...Scorecard Institute Are programs, services, and staff aligned around a shared vision of the future? Do government leaders have a clear strategy for delivering cost-effective services for citizens and other stakeholders, and is that strategy communicated with clarity, both internally and externally? Do you have a disciplined way of choosing priorities among competing programs and services, under tighter and more stringent budgets? How are you keeping score and communicating progress toward the vision? If you need to make hard choices among competing programs and services for tight budget dollars, if you are looking to increase program and service effectiveness and improve operational efficiency and performance, and if you need to become a more strategy focused organization then a balanced scorecard may be the best planning and management framework for your organization. This article describes how to build a strategy-based balanced scorecard system, and shares some lessons learned from developing strategy-based scorecard systems in dozens of government and nonprofit organizations in 22 countries and from training over 5000 people from 150 organizations. “Balanced scorecard” means different things to different people. Balanced scorecards have evolved over the past decade from dashboard systems that simply measure financial and non-financial performance, to holistic, strategic planning and management systems that help organization’s plan strategically, and manage and track strategy...
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...Semester III UNIT – I STRATEGY AND PROCESS |Conceptual Framework for Strategic Management – Concept of Strategy and Strategy Formation Process – Stakeholders in Business – Vision, | |Mission and Purpose – Business Definition – Objectives and Goals – Corporate Governance – Social Responsibility | CONCEPTUAL FRAMEWORK FOR STRATEGIC MANAGEMENT Strategic management deals with decision making and actions which determine an enterprise’s ability to excel survive or die by making the best use of a firm’s resources in a dynamic environment. The main purpose of study of strategic management is to examine why some organization succeed while others fail and yet others completely change. Consider the following examples: ➢ Bharat Heavy Electricals Ltd. (BHEL) is now planning to expand its range to 800 MW supercritical power projects. ➢ LG Electronics India Ltd. (LGEIL) signed a MOU with Maharashtra government to expand manufacturing facility at Pune for Rs.900 crores. ➢ GAIL India has received an offer from China Gas Holdings for participation in a gas based petrochemical project to be set at Humor in Mangolia. ➢ The world’s largest steel conglomerate Mittal Steel Company is to become the second largest stakeholder in a Chinese Steel firm in Hunan Province. ➢ Mittal singed three MOUs with Jharkhand Government for setting up 12 million tonne Greenfield project in two phases. ➢ Maruthi Udyog slashed the price of Maruti-800 by...
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... Creating a Strategic Direction Visions and Values Paul Olk, Peter Rainsford, and Tsungting Chung ncreased globalization and the incorporation of many new information technology (IT) tools have enhanced the need for top management to set a clear strategic vision for a company. As market demands and the ability to communicate globally encourage companies to continue to expand into new geographical and product markets—and as they also enter into long-term buyer-supplier relationships or contract out activities previously conducted internally—companies are spread more thinly. This creates a challenge of how to coordinate all of the activities conducted around the globe and by partner organizations. While sophisticated software programs (e.g., enterprise resource planning [ERP]) or intranet capabilities enhance internal communication, these are not adequate. Establishing and maintaining a consistent strategic direction for the company begins with setting a clear vision for the company. A strategic vision provides multiple benefits to a company. First, it presents a broadly shared sense of organizational direction and purpose. Direction is needed because few organizations have achieved greatness by being all things to all consumers. To instill a purpose, most successful companies achieved their leadership position by adopting a vision far greater than their resource base and competencies would allow (de Kluyver & Pearce, 2002; Hamel & Prahalad, 1989). A vision also provides...
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...Chapter 1—Strategic Management and Strategic Competitiveness TRUE/FALSE 1. The Opening Case shows that McDonald’s is one of the few firms able to achieve strategic competitiveness from its founding until the present time. ANS: F PTS: 1 DIF: Medium OBJ: 01-01 TYPE: application NOT: AACSB: Multicultural & Diversity | Management: Environmental Influence | Dierdorff & Rubin: Managing strategy and innovation 2. By focusing on product innovations and upgrades of its properties, McDonald’s was able to achieve strategic competitiveness and above average returns. ANS: T PTS: 1 DIF: Medium OBJ: 01-01 TYPE: application NOT: AACSB: Business Knowledge and Analytical Skills | Management: Strategy| Dierdorff & Rubin: Managing strategy and innovation 3. Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. ANS: T PTS: 1 DIF: Easy OBJ: 01-01 TYPE: knowledge NOT: AACSB: Business Knowledge & Analytical Skills | Management: Strategy | Dierdorff & Rubin: Managing strategy & innovation 4. Part of McDonald’s strategy was the choice that it would remain involved in additional food concepts such as Boston Market and Chipotle. ANS: T PTS: 1 DIF: Easy OBJ: 01-01 TYPE: application NOT: AACSB: Business Knowledge & Analytical Skills | Management: Strategy | Dierdorff & Rubin: Managing strategy & innovation 5. Alligator Enterprises has earned above-average returns since its founding five years ago. Since no other firm has challenged Alligator in...
