Chapter 2 Notes

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Published on 30 Dec 2011
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Chapter 2 Vision and Mission Notes
Strategic Leadership
leadership is the task of exerting influence on other people’s pursuit of goals in an organizational context
strategic leadership is the task of managing an overall enterprise and influencing key organizational outcomes, such as company-
wide performance, competitive superiority, innovation, strategic change, and survival
The Roles Leaders Fill
The Skill Set of the Effective Strategic Leader: The Level 5 Hierarchy
What Makes an Effective Executive Team?
effective teamwork requires four criteria:
1) the team responds to a complex and changing environment
2) the team can manage the needs of interdependent but often diverse units, arenas, or functional areas
3) the team has a valuable and effective social network
4) the team is able to develop a coherent plan for executive succession
the team is composed of people who have diverse backgrounds in terms of demographics and experience but who can nevertheless
work well together as a network and take advantage of the resources and knowledge they have access to by virtue of each team
member’s personal and professional networks
succession planning is the process of managing a well-planned and well-executed transition from one CEO to the next with positive
outcomes for all key stakeholders
The Imprint of Strategic Leadership: Vision and Mission
Defining Vision and Mission
vision is a simple statement of where a firm is going, and what the firm’s leaders want it to be in the future
a statement of vision is forward-looking and identifies the firm’s desired long-term status
a mission is a declaration of what a firm stands for in relation to key organizational stakeholders like employees, customers,
investors, government, and the environment—the fundamental values and purpose that its leaders believe are shared and prized
among those stakeholders
vision and mission influence strategy formulation and implementation
Strategic Purpose and Strategic Coherence
Strategic Purpose
vision and mission statements are actually statements of organizational identity and purpose that can guide executives in making
corporate decisions
vision and mission statements provide all employees with strategic purpose: a simplified , widely shared model of the organization
and its future, including anticipated changes in its environment
challenge posed by a strategic purpose is to close gap between the firm’s aspirations and its current capabilities and market positions
an effective strategic purpose must be tied to a coherent set of activities, near-term goals, and objectives anchored in measurable
strategic outcomes—that is, strategic coherence
Strategic Coherence
strategic coherence is the symmetrical co-alignment of the five elements of the firm’s strategies, the congruence of policies in such
functional areas as finance, production, and marketing with these elements, and the overarching fit of various businesses under the
corporate umbrella
Stakeholders, Stakeholder Analysis, and Stakeholder Planning
stakeholders are individuals or groups who have an interest in an organization’s ability to deliver intended results and maintain the
viability of its products and services
Stakeholders and Strategy
the benefits of using a stakeholder-based approach are that:
the opinions of the most powerful stakeholders can be used to shape the strategy and tactics at an early stage, which makes it
more likely that they will support it and their input can also improve the quality of the strategy
gaining support from powerful stakeholders can help to win more resources—this makes it more likely that projects will be
successful
by communicating with stakeholders early and frequently, it can be ensured that they fully understand what is happening and
understand the benefits of the project—this means that they can support actively when necessary
people’s reactions to the project can be anticipated, and will build into the plan of actions that will win people’s support
Stakeholder Analysis
steps in identifying stakeholders
1) determining influence on strategy formulation
2) determining the effects of strategic decisions on the stakeholder
3) determining shareholders’ power and influence over decisions
Stakeholder Planning
steps in stakeholder planning
1) fill in names of key stakeholders
2) plan the approach to stakeholder management
3) evaluate what the company wants from each stakeholder
4) identify the messages that need to be conveyed
5) identify actions and communications
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Document Summary

The skill set of the effective strategic leader: the level 5 hierarchy. The imprint of strategic leadership: vision and mission. Stakeholders, stakeholder analysis, and stakeholder planning stakeholders are individuals or groups who have an interest in an organization"s ability to deliver intended results and maintain the viability of its products and services. 3) determining influence on strategy formulation determining the effects of strategic decisions on the stakeholder determining shareholders" power and influence over decisions. 5) fill in names of key stakeholders plan the approach to stakeholder management evaluate what the company wants from each stakeholder identify the messages that need to be conveyed identify actions and communications. Summary of challenges: explain how strategic leadership is essential to strategy formulation and implementation. Strategic leadership is concerned with the management of an overall enterprise and the ways in which top executives influence key organizational outcomes, such as performance, competitive superiority, innovation, strategic change, and survival.

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