STRATEGIC MANAGEMENT

STRATEGY FORMULATION
 STRATEGY FORMULATION
 DEFINITON:
It is the development of long range plans for
the effective management of environmental
opportunities and threats in the lights of
corporate strengths and weakness.
 Developing the strategic vision:-
 Define strategic vision:
a) A vision articulates the position that an organization
intends to attain in the distant future .

b) Vision is something that the firm strives to achieve in the

long sum.

A vision statement answers the basic question “ What do we

want to become ?”.It is the foundation for developing
comprehensive mission statement.
 Developing the strategic vision:-
 Why a company should have vision?

a) Good vision are inspiring and exhilarating

b) Visions represents a discontinuity , a step function and a
jump ahead so that the company knows what it is to be.
c) Good visions help in creation of a common identity and
shared sense of purpose.
d) Good visions are competitive, original and unique. They
make sense in the market as they are practical.
e) Good vision foster long term thinking.
f) Good visions represent integrity, they are truly genuine and
can be used for the benefit of people.
 Developing the strategic vision:-
 Characteristics of vision:
a) Graphic
b) Directional
c) Focused
d) Flexible
e) Desirable
f) Easy to communicate

 Examples:-
A) Henry Ford:
Vision statement: “ Car in every garage”