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Strategic Management Assignment

The document discusses strategic management concepts including: [1] Strategic intent provides direction and a long-term vision for an organization. It answers what the organization is trying to accomplish. [2] A vision statement depicts what a company desires to achieve in the long run, generally 5-10 years in the future. It reflects the company's culture and values. [3] A mission statement defines the company's line of business and purpose for existing. It motivates employees and inspires customers. The document then discusses objectives, business definition, and how strategic alternatives can be identified through business definition to gain synergistic advantages.

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Aashish mishra
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86 views5 pages

Strategic Management Assignment

The document discusses strategic management concepts including: [1] Strategic intent provides direction and a long-term vision for an organization. It answers what the organization is trying to accomplish. [2] A vision statement depicts what a company desires to achieve in the long run, generally 5-10 years in the future. It reflects the company's culture and values. [3] A mission statement defines the company's line of business and purpose for existing. It motivates employees and inspires customers. The document then discusses objectives, business definition, and how strategic alternatives can be identified through business definition to gain synergistic advantages.

Uploaded by

Aashish mishra
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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[Date] Strategic Management

Assignment

Aashish Mishra
1820602
Strategic Intent:
In the field of management and organizational development, strategic intent is defined as a
compelling statement about where an organization is going that succinctly conveys a sense of what
that organization wants to achieve in the long term. Strategic intent answers the question: “What
exactly are we trying to accomplish?”

● Strategic intent can provide a sense of direction, a particular point of view about the
long-term market or competitive position the organization hopes to develop and
occupy.
● Strategic intent can provide a sense of discovery in that it holds out to the
organization’s members the promise of learning about other organizations that operate
in the same market, adopting their best practices and avoiding pitfalls.
● Strategic intent can provide a sense of destiny, a worthwhile goal around which
energies can be focused across the organization.

Vision:

A vision statement describes what a company desires to achieve in the long run, generally in a
time frame of five to ten years, or sometimes even longer. It depicts a vision of what the company
will look like in the future and sets a defined direction for planning and execution of corporate
level strategies.

Key Elements of a good vision statement:

● Forward-Looking
● Motivating and Inspirational
● Reflective of a company’s culture and core values
● Aimed at bringing benefits and improvements to the organization in the future
● Defines a company’s reason for existence and where it is heading.
Example of a Vision Statement:

Vision Statement of RBS Poly Additives and Stabilizers Pvt Ltd. “To be most trusted brand
nationally and globally.”

Mission:

A mission statement defines what line of business a company is in, and why it exists or what
purpose it serves. Every company should have a precise statement of purpose it serves. Every
company should have a precise statement of purpose that gets people excited about what the
company does and motivates them to become part of the organization. A mission statement should
also define the company’s corporate strategy.

A mission statement is important for:

● Motivating Employees
● Inspiring Customers
● Strategic Planning
● Setting Values
● Understanding why a business exists.

Example of Mission Statement:

Mission statement of RBS Poly Additives and Stabilizers Pvt Ltd. “To produce best product &
quality service network at every level with affordable cost”

Objectives:
In strategic management, there are strategic objectives and financial objectives. Additionally, all
objectives are either short-run or long-run types. When planning a firm's strategy it is important to
have objectives in mind and to understand the differences between the types of objectives.

Strategic Objectives: These objectives deal with the firm’s position in the model. Positioning the
firm relative to the external forces - bargaining power of customers, bargaining power of suppliers,
threat of new entrants, threat of substitutes, and competition within the industry - that can impact
a business. These objectives might include expanding market share, changing market position or
undercutting a competitor’s costs.

Financial Objectives: Managers use financial objectives to measure strategic performance. If the
firm’s strategic objective is to increase efficiency, the financial objective could be to increase
return on assets or return on capital. These are derived from management accounting , and are
more concrete.

Short-run Objectives: Financial and Strategic objectives can either be short-run or long-run
objectives. Short-run objectives deal with the immediate future. They typically focus on tangible
goals that management can realize in a short time. Increasing the monthly sales is a short term
objective.

Long-run Objectives: Long-run Objectives target the firm’s long term position. WHile short-run
objectives focus on a firm’s annual or monthly performance, long-run objectives concern
themselves with the firm’s development over several years. To Become the market leader or to
attain sustainable growth are long-run objectives.

Business:

It explains the business of an organization in terms of customer needs, customer groups and
alternative technologies. Oerik Abell suggests defining business along the three dimensions of
customer groups. Customer functions and alternative technologies. They are developed as follows:
(i) Customer groups are created according to the identity of the customers.

(ii) Customer functions are based on provision of goods/services to customers.

(iii) Alternative Technologies describe the manner in which a particular function can be
performed for a customer.

A clear business definition is helpful in identifying several strategic choices. The choices
regarding various customer groups, various customer functions and alternative technologies give
the strategists various strategic alternatives. The diversification, mergers and turnaround depend
upon the business definition. Customer oriented approach of business makes the organization
competitive. On the same lines, product/ service concepts could also give strategic alternatives
from a different angle. Business can be defined at the corporate or SBU levels. At the corporate
level, it will concern itself with the wider meaning of customer groups, customer functions and
alternative technologies. If strategic alternatives are linked through a business definition, it results
in a considerable amount of synergic advantage.

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