BUS 800 Chapter Notes - Chapter 2: Relate, Balanced Scorecard, Brand Management

• School: Ryerson University
• Department: Business
• Course: BUS 800
• Professor: Knud Jensen

Document Summary

Process entail: developing a strategic vision, mission statement, and core values, setting objectives, crafting a strategy, executing the chosen strategy, monitoring developments, evaluating performance, and initiating corrective adjustments. A company"s strategic plan lays out its future direction, performance targets, and strategy. A strategic vision describes management"s aspirations for the future and delineates the company"s strategic course and long-term direction: they are specific and distinctive and avoid general blanket statements. For a vision to function as a valuable tool, it must convey what management wants the business to look like and provide managers with a reference point in making strategic decisions. An effectively communicated vision is a valuable tool for enlisting the commitment of company personnel to engage in actions that move the company forward in the intended direction: where we are going and why . A good vision statement should only take from 1-2 paragraphs and should take 5-10 mins to explain.