibility and Dynamics of Informal Source and WOM
Sleeper Effect / source amnesia
The Target Audience (receivers)
Targeting Consumers Through New Media
Designing Persuasive Communications
Emotional Advertising Appeals
Fear
Humor
Abrasive advertising
Audience participation
Celebrities
message
framing
comparative advertising
Needs and Motivation
Model of the Motivation Process
Types of Needs
Goals
Goals Structure for Weight Control
The Selection of Goals,
The Dynamic Nature of Motivation,
International Marketing Management - IntroductionSOMASUNDARAM T
Definition; scope and challenges; difference between international marketing and domestic marketing; the dynamic environment of international trade; transition from domestic to international markets orientation of management and companies; international marketing environment.
Analyzing Consumer Markets
What Influences Consumer Behavior?
What is Culture?
Subcultures
Fast Facts About American Culture
Social Classes
Characteristics of Social Classes
Reference Groups
Roles and Status
Personal Factors
The Family Life Cycle
Lifestyle Influences
Model of Consumer Behavior
Motivation
Maslow’s Hierarchy of Needs
Consumer Buying Process
Problem Recognition
Communication and Consumer Behavior
Basic Communication Model
The Message Initiator (source)
The Credibility and Dynamics of Informal Source and WOM
Sleeper Effect / source amnesia
The Target Audience (receivers)
Targeting Consumers Through New Media
Designing Persuasive Communications
Emotional Advertising Appeals
Fear
Humor
Abrasive advertising
Audience participation
Celebrities
message
framing
comparative advertising
Needs and Motivation
Model of the Motivation Process
Types of Needs
Goals
Goals Structure for Weight Control
The Selection of Goals,
The Dynamic Nature of Motivation,
International Marketing Management - IntroductionSOMASUNDARAM T
Definition; scope and challenges; difference between international marketing and domestic marketing; the dynamic environment of international trade; transition from domestic to international markets orientation of management and companies; international marketing environment.
Analyzing Consumer Markets
What Influences Consumer Behavior?
What is Culture?
Subcultures
Fast Facts About American Culture
Social Classes
Characteristics of Social Classes
Reference Groups
Roles and Status
Personal Factors
The Family Life Cycle
Lifestyle Influences
Model of Consumer Behavior
Motivation
Maslow’s Hierarchy of Needs
Consumer Buying Process
Problem Recognition
LEADERSHIP STRATEGIES and TOOLS
Organizations and communities count on leaders, now in uncertain times more than ever. This webinar will help you, as an early or mid-career leader, assess your leadership, consider principles of effective leadership in organizations and communities, and plan to become a more effective leader.
Instructor: Craig Dreeszen
This is a great toolbox of slides for putting together a strategic planning or business planning presentation - either in businesses or as a consultant. It took ages to collect this all and put in one place.
Sm 11 part_03_03
Strategic Management course version 11
Strategic management in any organization is important as it provides overall direction by developing plans and policies designed to achieve objectives and then allocating resources to implement the plans.
Videos on YouTube:
video 01
https://youtu.be/alh6O6Q_9sc
video 02
https://youtu.be/b2UwGeOTEX0
video 03
https://youtu.be/R7K0W3yinLo
The balanced scorecard is a strategic planning and management system that is used extensively in business and industry, government, and nonprofit organizations worldwide to align business activities to the vision and strategy of the organization, improve internal and external communications, and monitor organization performance against strategic goals. In this presentation, you will learn the principles of Balanced Scorecard and you will explore the core processes of this system.
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
This PowerPoint presentation is only a small preview of our Toolkits. For more details, visit www.domontconsulting.com
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
Kyiv PMDay 2024 Summer
Website – www.pmday.org
Youtube – https://www.youtube.com/startuplviv
FB – https://www.facebook.com/pmdayconference
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
1. CHAPTER 2
CHARTING A COMPANY’S DIRECTION:
VISION AND MISSION, OBJECTIVES,
AND STRATEGY
Crafting and Executing
STRATEGY
The Quest for Competitive Advantage
2–1
2. WHAT DOES THE STRATEGY-MAKING,
STRATEGY-EXECUTING PROCESS ENTAIL?