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...The Management of Strategy: Concepts and Cases 9e Part I: Strategic Management Inputs Chapter 1: Strategic Management and Strategic Competitiveness ©2011 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Chapter 1: Strategic Management and Strategic Competitiveness • Overview: Eight content areas – – – – – – – – Nature of Competition The Competitive Landscape I/O Model of Above-Average Returns (AAR) Resource-Based Model of AAR Vision and Mission Stakeholders Strategic Leaders The Strategic Management Process ©2011 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Nature of Competition: McDonald’s • McDonald’s creates value for customers through: – Business-level strategies • Product Innovation • Upgrading existing restaurants • Listened to customers – value menu, healthier items, more convenience • Purchasing European property for future expansion – Corporate-level strategies • Disposed of its interests in other restaurants ©2011 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Nature of Competition: Basic concepts • Strategic Competitiveness – Achieved when a firm formulate & implements a valuecreating strategy • Strategy – Integrated and coordinated set of...
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...strategy, and how they differ from one another Identify the strategy process and describe the purpose of each step Explain the concepts of strategic thinking and analysis Describe the various levels of strategy and the links between them Explain the drivers, challenges and benefits of globalisation Discuss the role of the accountant in the strategy process PRACTICE • • • Have you completed the questions in the Study Guide? Have you completed the Learning Examples in the Student Notes? Have you completed the knowledge check questions from this module? Key revision areas: • The different approaches to strategy: rational, processual, evolutionary, systemic • The levels of corporate strategy and the scope/content of each • The drivers, challenges and benefits of globalisation • Evolution of corporate strategy as a concept – Porter, Mintzberg • Operational effectiveness v. strategic positioning • Developing the strategy – see Focus slide • Ethics in leadership: classical and socioeconomic views Strategy and leadership Approaches to strategy Strategy process • Rational – Ansoff, Chandler, Porter’s five forces • Processual – emergent strategies • Others – evolutionary, systemic • External environment – PESTEL (opportunities; threats) • Internal environment – strategic and operational drivers, people/organisational drivers (strengths; weaknesses) • Evaluating and selecting growth options –...
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...Three important parts in defining the strategic direction of a company. The mission, vision and values of a company are important to determine the strategic direction for the company’s future business operations. The mission is a guide and reminder to the shareholders and stakeholders of the company’s goals and objectives. The vision is the optimistic views and goals of what the company plans to become in the future. The values of the company are the attitudes, beliefs, perceptions, and views that will help the company to accomplish their mission and vision. Culture, social responsibility, and ethics are very important factors in influencing the company’s values. Customer needs are an important factor for a business to evaluate and implement into strategic business decisions. Companies need to create a competitive advantage over other companies for their products and services to compete in the markets. Companies should define, analyze, and evaluate each of these major factors to define the strategic direction the company wants to move in. Each factor will represent new goals and achievements for a company to pursue along their journey of making their vision come true. The purpose of the mission statement. The statement will be a constant reminder to the employees of the company that they are working to obtain the goals of the clients and not their own personal agendas. The mission of the company sets the strategic direction the company wants to follow. Clients are what...
