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FORMULATING STRATEGY: VISIONS, MISSIONS, OBJECTIVES AND ENVIRONMENTAL ASSESSMENTS

FORMULATING STRATEGY: VISIONS, MISSIONS, OBJECTIVES AND ENVIRONMENTAL ASSESSMENTS. STRATEGY FORMULATION. Missions, visions, and objectives Communication tools to 1. Tie organizations together 2. Provide focus The basis for strategy implementation and control. THE NEED FOR OBJECTIVES.

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FORMULATING STRATEGY: VISIONS, MISSIONS, OBJECTIVES AND ENVIRONMENTAL ASSESSMENTS

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  1. FORMULATING STRATEGY: VISIONS, MISSIONS, OBJECTIVES AND ENVIRONMENTAL ASSESSMENTS

  2. STRATEGY FORMULATION • Missions, visions, and objectives • Communication tools to 1. Tie organizations together 2. Provide focus • The basis for strategy implementation and control

  3. THE NEED FOR OBJECTIVES • Organizations don’t have objectives, at least initially • Individuals do . . . • Small groups might . . . • But the organization as a whole? • Forget it . . .

  4. DIFFERENT CONSTITUENTS Top Management ? Stockholders ? Union ? Others ? Objectives ? Grunts on the Floor ? Middle Management ?

  5. DIFFERENT CONSTITUENTS HAVE DIFFERENT NEEDS • Ideally, these players would work well together. In reality, they rarely do . . . • Chevy vs. Saturn Ads • Design vs. Production vs. Maintenance vs. Accounting • Balance takes work!

  6. THE MISSION STATEMENT • It becomes management’s job to hear these constituencies out, and then to fuse them into a group all pulling in the same direction . . . generally, at least. • Thus, the MISSION STATEMENT • The mission statement then serves as the basis for organizational objectives

  7. CHARACTERISTICS OF GOOD OBJECTIVES • Good objectives are: • Specific • Verifiable • Accountable • Powerful, if rewarded • Fireman’s Fund • Hays & Abernathy • Tony Poe, and the whole Vietnam experience

  8. AN EXERCISE • Now, an exercise: write a mission statement for Wright State University • Work in teams • Keep it to 200 words • Read it to the class

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