1. Developing a strategic vision, a mission, and a set
of values.
2. Setting objectives for measuring performance and
progress.
3. Crafting a strategy to achieve those objectives.
4. Executing the chosen strategy efficiently and
effectively.
5. Monitoring strategic developments, evaluating
execution, and making adjustments in the vision
and mission, objectives, strategy, or execution as
necessary.
2–2
3. 2.1 The Strategy-Making, Strategy-Executing Process
2–3
4. STAGE 1: DEVELOPING A STRATEGIC
VISION, A MISSION, AND A SET OF
CORE VALUES
♦ Developing a Strategic Vision:
● Delineates management’s future aspirations
for the business to its stakeholders.
● Provides direction—“where we are going.”
● Sets out the compelling rationale (strategic
soundness) for the firm’s direction.
● Uses distinctive and specific language to set
the firm apart from its rivals.
2–4
5. Communicating the Strategic Vision
♦ Why Communicate the Vision:
● Fosters employee commitment to the firm’s
chosen strategic direction.
● Ensures understanding of its importance.
● Motivates, informs, and inspires internal and
external stakeholders.
● Demonstrates top management support for
the firm’s future strategic direction and
competitive efforts.
2–5
6. Crafting a Mission Statement
♦ The Mission Statement:
● Uses specific language to give the firm its
own unique identity.
● Describes the firm’s current business and
purpose—“who we are, what we do, and
why we are here.”
● Should focus on describing the company’s
business, not on “making a profit”—earning
a profit is an objective not a mission.
2–6
7. The Ideal Mission Statement
♦ Identifies the firm’s product or services.
♦ Specifies the buyer needs it seeks to satisfy.
♦ Identifies the customer groups or markets it is
endeavoring to serve.
♦ Specifies its approach to pleasing customers.
♦ Sets the firm apart from its rivals.
♦ Clarifies the firm’s business to stakeholders.
2–7
9. Linking Vision and Mission with Core Values
♦ Core Values
● Are the beliefs, traits, and behavioral norms
that employees are expected to display in
conducting the firm’s business and in pursuing its
strategic vision and mission.
● Become an integral part of the firm’s culture
and what makes it tick when strongly espoused
and supported by top management.
● Matched with the firm’s vision, mission, and
strategy contribute to the firm’s business success.
2–9
10. EXAMPLES – vision:
♦ FedEx
Satisfying worldwide demand for fast, time-
definite, reliable distribution
♦ The Home Depot
Helping people improve the places where they
live and work
♦ Charles Schwab
To provide customers with the most useful and
ethical financial services in the world
2–10
11. EXAMPLES - mission:
♦ Yahoo
To be the most essential global Internet service
for consumers and businesses.
♦ Google
To organize the world’s information and make it
universally accessible and useful
2–11
12. EXAMPLES – core values:
♦ American Express
Customer commitment, quality, integrity,
teamwork and respect for people.
♦ Abbott Laboratories
Pioneering, achieving, caring and enduring.
♦ DuPont
Safety,ethics, respect for people, and
environmental stewardship.
2–12
13. STAGE 2: SETTING OBJECTIVES
♦ The Purposes of Setting Objectives:
● To convert the vision and mission into specific,
measurable, timely performance targets.
● To focus efforts and align actions throughout
the organization.
● To serve as yardsticks for tracking a firm’s
performance and progress.
● To provide motivation and inspire employees
to greater levels of effort.
2–13
14. THE TWO ESSENTIAL KINDS OF
OBJECTIVES TO SET
♦ Financial Objectives ♦ Strategic Objectives
● Communicate top ● Are related to a firm’s
management’s targets for marketing standing and
financial performance. competitive vitality.
● Are focused internally on ● Are focused externally
the firm’s operations and on competition vis-à-
activities. vis the firm’s rivals.
