A five-component approach to promote
successful organizational performance
1. Vision formulation which leads to
the statement of the Mission.
2. The mission is then
converted into performance Objectives
3. To achieve objectives you
develop Strategies
4. Strategy Implementation
5. Evaluation of performance
1.The vision formulation which leads to
the statement of the Mission
Mission * what is business?
* what will be the business?
* it established long-term direction
* it needs to use simple terminology
* it needs to be inspirational buy in
* recognition of threats &
opportunities
* entrepreneurial
Three Components of the mission statement
* the needs to be served by the company
* the
targeted customer group
* how
the company will provide the product/service
2.
The mission is
then converted into performance objectives
* measurable statements
* specified performance
* specified time
* short-range objectives
* long-range objectives
* top-down rather than bottom-up
Two types of performance yardsticks
* financial objectives
* strategic objectives
3. To achieve objectives you
develop Strategies
* action
steps
* the
concepts of unified and consistent strategies
* the
moves and approaches used to achieve objectives
* dynamic
* continual
review and refinement
* adjust
to internal and external forces
Levels of strategies
* Corporate game
plan for a diversified company
* Business game
plan for single business
* Functional strategy initiatives of one
part of a business
* Operating initiatives
of key operating units
Factors affecting strategies
* society
forces
* political
and regulatory forces
* citizenship
considerations
* the
industry and competitive conditions
* opportunities
and threats
* organizational
strengths and weaknesses
* ethical considerations
* personal
managerial ambitions
* company
culture
Strategy making styles
* Master
Strategist self- explanatory
* Delegate-to-Others bottom-up
* Collartorative middle approach
* Champion bottom
up with manager interest
4. Strategy Implementation
* making it happen
* structuring an organization
* budgeting
* motivating
* creating reward structures
* creating work environment
* information & reporting systems
Who does the
strategy making
and
implementing?
All Managers
5. Evaluation
of
performance
* review process
* adjust mission
* adjust objectives
* adjust strategies
* initiate corrective measures
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