BMGT 495 mission.vision spring 2011

BMGT 495 mission.vision spring 2011 - The Strategic...

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© Copyright 2009 BMGT 495: Business Policies Spring 2011 The Strategic Management Process Mission Statements & Objectives
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© Copyright 2009 TODAY’S AGENDA Strategic Management Process Mission Statements & Objectives – Key Concepts – Strategy Focus: Johnson & Johnson Credo & Values
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© Copyright 2009 Current Events I will find an article to share with the group & will email it to all instructors.
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© Copyright 2009 Knowledge Objectives This class session provides students with an overview needed to: Explain the strategic management process . Describe strategic mission and strategic objectives and discuss their value. Define stakeholders and compare and contrast a multiple stakeholder view of corporate objectives to a unidimensional view taught in functional courses (e.g., maximizing profitability, maximizing shareholder’s wealth, maximizing customer satisfaction, maximizing market share).
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© Copyright 2009 Strategy: What is it? How does a firm get one? Strategy: The firm’s theory about how to achieve the firm’s goals. Strategic Management Process: Logical steps taken to determine the firm’s mission, objectives, and strategy to achieve that mission and objectives.
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© Copyright 2009 Optional Exercise Instructor gives an example of a process (I like to elicit the steps in the process of baking a cake from the class: preheat oven, grease & flour pans, in large mixing bowl beat cake mix, water, eggs & oil on low until well mixed; then on medium for 2 minutes, pour batter into cake pans & bake for 30 minutes, and so on…) Instructor sends seven students, each with one of seven beach balls (purchased at the dollar store) labeled in permanent marker with: mission, objectives, external analysis, internal analysis, strategic choice, strategy implementation, competitive advantage (or performance) to the hall for 5 minutes to create a process model of strategic management. While 7 students are out of the room, show rest of class the next two slides: similar but alternative views of strategic management process so that they have background to critique the team. The 7 students present their model & instructor shows the next 2 slides again to reinforce. Give the team a round of applause and thanks for their help.
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© Copyright 2009 Mission Objectives External Analysis Internal Analysis Strategic Choice Strategy Implementation Competitive Advantage The Strategic Management Process
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© Copyright 2009 The Strategic Management Process Objectives External Analysis Internal Analysis Strategic Choice Strategy Implementation Competitive Advantage Mission
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© Copyright 2009 Vision and Mission: Know Where You Want to Go “If you don’t know where you are going, any road will take you there” Lewis Carroll Vision Future oriented picture of what the firm wants to be and achieve The responsibility of the leader (CEO, with input from Board of Directors and top executive team) Mission Answers the questions: What is the purpose of the firm? What value will the firm create? For whom will value be created?
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This note was uploaded on 02/28/2011 for the course BMGT 495 taught by Professor Kiyatkin during the Spring '08 term at Maryland.

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BMGT 495 mission.vision spring 2011 - The Strategic...

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