2–14
15. SETTING FINANCIAL OBJECTIVES
Examples of Financial Objectives
♦ An x percent increase in annual revenues
♦ Annual increases in after-tax profits of x percent
♦ Annual increases in earnings per share of x percent
♦ Annual dividend increases of x percent
♦ Profit margins of x percent
♦ An x percent return on capital employed (ROCE) or return on
shareholders’ equity investment (ROE)
♦ Increased shareholder value—in the form of an upward-trending stock
price
♦ Bond and credit ratings of x
♦ Internal cash flows of x dollars to fund new capital investment
2–15
16. SETTING STRATEGIC OBJECTIVES
Examples of Strategic Objectives
♦ Winning an x percent market share
♦ Achieving lower overall costs than rivals
♦ Overtaking key competitors on product performance or quality
or customer service
♦ Deriving x percent of revenues from the sale of new products introduced
within the next five years
♦ Having broader or deeper technological capabilities than rivals
♦ Having a wider product line than rivals
♦ Having a better-known or more powerful brand name than rivals
♦ Having stronger national or global sales and distribution capabilities
than rivals
♦ Consistently getting new or improved products and services to market
ahead of rivals
2–16
17. EMPLOYING A BALANCED SCORECARD
♦ A balanced scorecard measures a firm’s
optimal performance by:
Placing a balanced emphasis on achieving
both financial and strategic objectives.
Avoiding tracking only financial performance and
overlooking the importance of measuring whether
a firm is strengthening its competitiveness and
market position.
The surest path to sustained future profitability year after year is to relentlessly
pursue strategic outcomes that strengthen a firm’s business position and give
it a growing competitive advantage over rivals!
2–17
18. THE NEED FOR SHORT-TERM AND
LONG-TERM OBJECTIVES
♦ Short-Term Objectives:
● Focus attention on quarterly and annual
performance improvements to satisfy near-
term shareholder expectations.
♦ Long-Term Objectives:
● Force consideration of what to do now to
achieve optimal long-term performance.
● Stand as a barrier to an undue focus on
short-term results.
2–18
19. STAGE 3: CRAFTING A STRATEGY
♦ Strategy Making:
● Addresses a series of strategic how’s.
● Requires choosing among strategic alternatives.
● Promotes actions to do things differently from
competitors rather than running with the herd.
● Is a collaborative team effort that involves
managers in various positions at all
organizational levels.
2–19
23. STAGE 4: EXECUTING THE STRATEGY
♦ Converting strategic plans into actions
requires:
● Directing organizational action.
● Motivating people.
● Building and strengthening the firm’s
competencies and competitive capabilities.
● Creating and nurturing a strategy-supportive
work climate.
● Meeting or beating performance targets.
2–23
24. Managing the Strategy Execution Process
♦ Staffing the firm with the needed skills and expertise.
♦ Building and strengthening strategy-supporting
resources and competitive capabilities.
♦ Organizing work effort along the lines of best practice.
♦ Allocating ample resources to the activities critical to
strategic success.
♦ Ensuring that policies and procedures facilitate rather
than impede effective strategy execution.
2–24
25. Managing the Strategy Execution Process
♦ Installing information and operating systems that enable
effective and efficient performance.
♦ Motivating people and tying rewards and incentives
directly to the achievement of performance objectives.
♦ Creating a company culture and work climate conducive
to successful strategy execution.
♦ Exerting the internal leadership needed to propel
implementation forward and drive continuous
improvement of the strategy execution processes.
2–25
26. STAGE 5: EVALUATING PERFORMANCE
AND INITIATING CORRECTIVE
ADJUSTMENTS
♦ Evaluating Performance:
● Deciding whether the enterprise is passing the
three tests of a winning strategy—good fit,
competitive advantage, strong performance.
♦ Initiating Corrective Adjustments:
● Deciding whether to continue or change the
firm’s vision and mission, objectives, strategy,
and/or strategy execution methods.
● Based on organizational learning.
2–26
27. THE ROLE OF THE BOARD OF DIRECTORS
IN CORPORATE GOVERNANCE
♦ Obligations of the Board of Directors:
● Critically appraise the firm’s direction, strategy, and
business approaches.
● Evaluate the caliber of senior executives’ strategic
leadership skills.
● Institute a compensation plan that rewards top
executives for actions and results that serve
stakeholder interests—especially shareholders.
● Oversee the firm’s financial accounting and reporting
practices compliance with the Sarbanes-Oxley Act.
2–27