Personal Reflection Paper
Anna Wang
MGT4117.2..pdf
Module 7: Vision and Strategy (Chapter 13)
Lecture 1: Vision and Mission
Lecture 2: Strategy and Execution
Module 7: Vision and Strategy
Lecture 1: Vision and Mission
Lecture 2: Strategy and Execution
• Explain the importance of strategic management
• Explain the value of “SA”
• Review the three “Grand Strategies”
• Discuss how to be a “Market Leader”
• Learn from Porter about strategy
Lecture 2 Objectives
TOWARD STRATEGY
TOWARD STRATEGY
TOWARD STRATEGY
The Strategic Leadership Domain
“After all was said and done, more was said than done”
Strategic Leadership
Ability to:
Anticipate and envision the future Maintain flexibility Think strategically Initiate changes that will create a competitive
advantage for the organization in the future
Strategic Management
The set of decisions and actions used to formulate and implement specific strategies that will achieve a competitively superior fit between the organization and its environment so as to achieve organizational goals.
Strategic Management
The set of decisions and actions used to formulate and implement specific strategies that will achieve a competitively superior fit between the organization and its environment so as to achieve organizational goals.
Strategy Formulation and Execution
• Integrating knowledge of the environment, vision, and mission with the core competence • To attain synergy and create customer value
Strategy formulation
• Putting strategy into action by adjusting various parts of the organization and directing resources to accomplish strategic goals
Strategy execution
STRATEGY
General plan of action that describes resource allocation and other activities for:
– Dealing with the environment – Helping the organization attain its goals
DEVELOPING EFFECTIVE STRATEGY
Actively listen to people both inside and outside the organization
Examine trends and discontinuities in the environment and use them
Study past events and anticipate the future
Use hard analysis to help set a course for the future
Manfred von Richthofen
Manfred von Richthofen
Was known as the “Red Baron.”
Was the most celebrated ace pilot of his time ‐ maybe all time.
Had excellent S.A.
Was known as the “Red Baron.”
Was the most celebrated ace pilot of his time ‐ maybe all time.
Had excellent S.A.
SA – “Situational Awareness”
“SA stands for the real‐time ability to acquire and process a host of different data in a constantly shifting environment and the ability to translate an assessment into action aimed at maintaining integrity. More simply, it’s “knowing what is going on around you.”
‐ Air Force Training Manual
STRATEGY BRINGS FOCUS
Advice from Dad:
STRATEGY BRINGS FOCUS
Advice from Dad: • Find something you really like to do • Something that you are good at • Something that will allow you to make a good living
STRATEGY BRINGS FOCUS
DIFFERENTIATION
“The ‘surplus society’ has a surplus of similar companies, employing similar people, with similar educational backgrounds, working in similar jobs, coming up with similar ideas, producing similar things with similar prices and similar quality.”
‐ Nordstrom & Ridderstrale
Grand Strategy:
– Growth (expansion in revenue, sales, number of customers, number of employees, etc.)
– Stability (little or no significant change)
– Defensive (reduction in efforts)
BUSINESS STRATEGY
MARKET LEADERSHIP
– Operational Excellence (cost) – Customer Intimacy (service) – Product Leadership (innovation)
Treacy & Wiersema
MARKET LEADERSHIP
– Operational Excellence (cost) – Customer Intimacy (service) – Product Leadership (innovation)
Market Leaders: Choose one ‐ be average at other two
Treacy & Wiersema
PORTER ON STRATEGY
MAKING STRATEGIC DECISIONS
TOOLS FOR EXECUTION
Create ongoing communication
Teach why certain actions are taken
Explain the changes and allay people’s fears
Remind employees about company strengths
TOOLS FOR EXECUTION
Create ongoing communication
Teach why certain actions are taken
Explain the changes and allay people’s fears
Remind employees about company strengths
VIDEO
“You Need Strategy for Your Organization”
‐ Michael Porter, PhD Harvard Business School
Online Check for Module 7
