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FORMULATION
TOPIC 4
Chapter Outlines
1.
2.
3.
Vision statement
4.
Mission statement
5.
Organizational goals
6.
Organizational objectives
7.
11-2
1-3
STRATEGY FORMULATION
1-5
Strategy Formulation
Deciding what new businesses to enter,
What businesses to abandon,
How to allocate resources,
Whether to expand operations or diversify,
Whether to enter international markets,
Whether to merge or form a joint venture,
How to avoid a hostile takeover.
Copyright 2013 Pearson Education
1-6
Vision statement
answers the question What do we want to
become?
often considered the first step in strategic
planning
1-7
2-8
2-10
Mission Statement
Mission Statement
Mission statement
reveals what an organization wants to be and
whom it wants to serve
Also called a creed statement, a statement of
purpose, a statement of philosophy, a
statement of beliefs, and a statement of
business principles
2-13
Mission statements
enduring statements of purpose that distinguish one
business from other similar firms
identifies the scope of a firms operations in product
and market terms
addresses the basic question that faces all
strategists: What is our business?
1-15
Characteristics of a Mission
Statement
First, a good mission statement allows
for the generation and consideration of a
range of feasible alternative objectives
and strategies without unduly stifling
management creativity.
2-16
Characteristics of a Mission
Statement
Second, a mission statement needs to
be broad to reconcile differences
effectively among, and appeal to, an
organizations diverse stakeholders
2-17
Characteristics of a Mission
Statement
Stakeholders
include employees, managers, stockholders,
boards of directors, customers, suppliers,
distributors, creditors, governments (local,
state, federal, and foreign), unions,
competitors, environmental groups, and the
general public.
2-18
A Customer Orientation
A mission statement should:
define what the organization is and what the organization
aspires to be
A Customer Orientation
A mission statement should also:
A Customer Orientation
A good mission statement reflects the
anticipations of customers.
6.
7.
2-23
9.
2-24
Customers
Products
Services
Markets
Technology
Employees
Public
Image
Mission
Statement Components
(9 characteristics)
Survival
Growth
Profit
Self-Concept
Philosophy
Characteristics of a
Mission Statement
2-26
2-31
2-35
ORGANIZATIONAL GOALS
According
Organizational
2.
3.
4.
11-38
ORGANIZATIONAL OBJECTIVE
Objectives
Objectives
Appropriate - They ring true and seem logical given your mission
2.
3.
4.
5.
6.
7.
Specific - They are spelled out and assigned with completing dates
8.
Del
ib
Unrealized
Strategy
era
te S
tra
teg
y
Realized
Strategy
Sustained
Superior
Performance
Emergent Strategy
Adapted from: Mintzberg, H. The Strategy Concept I: Five Ps for Strategy California Management Review.
Volume 30 Number1, Fall 1987.
Intended Strategy
11-44
Emergent Strategy
11-45
11-46
Example: When aspiring author David McConnell was struggling to sell his
books, he decided to offer complimentary perfume as a sales gimmick.
McConnells books never did escape the stench of failure, but his
perfumes soon took on the sweet smell of success.
The California Perfume Company was formed to market the perfumes; this
firm evolved into the personal care products juggernaut known today as
Avon. For McConnell, his dream to be a successful writer was a
nonrealized strategy, but through Avon, a successful realized strategy was
driven almost entirely by opportunistically capitalizing on change through
emergent strategy.
11-47
End of Topic 4
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