TAILIEUCHUNG - Lecture Crafting and executing strategy: Chapter 2 - Thompson, Peteraf, Gamble, Strickland
Chapter 2 - Charting a company’s direction: Its vision, mission, objectives, and strategy. The objectives of this chapter are to: Grasp why it is critical for company managers to have a clear strategic vision of where a company needs to head and why, understand the importance of setting both strategic and financial objectives, understand why the strategic initiatives taken at various organizational levels must be tightly coordinated to achieve companywide performance targets,. | CHAPTER 2 CHARTING A COMPANY’S DIRECTION: ITS VISION, MISSION, OBJECTIVES, AND STRATEGY STUDENT VERSION WHAT DOES THE STRATEGY-MAKING, STRATEGY-EXECUTING PROCESS ENTAIL? Developing a strategic vision, a mission statement, and a set of core values. Setting objectives for measuring the firm's performance and tracking its progress. Crafting a strategy to move the firm along its strategic course and to achieve its objectives. Executing the chosen strategy efficiently and effectively. Monitoring developments, evaluating performance, and initiating corrective adjustments. TASK 1: DEVELOPING A STRATEGIC VISION, A MISSION STATEMENT, AND A SET OF CORE VALUES Developing a Strategic Vision: Delineates management’s future aspirations for the firm 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. 2–3 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. WHY A SOUND, WELL-COMMUNICATED STRATEGIC VISION MATTERS It crystallizes senior executives’ own views about the firm’s long-term direction. It reduces the risk of rudderless decision making. It is a tool for winning the support of organization members to help make the vision a reality It provides a beacon for lower-level managers in setting departmental objectives and crafting departmental strategies that are in sync with the firm’s overall strategy. It helps an organization prepare for the future. 2–5 DEVELOPING A COMPANY MISSION STATEMENT The Mission Statement: Uses specific language to give the firm its own unique identity. Describes the firm’s current business and .
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