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Strategic intent
The document discusses various strategic planning concepts including strategic intent, vision, mission, business definition, goals, objectives, and critical success factors. Strategic intent refers to the long-term purpose of an organization. Vision describes what the organization would ultimately like to become. Mission answers questions about the organization's purpose and reason for existence. Business definition outlines the customer groups, functions, and technologies that define a company. Goals and objectives help operationalize the vision and mission, with objectives being more specific and measurable. Critical success factors are the key elements necessary for success in a given industry.
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Strategic intent
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- 2. Strategic Intent Shikha Sota ļØRefers to the purpose that organisation strive for ļØ What a firm should set out to achieve ļØ E.g. Reliance- being a global leader in its field of activity by being the lowest cost producer of Polyester products
- 3. Vision Shikha Sota ļØ Whata firm would ultimately like to become ļØ Future aspirations that lead to an inspiration ļØ It is more dreamt of than articulated
- 4. Example Shikha Sota Indian OilCorporation āIndian Oil aims to achieve international standards of excellence in all aspects of energy and diversified business with focus on customer delight through quality products and services.ā
- 5. Benefits of Havinga Vision Shikha Sota ļØ Inspiring and exhilarating ļØ Helps in creation of common identity and a shared sense of purpose ļØ Foster risk taking and experimentation ļØ Foster long term thinking
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- 7. Mission Shikha Sota ļØ Answersthe following questions ļ¤ What an organisation is? ļ¤ Why it exists? ļ¤ What is should be? ļØ Purpose or reason for the organizationās existance
- 8. Examples Shikha Sota ā¢ IndianOil Corporation-Maintaining national leadership in Oil refining, marketing, and pipeline transportation ā¢ HCL-To be a world class competitor ā¢ Marico Industries-the Three Pās of Marico: People, Products and Profits
- 9. Characteristics of Mission statement ShikhaSota ļØ Feasible ļØ Precise ļØ Clear ļØ Motivating ļØ Distinctive ļØ Indicate objectives to be accomplished
- 10. Business Definition Shikha Sota Threedimensions of business (Derek Abell) Customer functions Alternative technologies Customer groups
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- 12. Goals Shikha Sota ļØ Whatan oaganisation hopes to achieve ļØ Consists of various financial & non- financial issues ļØ Generalised ļØ qualitative
- 13. Objectives Shikha Sota ļØ Endsthat state specifically how goals should be achieved ļØ Objectives makes goals operational ļØ Concrete ļØ Generally quantitative ļØ Sometimes used interchangeably with goals
- 14. Goals Vs. Objectives ļØTemporal, Time-phased & superceded by subsequent goals ļØ Stated in specific terms ļØ Focused on internal environment ļØ Measurement in absolute terms ļØ Timeless, Enduring & Unending ļØ Stated in general terms ļØ Focused on external environment ļØ Measurement in relative terms Shikha Sota Goals Objectives
- 15. Role of objectives ShikhaSota ļØ Define organizationās relationship with its environment ļØ Help an organization to pursue its vision & mission ļØ Provide the basis for strategic decision making ļØ Provide standards for performance appraisal
- 16. Characteristics of objectives ShikhaSota ļØ Understandable ļØ Concrete and specific ļØ Related to time frame ļØ Measurable and controllable ļØ Challenging ļØ Correlate with each other ļØ Set with in constraints
- 17. Issues in objectivesetting Shikha Sota ļØ Specificity ļØ Multiplicity ļØ Periodicity ļØ Verifiability ļØ Reality ļØ Quality
- 18. What objectives areset? Shikha Sota ļØ Market standing ļØ Innovation ļØ Productivity ļØ Physical and financial resources ļØ Profitability ļØ Manager performance and development ļØ Worker performance and attitude ļØ Public responsibility Peter F. Drucker
- 19. How are objectivesformulated? Shikha Sota ļØ The forces in the environment ļØ Realities of enterprise resources and internal power relationships ļØ The value system of the top executive ļØ Awareness by management
- 20. Critical Success Factors ShikhaSota Refers to key factors to success ļØ CSF for Footwear industry ļ¤ High manufacturing quality ļ¤ Cost efficiency ļ¤ Sophisticated retailing ļØ CSF for Courier services ļ¤ Speedy dispatch ļ¤ Reliability ļ¤ Price
Editor's Notes
- #15Ā 1.Time Frame Objectives are timeless, enduring, and unending; goals are tempo-ral, time-phased, and intended to be superceded by subsequent goals. Because objec-tives relate to the ongoing activities of an organization, their achievement tends to be open-ended in the sense of not being bounded by time. For example, the survival objective of a business organization is never completely attained since failure is always a future possibility. 2. Specificity Objectives are stated in broad, general terms, dealing with matters of image, style and self-perception. These are aspirations to be worked in the future. Goals are much more specific, stated in terms of a particular result that will be accomplished by a specific date. In the above example, survival as an objective is not very specific because it leads to different interpretation of the state of survival. On the other hand, goals can be expressed in terms of say achievement of 10 per cent growth in the net sales in the next year. This is more specific and time bound. 3. Focus Objectives are usually stated in terms of some relevant environment which is external to the organization; goals are more internally focused and carry important implications about how resources of the organization are utilized or will be utilized in future. Therefore, objectives are more generalized statements like main-taining market leadership, striving continuously for technological superiority, etc. A goal may imply a resource commitment requiring the organization to use those resources in order to achieve the desired outcomes. 4. Measurement Both objectives and goals can be stated in terms, which are quanti-tatively measured, but the character of measurement is different. Generally quantita-tive objectives are set in relative terms. For example, Reliance Industries has put its objectives like this: to acquire top position among the Indian companies. This objec-tive may not be achieved in anyone year, but it is timeless and externally focused, providing a continuing challenge for the company. Quantitative goals are expressed in absolute terms. For example, a company has stated its goal to achieve 10 per cent growth in its sales in the next year. The achievement of this goal can be measured irrespective of environmental conditions and competitorsā actions.