Developing a Strategic Vision: Phase 1 of the Strategy Executing, Strategy Making Process
1. Very early in the strategy making process, a company's higher-ranking managers must fight with the matter of what directional path the company should take & what alterations in the company's product-market-customer-technology focus would recuperate its current market position & future prospects.
2. A number of direction-shaping issues want to be considered in deciding where to head & why such a direction formulates superior business. Issues to regard as in Deciding to Commit the Company to One Directional Path v/s another discovers some of these external & internal considerations.
3. Top management's outlooks & conclusions about the company's direction & the product-consumer-market-technology focus represent a strategic vision.
4. A strategic vision defines management's ambitions for the business; provide a panoramic viewpoint of "where are we going" & a convincing foundation for why this makes high-quality business logic for the company.
5. A strategic vision points an organization in a trying way, charts a strategic path for it to pursue in preparing for the future & molds organizational identity.
6. A clearly defined strategic idea talks with management's aspirations to stakeholders & helps direct the energies of company personnel in a common direction.
CORE CONCEPT: - A strategic vision is a roadmap demonstrating the route of a company aims to take in developing & intensification its business. It paints an image of an organization purpose & provides a rationale for going there.
7. The Well-conceived visions are distinctive & definite to a particular organization; they avoid generic, feel-good statements.
8. For a strategic idea to function as a helpful managerial tool, it must give understanding of what management wants its business to look like & provide managers with a reference point in making strategic decisions & preparing the company for the future.