Services Operations Management

Jitesh Agarwal PRN: 12020841019

Vision
Vision outlines what the organization wants to be, or how it wants the world in which it operates to be (an "idealised" view of the world). An aspirational description of what an organization would like to achieve or accomplish in the long-term future. It is intended to serves as a clear guide for choosing current and future courses of action. It can be emotive and is a source of inspiration. For example, a NGO working towards educating people might have a vision statement which reads "An educated World." Take the case of Facebook which state their vision to make the world more open and connected.

Mission
The mission statement articulates a company's purpose. It announces to the world at large why your company exists. A mission statement can be thought of as a combination of what your company does and how and why it does it, expressed in a way that encapsulates the values that are important to your company. It might be helpful to focus on a business's core competencies when considering which values are worthy of being a part of the companys mission statement. According to Bart, the commercial mission statement consists of 3 essential components Key market (Who is your target customer), contribution (what value do you provide), and distinction (what makes your offering unique). McDonalds is a classic example of such a mission statement - "To provide the fast food customer food prepared in the same highquality manner world-wide that has consistent taste, serving time, and price in a low-key dcor and friendly atmosphere

Strategic Intent
Strategic intent is basically a high-level statement describing the means by which your organization will achieve its vision. The idea behind Strategic Intent introducing a systematic approach and re-energizing a program that has either lost its focus, levelled off or is experiencing a decline in results. Strategic Intent as a management concepts was first defined by its authors Hamel and Parahalad: an ambitious and compelling dream that energizes; which provides the emotional and intellectual energy for the journey to the future. Strategic Intent has 3 components:

Sense of Direction: A particular point of view about the long-term market or competitive position that a firm hopes to build over the coming decade or so. Sense of Discovery: An SI holds out to employees the promise of exploring new competitive territory. Sense of Destiny. An SI has an emotional side; it is a goal that employees perceive as inherently valuable.

Strategic Initiative
A strategic initiative is an endeavour intended to achieve three interrelated outcomes:

A boundary-spanning vision or strategic intent Realization of important benefits to strategic stakeholders and Transformation of the organization

Strategic initiatives are the means through which a vision is translated into practice. Strategic initiatives are collections of finite-duration discretionary projects and programs, outside of the organization's day-to-day operational activities, that are designed to help the organization achieve its targeted performance. It should be noted that strategic initiative is not the same thing as a strategic goal, strategic objective, or strategic vision.

Strategy
A method or plan chosen to bring about a desired future, such as achievement of a goal or solution to a problem. It can be defined as the art and science of planning and marshalling resources for their most efficient and effective use towards achieving goals and objectives. The term is derived from the Greek word for general ship or leading an army. Management Concepts in the 21st century define strategy to exist at 3 different levels for any company Corporate strategy, Business Unit Strategy and Operational Strategy.

Operational Strategy
Operational Strategy may be described as a plan of action implemented by a firm that describes how they will employ their resources with effectiveness and efficiency in the production of a product or service. An operational strategy is a necessary element for a business and supports the firm's corporate strategy. A formal definitions of Operational Strategy is the total pattern of decisions which shape the long-term capabilities of any type of operations and their contribution to the overall strategy, through the reconciliation of market requirements with operations resources.

Tactical Strategy
Tactical strategy may be defined as the plan of actions that pertain to everyday moves a company makes to improve its market share, competitive pricing, customer service or other aspects that can give it an advantage. Tactics tend to be short-term considerations about how to deploy resources to win a battle. Tactics are most meaningful in the service of long-term goals and values. Key features of a tactical strategy are - Tactics Involve Timing, Tactics Relate to Local Conditions, Tactics Change Often. The key difference between company-wide strategy and tactical strategy is in the sense that tactical strategy is narrowly focussed and period in consideration is shorter.