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 Overview of Key Strategic
Strategy Strategy Strategy
Strategic Management

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Formulation Implementation Evaluation
Management Topics

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4. Types of

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Strategies 9. Strategy

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5. The Business Implementatio

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2. Outside USA Vision and n Management
Strategic
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Planning Issues
6. The Internal 11. Strategy
1. The Nature of 10.Strategies
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Assessment Monitoring
Strategic 3. Ethics, Social Execution:
Management Responsibility 7. The External Marketing,
and Assessment Finance/Accou
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Sustainability 8. Strategy nting, R&D, and
Generation and MIS Issues
Selection
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A mission statement
A Vision statement

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describes the overall
outlines WHERE you
purpose of your

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want to be.
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Communicates both the
Statements are brief and
purpose and values of
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answer key questions
your business.
about your business or
It answers the question,
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organization. What is the
“Where do we aim to
primary objective? Who
be?”
is the target audience?
If you're opening a child-care center in
a low-income neighborhood

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A child-care facility's The mission statement

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vision statement might
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include expanding to might read, "To
other neighborhoods
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provide high-quality,
throughout the city
and perhaps offering reasonably affordable
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other programs such child care in a safe
as after-school care. environment."
 Steps in Developing Vision and Mission
Statements

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Participation by as many managers as possible is important in
developing the mission because through involvement people

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become committed to an organization.

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1.
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Have managers read related articles
2. Have managers prepare a vision and mission statement for the
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organization
3. Merge the documents into one and distribute
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4. Gather feedback from managers
5. Meet to revise the final document
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 Mission Statements are also called
• Creed statement

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• Statement of purpose
Statement of philosophy

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• Statement of beliefs

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• Statement of business principles
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• A statement “defining our business”
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 Mission Statement Components
1. Customer: Who are the firm’s customers?

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2. Products or Services: What are the firm’s major products and

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services?

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3. Markets: Geographically, where does the firm compete?
4. Technology: Is firm technologically current?

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5. Concern for survival, growth, and profitability: Is the firm
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committed to growth and financial soundness?
6. Philosophy: What are the basic beliefs, values, aspirations, and
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ethical priorities of the firm?
7. Self-concept: What is the firm’s distinctive competence or major
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competitive advantage?
8. Concern for public image: Is the firm responsive to social,
community, and environmental concerns?
9. Concern for employees: Are employees a valuable asset of the firm?
 Mission Statement Components Written
from a Customer Perspective
1. Customers—Our customers are outdoor enthusiasts seeking fishing excitement and
adventure.

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2. Products or services—We provide fast, clean boats, all the bait and tackle needed, and
friendly first mates to create memories for a lifetime.

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3. Markets—Our fleet of fast, clean vessels operate all along the Florida Gulf Coast.
4. Technology—Our vessels are equipped with the very latest safety and fish finding

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equipment to ensure that customers comfortably are “catching rather than just fishing.”
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5. Survival, growth, and profitability—Our prices are as low as possible to provide
customers great value in conjunction with high employee morale and a reasonable
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return for our owners.
6. Philosophy—We assure customers the upmost courtesy and care as our motto on every
vessel is to follow the Golden Rule.
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7. Self-concept—For customer enjoyment and safety, we provide the most experienced
staff in the industry.
8. Public image—Our vessels use emission-friendly engines; we strive to bring repeat
tourists to all communities where we operate.
9. Employees—Our on-the-water and off-the-water employees are “on a mission” to help
customers have a great time.
 Vision Statement Examples
Tyson Foods’ vision is to be the world’s first choice for protein

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solutions while maximizing shareholder value.

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General Motors’ vision is to be the world leader in

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transportation products and related services.
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PepsiCo’s responsibility is to continually improve all aspects of
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the world in which we operate – environment, social,
economic – creating a better tomorrow than today.
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Dell’s vision is to create a company culture where
environmental excellence is second nature.
 Mission Statements Examples
We aspire to make PepsiCo the world’s premier consumer

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products company, focused on convenient foods and beverages.

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We seek to produce healthy financial rewards for investors as we
provide opportunities for growth and enrichment to our

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employees, our business partners and the communities in which

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we operate. And in everything we do, we strive to act with
honesty, openness, fairness and integrity.
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Dell’s mission is to be the most successful computer company in
the world at delivering the best customer experience in markets
we serve. In doing so, Dell will meet consumer expectations of
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highest quality; leading technology; competitive pricing;
individual and company accountability; best-in-class service and
support; flexible customization capability; superior corporate
citizenship; financial stability.
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Mission Vision

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Answers Why? What?

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Definition
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Length (Time Period) Short Long
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Purpose Informs Inspires
Activity Doing Seeing
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Source Head Heart
Order Second First
Effect Clarifies Challenges
 Characteristics of Mission Statement
1. Broad in scope; does not include monetary amounts, numbers,

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percentages, ratios, or objectives

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2. Fewer than 150 words in length

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3. Informing
4. Identifies the utility of a firm’s products

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5. Reveals that the firm is socially responsible
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6. Reveals that the firm is environmentally responsible
7. Includes nine components: customers, products or services,
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markets, technology, concern for survival/growth/profits,
philosophy, self-concept, concern for public image, concern for
employees
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8. Reconciliatory
9. Enduring
 Mission & Customer Orientation
Vern McGinnis
• Define what the organization is

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Define what it aspires to be

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• Limited to exclude some ventures

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• Broad enough to allow for growth

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Distinguishes firm from all others

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• Framework for evaluating activities
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• Stated clearly – understood by all
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• An effective mission statement:
– Anticipates customer needs
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– Identifies customer needs
– Provides product/service to satisfy needs
– Identifies the utility of a firm’s products to its customers
 Utility of Firm’s Products to Customers
• Do not offer me things.

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Do not offer me clothes. Offer me attractive looks.

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• Do not offer me shoes. Offer me comfort for my feet and the pleasure of
walking.

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• Do not offer me a house. Offer me security, comfort, and a place that is

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clean and happy.
• Do not offer me books. Offer me hours of pleasure and the benefit of
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knowledge.
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• Do not offer me CDs. Offer me leisure and the sound of music.
• Do not offer me tools. Offer me the benefits and the pleasure that come
from making beautiful things.
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• Do not offer me furniture. Offer me comfort and the quietness of a cozy
place.
• Do not offer me things. Offer me ideas, emotions, ambience, feelings, and
benefits.
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Where do we want to be going forward?
When do we want to reach that stage?

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How do we want to do it?

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The Vision of USGS is to be a world leader in the
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natural sciences through our scientific excellence
and responsiveness to society’s needs
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-- U.S. Geological Survey (USGS)

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Why does the organization exist?

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What is the scope of the organization’s activities?

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Who are the customer served?
What are the products or services offered?
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The Coca-Cola company exists to benefit and refresh everyone it
touches. The basic proposition of our company is simple, solid
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timeless. When we bring refreshment, value, joy, and fun to our
stakeholders, then we successfully nurture and protect our brands,
particularly Coca-Cola. That is key to fulfilling our ultimate obligation
to provide consistently attractive returns to the owners of our
business.