Market Oriented Strategic Planning

A summary: Building Your Company’s Vision

Submitted To: Submitted By: Group 8

Dr. Prantosh Banerjee Aastha Tulsyan (190201002)
IMT, Ghaziabad Himanshu Ninawat (190201039)
Sakshi Shah (190201089)
Shivam Garg (190201096)
Shubham Chauhan (190201101)
Shubham Gupta (190201102)
Utsav Sharma (190201120)
 Summary

Vision is the most fundamental to a company and enumerated why it exists and the values it stands
for. Vision of a company never changes; what changes are only the practices and strategies framed
to achieve that vision. A well-conceived vision consists of 2 components:
 Core Ideology
 Envisioned Future
Core Ideology
It defines the character of the organization. An organization may grow, diversify or decentralize,
but its core ideologies are what holds the company together. Core Ideology consists of core values
and core purpose.
Core values are as essential for an organization as a spine in human body. Core values provide
strong roots to an organization and are responsible for company’s success in a log run. The
companies that enjoy exponential success have their fixed and never-changing core purpose and
core values. Examples of such companies are HP, Walt Disney, Motorola, P&G, J&J, 3M and
many more.
These are the companies that understood the difference between values and goal. Values are never
changing but goals of organization can change from time to time as an organization grows and
moves out in different geographies. There are two major components of organization’s vision i.e.
core ideology and envisioned future. Here envisioned future refers to goals or what the company
aspire to become in future keeping its core values constant and unchanging.
Core values and core purpose together form core ideology for an organization. Core values are like
important and everlasting tenant of an organization that does not seek any justification once stated
by founders of the organizations and are hence timeless. In order to identify core values for your
organization, you have to be honest with yourself and should know why you need these principles
in the first place. Most of the big organization possess one to five core values, beyond this number
it becomes confusing and difficult to stick to such policies and promote others to follow it
religiously. While selecting core values it should be taken care that in no circumstances these
values should be dropped for organizational goals. Such values should not be considered.
Core values should not be confuse with organizational goals of strategy. It is more like positive
motivation to do your job effectively and continue to work persistently in making life easier or
achieve goals.
Core ideology should be inspirational for everyone around, be it in organization or outside it. It
should show one’s commitment towards work in sync with that ideology. It also helps in
identifying true leaders with the help of Mars Group exercise. Also we can find those employees
whose heart are not in synchronization with these policies and hence they cannot deliver 100%
while working in that organization. Such people should be allowed to leave those organizations.
Mostly core competencies are embedded in core ideology i.e. core ideology is derived from core
competencies. Ex. 3M wants to make people life easier and not make adhesives, McKinsey’s
purpose is not to do management consulting but to help corporation top grow etc. and from these
competencies ideologies are formed.
Envisioned Future:
This is the second primary component of a vision. It consists of 2 parts as mentioned below:
1. Vision-level BHAGs
2. Vivid Descriptions
1. Vision-level BHAGs: All companies have goals. However, there is a difference between having
a goal and being committed to a daunting and huge challenge. That’s what BHAGs stand for in a
visionary company. These are Big, Hairy, Audacious Goals (BHAGs) which stimulate progress in
a company.
BHAGs are explicit, encouraging and drive the team efforts towards to common finish line. It
engages people and does not require too much explanation. These goals are attained after 10-30
years of hard-work and tireless determination. These should not be confused with the strategic
long term goals of the company. Vision level BHAGs should be envisioned in terms of the
following 4 categories:
 Target BHAGs
 Common-enemy BHAGs
 Role-model BHAGs
 Internal transformation BHAGs
Target BHAGs can be qualitative or quantitative. Common-enemy BHAGs are directed towards
taking over a close competitor. Role-model BHAGs are for start-ups and up-coming organizations
which look up to and learn from the major players in the field. Internal-transformation BHAGs are
for large structured companies which strive to make some internal changes in order to be able to
serve better.
2. Vivid Descriptions: It paints a vivid, engaging and happy picture of what it will feel like to
achieve a BHAG. It’s a translation from words to pictures of the prevailing sense of achievement
on fulfilling the visionary of the company.
Passion, emotion, belief and conviction are some of the essentials required for vivid descriptions.
A great example of the said descriptions can be the motivational words of Churchill when he
enumerated what will be achieved by defeating Hitler.
Thus, it can be said that vision statement is not a combination of values, purpose, norms and
aspirations featured in a sentence. It lies at the core of the company and has to be understood
with clarity. Vision is the core that needs to be preserved and progress should be stimulated in
alignment with the vision of the company.