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Discussion 13

Discussion 13. Creating Vision and Strategic Direction. “Good business leaders create a vision, articulate the vision, passionately own the vision, and relentlessly drive it to completion.” Jack Welch. Strategic Leadership.

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Discussion 13

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  1. Discussion 13 Creating Vision and Strategic Direction

  2. “Good business leaders create a vision, articulate the vision, passionately own the vision, and relentlessly drive it to completion.” Jack Welch

  3. Strategic Leadership The ability to anticipate and envision the future, maintain flexibility, think strategically, and initiate changes that will create a competitive advantage for the organization in the future

  4. Ex. 13.1 The Domain of Strategic Leadership Vision Mission Strategy Architecture for alignment and implementation

  5. Vision An attractive, ideal future that is credible yet not readily available

  6. Ex. 13.2 Examples of Brief Vision Statements (selected) Motorola • Become the premier company in the world Ritz-Carlton (Amelia Island) Engineering Dept. • Where no hotel has gone before – free of all defects Johnson Controls Inc. • Continually exceed our customers’ increasing expectations New York City Transit • No graffiti Egon Zehnder • Be the worldwide leader in executive search

  7. Ex. 13.3The Nature of the Vision Vision Moving toward a desired future Staying the course Current reality

  8. What Vision Does • Links the present to the future • Energizes people and gains commitment • Gives meaning to work • Establishes a standard of excellence and integrity

  9. Common Themes of Vision • Vision has broad appeal • Vision deals with change • Vision encourages faith and hope • Vision reflects high ideals • Vision defines the destination and the journey

  10. Vision • Works at multiple levels • Must be inspirational at all levels • Encourages independent action • Self-reference

  11. Mission The organization’s core broad purpose and reason for existence

  12. Mission • Two critical parts: • Core values guide the organization • Core purpose is why the organization exists

  13. Leader’s Framework for Noble Purpose PurposeDescriptionBasis for Action Discovery Finding the new Pioneer Excellence Being the best Fulfillment Altruism Providing service Happiness Heroism Being effective Achievement

  14. Strategic Management Strategic Management • The set of decisions and actions used to formulate and implement specific strategies that will achieve a competitively superior fit between the organization and its environment so as to achieve organization goals Strategy • The general plan of action that describes resource allocation and other activities for dealing with the environment and helping the organization attain its goals

  15. Develop Strategies Focusing On • Core competence • Developing synergy • Creating value for customers

  16. Core Competence Something the organization does extremely well in comparison to competitors

  17. Synergy and Value Synergy: the interaction of organizational parts to produce a joint effect that is greater than the sum of the parts Value: the combination of benefits received and costs paid by the customer

  18. Strategy Formulation and Implementation Strategy Formulation • The integrating knowledge of the environment, vision, and mission with the core competence in such a way as to achieve synergy and create customer value Strategy Implementation • Putting strategy into action by adjusting various parts of the organization and directing resources to accomplish strategic goals

  19. Ex. 13.7 Making Strategic Decisions Ease of Implementation Hard Easy High Impact, Hard to Implement. Major changes, but with potential for high payoff High Impact, Easy to Implement. Simple changes that have high strategic impact – take action here first High Strategic Impact Low Impact, Hard to Implement. Difficult changes with little or no potential for payoff – avoid this category Low Impact, Easy to Implement. Incremental improvements, “small wins;” pursue for symbolic value of success Low

  20. Ex. 13.8 Linking Strategic Vision and Strategic Action High The Dreamer The Effective Leader Vision The Uninvolved The Doer Low High Low Action

  21. SWOT • Strengths • Weaknesses • Opportunities • Threats

  22. Porter’s 5 Competitive Sources • Potential new entrants • Bargaining power of buyers • Bargaining power of suppliers • The threat of substitutes • Rivalry among competitors

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