Module: Business Strategy
Unit: Strategy Planning
Lesson: Strategic Concepts and Terminology
Strategic Concepts and Terminology
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Strategic Contexts and Terminology
What does strategy mean to you?
Bruce and Langdon (2000) relate strategy to military campaigns, describing an original definition of strategy as:
"The art of planning and directing military movements and the operations of war."
In terms of a business, they define strategy as:
"A strategy maps out the future, setting out w hich products and services you w ill take to which markets - and how."
The overall strategy of a business is what gives a business direction and a way forward. This in turn relates to the ability of a firm to identify how
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- The objectives.
2. How can we ensure the business gets there? - The strategy or strategies.
Strategy is used to direct a company.
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Strategic Concepts and Terminology
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Visions, missions and mission statements
In practice, business strategy comprises a hierarchy of objectives outlined as:
1. The company's vision.
2. The company's mission or mission statement.
3. Corporate objectives for areas such as profit, growth and areas of scope.
4. Individual market objectives.
It is the organisation's vision and mission that will link the values and objectives of a business for all those individuals and groups w ho have an interest in or w ho are affected by the business - its stakeholders.
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Strategic Concepts and Terminology
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The organisation's vision
Vision is different from a company's mission or mission statement, in that it is an attempt to establish an ideal future - rather than to provide a challenging but strict guide for management decision-making.
The primary role of the company's vision or of visioning is to establish a dream to which all employees and other stakeholders will subscribe, and to the attainment of which they w ill enthusiastically direct their efforts.
Creating a vision calls for creativity, and Lambert (1996) suggests that to create a vision, answ ers to a series of questions should be sought:
1. What w ill the organisation be like in 5 - 15 years time?
2.
Each organization has or should have a distinct business strategy to ensure they reach their desired goals and objectives. Uniquely, the business strategy, or competitive strategy, should include their target consumers, the product or service desired by their consumers, and their roadmap to remain competitive in the market (Parnell, 2014). However, strategies may be difficult to determine when the organization is engrossed in one industry, but decides to dip their toe in another industry (Bethel, 2016).
The Institute for Healthcare Improvement’s (IHI) Triple Aim (TA) framework is focus is to improve health care delivery, quality, and expense reduction (2010). Framework such as the TA, when used to analyze and determine the current and or potential impact of a legislative intervention in health care (ACA) demonstrates purposeful use of a quality measure (QM) . The purpose of this paper is to utilize the TA to qualify and or quantify the impact one of the ACA’s preventive services coverage mandates, screening of adults for depression in primary care (ADSPC).
An organizations existence is based on its mission statement. The mission statement of an organization identifies the people who it serves and states the standards of practice, ethics, and principles for which it believes in. An organization’s vision statement looks into the future and states goals the organization wishes to accomplish (Marquis & Huston, 2012). The mission and vision statement are important for driving the climate and culture of the organization.
Demonstrates the ability to influence to gain the necessary commitment and support from diverse stakeholders in pursuit of organization value.
According to Langeler, the company suffered many losses because they have failed with their vision (1992). They escalate their success generating their vision of “Beat Daisy” because it told the client that whatever Daisy was doing, they were doing it better and employees the urgency to succeed (Langeler, 1992). The failure with “Six Boxes” it was simply, but it was not powerful as it did not offer a solid ground for the organization. The company began to realize the power of their vision was not to be the to look like billion dollars company but to offers customers unlimited solutions making them
Stakeholders are people or groups with interest in an organization that can affect or be affected by the organization itself, its objectives, or its policies (BusinessDictionary, 2015). Each stakeholder brings their own perspective to the table based on their relationship with the organization (e.g. internal or external role), their level of experience, and their area of expertise about the subject matter they are involved with. At a high level, the list of stakeholders for any organization could include people or groups such as: customers, employees, government agencies, suppliers, unions, community resources, shareholders, and business owners. For the purpose of this assignment, I will discuss and review stakeholders relative to the
Macbeth inner conflict (the id and super-ego) In these papers I’m going to analyze the inner conflict for Macbeth through the Sigmund Freud psychoanalytical theory; the ID and the Super-ego. According to Freud, the Id “know no judgments of value; no good and evil no morality. the id includes all the instinctual impulses as well as the destructive Instinet. the id is dark and inaccessible part.
Stakeholders have a significant influence on the aims of an organisation. They are the people who are affected by or interested in the business. In some organisations the shareholders are stakeholders, and at times have some of the decision power. In trade organisations, customers are also considered stakeholders; therefore their needs are part of the organisation’s overall objectives.
‘Strategy is the direction and scope of an organisation over the long term, which achieves advantage in a changing environment through it’
A strategy is said to be a plan that is made for the long term success of a product or brand. It is extremely important to have a strategy in order to figure out a direction towards which any company is able to focus all its resources efficiently and achieve desired outcomes. Formulating effective strategies is a considerably long process in itself that combines analysing several factors, situations and issues that are already present in a company and looking to improve on them alongside trying to implement various innovations and ideas to collectively create a direction towards which they can move and direct the resources available to them.
“Stakeholders (or interest groups) are tangible, visible and approachable groups or institutions which have a direct influence on the functioning of an organisation.”
|businesses |Describe the extent to which an organisation meets the objectives of different stakeholders |
Vision is defined as the image that the organization aspire to became in the future. In order to develop a vision, it is important to ask how will the corporation look like “x” years from now if they accomplish their objectives? Thus, this vision will essentially set directions for the organization. There are some useful principles that makes a great vision such as, it should
The mission is to lead people. And the target is to make fruitful of the particular strengths and knowledge of every individual, while is linked with taking an organization into the future, finding opportunities that are coming at it faster and faster and
A well written vision statement will give aspirations about how we feel and think about the future of the company. The message conveys a powerful statement that is frequently used in communicating the organizations vision and dream. It builds a frame of mind and helps to envision in the minds of others. The statement defines a conclusion of the company’s best achievements to inspire and challenge their people.