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Identify a firm’s stakeholders and explain why such identification is critical to effective strategy formulation and implementation Understand the roles of vision and mission in determining strategic purpose and strategic coherence Understand the relationships among vision, mission, values and strategy | Chapter 2 Leading Strategically Through Effective Vision and Mission OBJECTIVES 1 2 3 4 5 Explain how ethics and biases may affect strategic decision-making Identify a firm’s stakeholders and explain why such identification is critical to effective strategy formula-tion and implementation Understand the roles of vision and mission in deter-mining strategic purpose and strategic coherence Understand the relationships among vision, mission, values and strategy Explain how strategic leadership is essential to strategy formulation and implementation PULLING A USD 15 BILLION COW OUT OF A DITCH Xerox introduces the Xerox 914 copier in 1959. This copier transformed the work place Xerox was charter member of the “nifty 50”-50 stocks most favored by institutional investors Since 1970s, however, Xerox has been crippled by competition (mostly Japanese) October 2001, Xerox reports first quarterly loss in16 years. Mulcahy is not obvious choice for top position She lacks product development and | Chapter 2 Leading Strategically Through Effective Vision and Mission OBJECTIVES 1 2 3 4 5 Explain how ethics and biases may affect strategic decision-making Identify a firm’s stakeholders and explain why such identification is critical to effective strategy formula-tion and implementation Understand the roles of vision and mission in deter-mining strategic purpose and strategic coherence Understand the relationships among vision, mission, values and strategy Explain how strategic leadership is essential to strategy formulation and implementation PULLING A USD 15 BILLION COW OUT OF A DITCH Xerox introduces the Xerox 914 copier in 1959. This copier transformed the work place Xerox was charter member of the “nifty 50”-50 stocks most favored by institutional investors Since 1970s, however, Xerox has been crippled by competition (mostly Japanese) October 2001, Xerox reports first quarterly loss in16 years. Mulcahy is not obvious choice for top position She lacks product development and financial expertise She gets it because the board has confidence in her “strategic mind”. Refines Xerox vision and reminds people of core values Aligns operation with the refined mission and values Sells Xerox’s China and Hong Kong operations and half of a stake in a joint venture with Fuji Closes down inkjet business Annual expenses cut by USD 1.7 billion Sold USD 2.3 billion worth of non-core assets Reduced long-term debt to USD 9.2 billion from USD 15.6 billion Xerox returns to profitability in 2002, generating USD 1.9 billion in operating cash flow and USD 91 million in net income on USD 15.8 billion in sales The fall from the nifty 50 Mulcahy takes over She lends a turnaround Xerox reaches profitability STRATEGIC LEADERSHIP The task of exerting influence on other people’s pursuit of goals in an organizational context Leadership: Managing an overall enterprise and influencing key organizational out-comes, such as company wide performance, competitive superiority, innovation,
