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Straman Notes Chapter1gvl
Straman Notes Chapter1gvl
STRATEGIC
MANAGEMENT
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OBJECTIVES:
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WHAT IS
STRATEGIC
MANAGEMENT?
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Vision Statement
e.g.
“Our vision is to take care of your vision.”`
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Strategies
are means by which long-term objectives will be achieved
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OBJECTIVES:
1. Describe the nature and role of vision and mission statements
in strategic management.
2. Identify the components of mission statements.
3. Evaluate mission statements of
different organizations and to write good vision and mission
statements.
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What is vision?
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COMMON SHORTCOMINGS OF
VISION STATEMENT
VAGUE OR INCOMPLETE Short on specifics
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What is Mission?
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Procter & Gamble will provide branded products and services of superior
quality and value (7) that improve the lives of the world’s
(3) consumers. As a result, consumers (1) will reward us with industry
leadership in sales, profit (5), and value creation, allowing our
people (9), our shareholders, and the communities (8) in which we live and
work to prosper
(Author comment: Statement lacks three components: Products/Services,
Technology, and Philosophy)
(Strategic Management 13th edition Fred David)
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ORGANIZATION OBJECTIVE
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ANNUAL INCREASE IN AFTER-TAX PROFITS OF x ACHIEVING A LOWER OVERALL COST THAN RIVALS
PERCENT
ANNUAL INCREASE IN EARNINGS PER SHARE OF x OVERTAKING KEY COMPETITORS ON PRODUCT
PERCENT PERFORMANCE OR QUALITY OR CUSTOMER SERVICE
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INCREASED SHAREHOLDERS VALUE – IN THE FORM OF HAVING BETTER PRODUCT SELECTION THAN RIVALS
AN UPWARD TRENDING STOCK PRICE AND ANNUAL
DIVIDEND INCREASES
STRONG BOND AND CREDIT RATINGS STRENGTHENING THE COMPANY’S BRAND NAME
APPEAL
SUFFICIENT INTERNAL CASH FLOW TO FUND NEW HAVING STRONGER NATIONAL OR GLOBAL SALES AND
CAPITAL INVESTMENT DISTRIBUTION CAPABILITIES THAN RIVALS
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