Strategic direction Chapter 4
What is strategy? Strategy – a set of decisions and actions intended to move an organization toward the achievement of its goals and its fundamental purpose. External and Internal Environmental Analysis Strategic Direction Strategy Formulation Strategy Implementation and Control Strategic Restructuring
What is strategic direction? Mission and Vision Values Business Definition What is strategic direction?
Mission and vision Mission Vision What are we doing now? Synonymous with business model How the company intends to satisfy its stakeholders, primarily its owners. What it delivers to customers – its customer value proposition Vision What do want to be in the future? What will our mission look like in the future?
…to be what we want to be in the future? Mission What are we now? Strategy What are we going to do… Vision …to be what we want to be in the future?
Business definition and values Who is being satisfied? What is being satisfied? How are customers’ needs satisfied? What are our products and services? Values What matters when making decisions? Who are the relevant stakeholders? What decisions are rewarded and reinforced? What are our company’s ethical standards?
Business Definition Values Mission and Vision
The College of Business: BUSINESS DEFINITION ? MISSION The College of Business: Provides an educational foundation that enables its students to become successful, ethical organization and community leaders; Engages in research that makes meaningful contributions to the understanding and practice of business and to business education; and Serves the region, state, community, university and business disciplines through outreach activities. VISION The College of Business will be a recognized leader in technology-focused business education and the destination of choice for those seeking rich and diverse learning experiences that inspire innovation, leadership, and value creation. VALUES The College of Business reserves its highest level of dedication to its academic programs, exemplified by a focus on excellence in instruction and supported by commitments to scholarly activity, intellectual contribution, and professional and community service by the faculty and to student-centered developmental and co-curricular programs by the professional staff. The College of Business is distinguished by: A high-touch, personal learning environment fostered by a caring faculty and dedicated professional staff A commitment to experiential learning that produces practical knowledge and professional development in students An entrepreneurial spirit that fosters innovation in both students and faculty and that is evidenced in the academic program and student mindset as well as in scholarly endeavors and service activities A strong collegial environment characterized by robust collaboration and high levels of engagement among faculty, staff, and students A technology-driven, interdisciplinary approach to teaching and learning that produces team-oriented, competitive, ready-to-work graduates An organizational culture that encourages ethical and responsible behavior in all stakeholders while embracing the diversity of individuals and ideas