Strategic Intent

Strategic Intent: Strategic Management Topic

1. Strategic Intent Prabal Pratap Singh 16MBA 75

2. Strategic Management Strategic Management is defined as a dynamic process of formulation, implementation, evaluation and control of strategies to realize the organization's strategic intent.

3. Strategic Intent It refers to purpose for what organization strive for. Organization must define “what they want to do” and “why they want to do” .

4. Hierarchy Of Strategic Intent Vision Mission Business Definition Business Model Objective

5. Vision A vision statement is a picture of what you want to achieve. Vision as a realistic, credible, and attractive for an organization.

6. Benefits of vision Good visions are inspiring. Good vision foster long term thinking. Good vision foster risk-taking and experimentation. Vision empowers people and helps focus their efforts. Vision brings change and hope for the future. Good vision is easily understood by those who are responsible to convert it into reality. Good vision clarifies the direction.

7. Example BSNL Vision Statement “To become the largest telecom service provider in Asia.”

8. Mission Mission is a statement which defines the role that an organization plays in a society. “essential purpose of the organization, concerning particularly why it is in existence, the nature of the business it is in, and the customers it seeks to serve and satisfy.”

9. Characteristics of Mission Feasible Precise Clear Motivating Distinctive Indicates major components of strategy

10. Business Definition A clear business definition is helpful for strategic management in many ways. For instant, A business definition can indicate the choice of objectives, helps in exercising a choice among different strategic alternatives, facilitate functional policy implementation and suggest an appropriate organizational structure.

11. Business Models A representation of a firm underlying core logic and strategic choice for creating and capturing value within a value network. Business models have an intimate relationship with the strategy of an organization. Strategy result in choices, a business model can be used to help analyze and communicate these strategic choice.

12. Objective Objectives represent a managerial commitment to achieve specified results in a specified period of time. Objectives are end results of planned activity.

13. “Objectives state what is to be accomplished by when and should be quantified if possible.”

14. Goals And Objectives Goals denote what an organization hopes to accomplish in a future period of time. They represent the future state or outcome of effort put in now. Objectives are the ends that specifically how the goals shall be achieved. They are concrete and specific in contrast to goals that are generalized.

15. Features of Objectives SMART DUMB S-Specific D-Doable(within power) M-Measurable U-Understandable A-Attainable M-Manageable R-Relevant B-Beneficial T-Time bound

16. Characteristics of Objectives Objectives should be understandable. Objectives should be concrete and specific. Objectives should be related to a timeframe. Objectives should be measurable and controllable. Different objectives should be correlate with each other. Objectives should be challenging.

17. Issues in Objective Setting Specificity Multiplicity Periodicity(Time bound) Verifiability(check whether feasible or not) Reality Quality

18. Factors affecting Objectives Forces in the environment. Reality of enterprise resources and internal power relationship. The value systems of the top executives. Awareness by the management.