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...Trident University Module 1 CASE Assignment MGT599: Strategic Management Process/Vision, Mission, Goals and Objectives Dr. Nanette Metz June 19, 2016 Executive Summary Coca Cola Company has executed the most successful beverage strategy of the past 50 years. Its strategic communications, however, fall short of the success of its underlying strategy. Coca Cola advertises a formal mission statement that does little to communicate its strategy to its stakeholders, and should therefore reshape a more specific formal mission statement. Its vision statement is hidden deep within its website, and also falls short of guiding the company's future. While the vision statement more closely aligns with the company strategy, it should also be reshaped in order to provide a more specific tract for future growth and goals. Introduction Coca Cola Company is the most successful beverage enterprise in the United States-it is the largest (as measured by customer volume), among the oldest (125 years in business), and most profitable (with 59 consecutive years of dividend growth), (Coca Cola, 2016). Coca Cola operates under a winning strategy- and when a strategy is working, it should be largely left alone. All that remains is synchronizing all the elements of an organization in order to execute such a strategy with efficiency. The most fundamental purpose of a strategy, after all, is to "inform each of the many thousands of things that get done in an organization every day, and to...
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...Riordan Manufacturing [pic][pic] [pic] Strategic Plan 2013 - 2016 MGT 498 January 14, 2013 Contents Introduction 3 Background 3 Internal Structure 4 Background to the Vision, Mission Statement, and Strategic Objectives 6 Environmental Scan 7 Vision, Mission Statement, and Values 8 Vision 8 Values 8 Mission Statement 9 Our Focus 9 Our Customer Relationships 9 Our Employees 9 Our Future 9 SWOT Analysis 10 Key Success Factors 11 Driving Forces 12 Strategic Objectives 13 Meeting Critical Success Factors and Strategic Objectives 15 Strategic Objectives Actions Plans 17 Reference 18 Introduction Riordan’s Strategic Plan will provide the framework to guide stakeholders and management to meet and exceed strategic objectives of the organization. As the plan period progresses, the plan may change dependent upon policy change, leadership change, and/or industry change. This plan concludes Riordan’s discussions concentrating on any challenges to ensure the organization can meet expectations of stakeholders. The management of Riordan will use this strategic plan for direction in achieving objectives. The plan includes the following key points which will guide the direction of the organization: ▪ Vision; ▪ Mission statement; ▪ Environmental Scanning; ▪ Critical Success Factors; ▪ Strategic objectives; and ▪ Strategic objectives’ action plans. Background Riordan Manufacturing is...
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...DESCRIPTION This course focuses on creating the value proposition as a driver of sustainable competitive advantage. Topics include translating key emerging trends into business opportunities; strategic challenges of global expansion; opportunities and constraints posed by regulatory change; competitor intelligence; scenario planning/planning for multiple futures; maximizing core business value; differentiating the value proposition; distribution channel development and integration; tailoring the value chain; building successful strategic alliances; and off-shoring models and approaches. Week 1 - Topic 1: Mission, Vision, and Values Objectives Distinguish between strategy and tactics. Explain the essential components of the strategic management process. Analyze the relationship among leadership, culture, stakeholder interests, and strategic outcomes. Create vision, mission, and values statements. Materials MIND MAP Mind Map Concept Outline EBOOK EBOOK COLLECTION: Chapter 1 - Pearce & Robinson. (2005). Strategic management (9th ed.). New York: McGraw-Hill. EBOOK COLLECTION: Chapter 2 - Pearce & Robinson. (2005). Strategic management (9th ed.). New York: McGraw-Hill. EBOOK COLLECTION: Chapter 10 - Pearce & Robinson. (2005). Strategic management (9th ed.). New York: McGraw-Hill. ARTICLES ARTICLE: Required Articles for Week One Assessment Mission, Vision, and Values Paper Submit a 700-word to 1,050-word...
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...engagement involves working within other societies where you are likely to be faced with different norms. Deciding when it is appropriate to act under one norm or another requires careful consideration. An example of a moral norm may be: “it is wrong to physically harm a child, and those who do so should be punished.” An ethical dilemma in your international engagement may arise when your moral norms differ from those of a society regarding: ▪ Treatment of/value in women and other gender/sex issues ▪ Treatment of/value in children and the elderly ▪ The environment, waste, and consumption ▪ Business practices, loyalty, contractual agreements, and work ethic ▪ Treatment of/value in animals ▪ Privacy and community ▪ Religion, religious dogma and tradition Ethical pluralism is also known as “value” or “moral” pluralism. It is related but not identical to the concepts of moral relativism (there exist many moral theories and there is no objective standard by which they may be judged) and cultural relativism (that norms, values, and practices may be understood as sensible within their respective cultural contexts). Relevance to ISL: Sustainability Ethical pluralism suggests your actions may be in opposition to local norms, or you might be expected to act in opposition to your own norms. Either one of these conflicts may make your work unsustainable. Example: You may be working on an project involving sexual education for youth. This may be unacceptable to some locals and thus...
