CANS 406 Lecture Notes - Lecture 4: Fast Food Restaurant, Swot Analysis, Vision Statement
22 May 2018
School
Department
Course
Professor
Strategic management and strategic competitiveness
Jan 16t 2018
External environment and internal strength and weaknesses
⢠Then SWOT analysis
Vision statement
⢠Why do we exist as an organization and what we want to do ?
⢠Definition (textbook)
o A successful vision
⢠Is an enduring word picture of what the firm wants to be and expects to achieve in the
future
⢠Stretches and challenges its people
⢠Reflects the firm's values and aspirations
⢠Is most effective when its development includes all stakeholders
⢠Recognizes firm's internal and external competitive environments
⢠Is supported by upper management decisions and actions
⢠Ex:
o "Our vision is to be the world's best quick service restaurant"
⢠McDonald's
o "to make the automobile accessible to every American"
⢠Ford
⢠An effective mission:
o Specifies the present business or businesses in which the firm intends to compete and
customers it intends to serve
o Has a more concrete, near-term focus on current product markets and customers than the
firm's vision
o Should be inspiring and relevant to all stakeholders
⢠Important note: definitions sometimes flipped, depending on organization
o Some org: long-term "vision" is labeled "mission"
⢠Shorter-term set of goals: "vision"
o What is important is having:
⢠A long-term "raison d'être" that doesn't change
⢠More concrete shorter-term goal that still provides flexibility to achieve it
⢠Lego mission: "inspire and develop the builders of tomorrow"
o could apply to any toy company
o But makes employees feel like they're creating more than toys
⢠Koch Industries: in 1968, primarily oil firm
o Care about profit, people and social values (three circles interlaced)
⢠Company is in the intersection in the middle
Long-term targets
⢠Long-term targets (ex: 3-5 years) should be structured in a way that they provide
o Motivation
o Alignment
o Focus/direction
o But also flexibility
o Yardstick for performance
find more resources at oneclass.com
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o Opportunities to reward/celebrate
Integrated management approach
⢠Integrated management approach: essential to create true lasting value in org
o Some factors to keep in mind
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Next 4 slides: helpful for job interview, group stuff, 2-slides presentation
find more resources at oneclass.com
find more resources at oneclass.com
