Vision, Mission & Values and Generic Strategy
MGMT90146 Strategic Management Week2 Tom Osegowitsch and Dean Xu

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Today’s Agenda
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House-keeping Vision, Mission & Values; Generic Strategy Yellow Tail Case Capstone: more tips, team formation.
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Reference Textbooks
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Grant, R.M. “Contemporary Strategy Analysis” (recent editions) Blackwell Publishing Dess, G.G., Lumpkin, G.T., & Eisner A.B. “Strategic Management” (recent editions), McGraw-Hill Barney, J.B. & Hesterly, W.S. “Strategic Management and Competitive Advantage” (recent editions) Pearson. Hill, C.L.W., Jones, G.R., Galvin, P., & Haidar, A. “Strategic Management: An Integrated Approach” (recent editions) John Wiley & Sons Australia

All available in library.

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RECALL:
Elements of Strategic Management Process

Strategic Analysis

Strategy Formulation

Implementation

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Strategic Analysis
Vision, Mission, Values External Analysis Internal Analysis

Vision, mission, values; External Analysis; and Internal Analysis are inputs for Strategy Formulation.

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VISION, MISSION & VALUES
Definitions
Three interrelated concepts Terms used rather indiscriminately, sometimes synonymously (also: charter, ideology, creed or credo, ethos…)

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Definitions (cont’d)
Collins & Porras 1996 vs.

Mission & Values Vision
…as defined in this subject
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Top Management’s Evolving Role
Traditional View
Defining a clear strategic plan

Emerging View
Articulating mission and values, creating a vision

Jim Collins

In a dynamic and turbulent environment…
“Companies that enjoy enduring success have core values and a core purpose [i.e. ‘mission’] that remain fixed while their business strategies and practices endlessly adapt to a changing world.” (Collins & Porras 1996: p.65)

I.e. these companies have a mission/values that anchor them.