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...for details. Performance objective In this assessment, you are required to manage the review process of an organisation, describe changes to the organisation’s mission and vision statements, and communicate the review process to stakeholders (through an electronic medium such as email). Assessment description Review the organisation’s vision and values by reviewing the case study information provided, as well as meeting with a key stakeholder in the case study organisation (your assessor). After reviewing materials, revise the vision and mission statements to reflect the current status and direction of the organisation, then email the relevant stakeholders to: * outline changes to the vision and organisational values * describe the strategic planning process and identify where input can be provided. Procedure For the case study information provided in this assessment, you need to summarise: * the established (written) vision and mission of the organisation * current practices of the organisation and, in particular, whether they support the mission objectives of the organisation, or point to potentially new objectives for the organisation. After you have developed this summary, you need to meet with a key stakeholder/strategic planning consultant (your assessor) to discuss the vision and mission as you have identified it. You should also check that they agree with your findings. Summarise, in dot-point form, your discussions with the key...
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...challenging environment which is competitive and filled with changes. In order to improve the performance and success in this environment, organizations would need effective strategic leadership. It has also found that in the last few years, there have been explicit contributions from researches which help the managers to adapt today’s business environment by understanding and implementing the strategic leadership (Mary et al, 2008). This paper will discuss strategic leadership by introducing the definition of the strategic leadership as a start. The paper will then analyse what does the strategic leadership mean to the organizations and explain why organizations need strategic leadership in three angles: the change of business environment; the inadequacy of traditional management role for organizations; the importance of strategic leadership in terms of organizations’ strategy implementation. Furthermore, this paper will discuss three implications that the strategic leadership could bring to organizations from the perspectives of: stakeholder, business culture and globalization, respectively. The paper will also give examples for each implication to illustrate why organizations would be benefit from good strategic leadership from all the three perspectives. What is the strategic leadership? The strategic leadership, as defined by Ireland & Hitt (2005, p. 63) which has been popularly used in many academic papers, is “a person's ability to anticipate, envision, maintain flexibility...
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...STRATEGIC MANAGEMENT AND OPERATIONAL GUIDELINES A User Guide for Public Sector Auditors in the Pacific Developed by PASAI in 2012 Pacific Association of Supreme Audit Institutions (PASAI): Strategic Management and Operational Guidelines Pacific Association of Supreme Audit Institutions (PASAI) 2 Pacific Association of Supreme Audit Institutions (PASAI): Strategic Management and Operational Guidelines Foreword The purpose of these guidelines is to provide assistance for Pacific Association of Supreme Audit Institutions (PASAI) members, especially heads of SAIs and managers to carry out their functions strategically, tactically and operationally. They do this by introducing the basics of planning, examining the types of objectives and differentiating the types of plans consisting of the corporate plan, strategic plan, business plan and operational plan for the management of their offices. PASAI recognises the importance of having these strategic management plans as it is top level management’s responsibility to define the SAI’s positions, formulate strategies and guide long term organisational activities. This is one of PASAI’s initiatives aimed at developing SAIs within the region. The guidelines have been produced to assist PASAI members in the effective, efficient and economic planning and management of their resources annually and in the long term. It provides guidance to SAIs in establishing and enhancing their strategic management functions. The guidelines...
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...1: Understand the background to organizational strategic change ............................................................. 1 1.1: Discuss models of strategic change ................................................................................................... 1 Kurt Lewin’s 3 phases Change Theory .................................................................................................. 1 McKinsey 7-S Model.............................................................................................................................. 2 Kotter’s 8 Step Change Model .............................................................................................................. 3 1.2: evaluate the relevance of models of strategic change to Philips in the current economy ............... 6 1.3: assess the value of using strategic intervention techniques in organizations................................... 7 2: Understand issues relating to strategic change in an organization .......................................................... 8 2.1: Examine the need for strategic change in Philips. ............................................................................. 8 2.2: Assess the factors that are driving the need for strategic change in an organization. ..................... 9 2.3: Assess the resource implications of the organization not responding to strategic change .............. 9 3: Be able to lead stakeholders in developing a strategy for change ...........
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