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Management Lecture series- Strategic management papers




Vision , mission, strategy tactics
•The need toward which the organisation strives , forms the basis of its aspirations  or vision. Ideally organization’s vision is an ennobling, articulated statement of what it seeks to do  and become. 
  •   A vision that ignores the larger role that a firm plays in society is likely to be neither noble nor sustainable.
• vision statement must appeal to multiple stakeholders, including members of the organization..employees, its direct beneficiaries (owners), its economical partners.( customers, suppliers).
•A firm’s strategy explains how the org.. Intends  to achieve its vision and mission. It defines the org response to its competitive environment.
•The vision statement answers why the org exist. It identifies the needs the firm aspires to solve for others.
•The mission states what the organisation is going to do to achieve its vision. It addresses the types of activities the firm seeks to perform.
•The strategy determines how the org is going to undertake its mission. It sets forth the ways it will negotiate its competitive environment in order to attain a sustainable advantages.
•The tactics are the day to day management  decisions made to implement the firm’s strategy.

Examples:
  •       At corporate level form strategy determines which business the firm will operate and whether it will enter into partnerships with other firms.( joint venture, mergers, acquisitions). 
  •       An auto firm may have a strategy of producing cars with specific technological advantages  over its competitors products.
  •       A food bank, may have a vision of ending hunger in the community of poor and its mission to feed the poor.

Fundamental changes in the business environment: by Kenichi ohmae.

1. Factors affecting strategy:
•Domestic economic growth
•Markets for key industries
•Management resources
•Growing international complexities
•Irreversible advance of inflation
2. Direction of change:

•Prolonged low growth
•Maturity : stalemate
•Uneven distribution of men, raw materials , financial resources
•Individual changes in each country
•Reduce rate of profit and higher cost of capital.

3. Significance for Top management
  •             Margin for judgement error is reduced

•‘changes” is expensive and difficult
•Equalization is expensive n psychologically difficult
•Strategic adjustment becomes increasingly difficult
•Incentive to invest declines

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