Homework

1. How is vision used in an organization?

2. Vision – think about it from your perspective - what direction do you want to take your life?

3. What a company’s vision is not:

a. One of the book reports was by the author Nanus. He also wrote Finding the Right Vision relating to what a vision is NOT. Here’s what he said:

· A mission – vision is direction not purpose

· Factual – vision represents possibilities

· Static – it needs to be alive and updated

· A constraint on action unless it conflicts with the vision

b. True or false – a vision can only be assessed relative to other roads not taken?

4. Vision & Leadership –they both energize employees, enhance followership and facilitate action. Conversely without either, people may become discouraged and disengaged.

5. But leadership is broader than vision

· Leading by example is not based on a vision.

· Leading in a time of crisis is not based on a vision

…..so leadership is required all the time – is vision?

6. Book Report

7. Are these people leaders, visionaries….or both? a. Martin Luther King b. Barack Obama

c. Steve Jobs

d. Michael Bloomberg

e. Nelson Mandela

8. Possible elements of a company vision:

a. Competitive advantage – vis-à-vis competition

b. Cost advantage and / or price leadership

c. #1 or #2 in the market

d. New products / services

e. Expansion by types of markets

f. Recruiting and keeping the best people

9. Achieving the vision: Motivating People….some quotes:

a. Do not let what you do interfere with what you can do… John Wooden

b. To be successful, you don’t have to do extraordinary things. Just do ordinary things extraordinarily well…. John Rohn

c. If you believe in yourself and never quit, you’ll be a winner. The cost of victory is high, but so are the rewards…. Paul “Bear” Bryant

d. There is little difference in people, but that little difference makes a big difference. The little difference is attitude. The big difference is whether it is positive or negative…. W. Clement Stone

10. But vision is about “seeing” the future and that’s hard

11. Case Study

In doing a strategic plan a company decides to change its vision from being an ad agency to becoming a consulting firm that did integrated marketing ad agency work. It continues to lists its ad agency clients under the new Integrated Marketing Consulting heading.

Is this ethical?

Does anyone get hurt?

12. Should the vision be aspirational OR realistic

a. Beauty ads – hair color

13. Sight of vision:

a. Quote: The greater the obstacle, the more glory in overcoming it. Molière

· Do you believe this?

· Is it the right thing to do in setting a vision?

b. Quote: In the long run, you only hit what you aim at. Therefore aim high. Henry David Thoreau

· Do you believe this?

· Is it the right thing to do in developing a vision?

14. Vision case Study:

Marketing Services Company is shut out of deals not “strategic” enough. The sales group pushed management to create a strategic offering. Management always had that vision, but was afraid of not having the skills to execute. They finally agreed and wanted to do it by vertical market which is the way the sales groups were organized.

a. Reaction??

b. Build vs. buy discussions What needs to be considered?

The company did both; trained sales people and positioned as “We Make IT Happen” Reaction

15. Vision case Study:

Large mailer/e-mail company looked for a logical next step. It looked at buying social marketing companies in 2005 – all were losing money. The economy changed in 2008 focus on cost cutting so a company was found in 2009 that was making money. It:

a. Had good technology Was this a competitive advantage?

b. Made money What questions would you ask about this?

c. Had clients in important verticals What more do you need to know about the clients?

16. Case Study: Not in Packet

During the recession of 01-03 there was an agency that was for sale.

I knew strategically that we needed a big presence in this space if I was going to fulfill my vision

The agency was losing money – the recession hit it hard as they had lots of tech clients. The tradeoff was short vs. long term

I was not bold – didn’t push board hard enough they passed on acquisition. We never got critical mass in that business!

17. TOOL: Leaders Dealing with risk:

Identify, evaluate, prioritize risks

consequences

likelihood

18. Who does what?

a. Who has responsibility for identifying, evaluating & prioritizing risks?

b. Who has responsibility for creating the process described on this grid?

c. Who has risk oversight responsibility?

19. How a leader deals with risk oversight:

a. Look at mechanisms that management uses to identify risk – how risk bubbles up

b. Understand the company’s top 5-10 risks

c. Ensure management has implemented a risk management system

d. Use the committee structure for oversight

e. Anything else a leader needs to be concerned about?

20. Quote from Peter Drucker:

“People who don’t take risks generally make about two big mistakes a year. People who do take risks generally make about two big mistakes a year.”

21. What are some examples of good news that portend RISK?

________________________________________________________

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22. What can increase the likelihood of risk?

_________________________________________________________

23. Getting back to vision:

a. Does it come from your right brain or your left – from being creative OR being analytical?

b. Is creativity is the vehicle for leaders to break through the restraints of conventional thinking in order to create a transforming vision?

24. Corporate vision gets set by leaders by:

a. Understanding what the company is facing

b. Thinking about technology and competition Not being constrained by the competencies of the company

c. Translating your instincts into something in writing

d. Visualizing it – trying to see the success that will be achieved

e. Sleeping on it….polishing it….receiving feedback from others

f. Getting it ready for prime time

What happens when they don’t?

25. Ways to analyze vision statements

a. When describing goals, project five to 10 years in the future.

b. Dream big, and focus on success.

c. Use the present tense.

d. Infuse your vision statement with passion and emotion.

e. Paint a graphic mental picture of the business you want.

26. Create 5 groups to evaluate the following vision statements that at one point defined these companies:

a. Microsoft: "Global diversity and inclusion is an integral and inherent part of our culture, fueling our business growth while allowing us to attract, develop, and retain this best talent, to be more innovative in the products and services we develop, in the way we solve problems, and in the way we serve the needs of an increasingly global and diverse customer and partner base” Any thoughts?

b. Avon: "To be the company that best understands and satisfies the product, service and self-fulfillment needs of women — globally.“

Any thoughts?

c. Coca-Cola: "Profit: Maximizing return to share owners while being mindful of our overall responsibilities. People: Being a great place to work where people are inspired to be the best they can be.

Portfolio: Bringing to the world a portfolio of beverage brands that anticipate and satisfy people, desires and needs. Partners: Nurturing a winning network of partners and building mutual loyalty.

Planet: Being a responsible global citizen that makes a difference.”

Any thoughts?

d. Macy's: "Our vision is to operate Macy's and Bloomingdale's as dynamic national brands while focusing on the customer offering in each store location.“

Any thoughts?

27. More on why seeing the future is hard:

a. JFK: “How can a guy this politically immature seriously expect to be president”

b. Carter: “Jimmy Carter’s running for what…?”

c. Reagan: “Ronald Reagan can’t be elected.”

d. Clinton: “Bill Clinton will lose to any Republican nominee who doesn’t drool on stage.”

28. Vison – leadership warning signs:

a. Confusion about purpose..... frequent disagreements among your key people

b. Employee complaints about issues that may get them to look elsewhere

c. Organization losing its legitimacy

d. Organization not staying up with key trends

e. Signs of a decline in pride within organization

f. Excessive risk avoidance

g. Absence of a shared sense of progress

h. Hyperactive rumor mill