FORMULATING STRATEGY: VISIONS, MISSIONS, OBJECTIVES AND ENVIRONMENTAL ASSESSMENTS

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• FORMULATING STRATEGY VISIONS, MISSIONS,
  OBJECTIVES AND ENVIRONMENTAL ASSESSMENTS

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STRATEGY FORMULATION

• Missions, visions, and objectives
• Communication tools to
• 1. Tie organizations together
• 2. Provide focus
• The basis for strategy implementation and control

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THE NEED FOR OBJECTIVES

• Organizations dont have objectives, at least
  initially
• Individuals do . . .
• Small groups might . . .
• But the organization as a whole?
• Forget it . . .

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DIFFERENT CONSTITUENTS
Top Management ?
Stockholders ?
Union ?
Others ?
Objectives ?
Grunts on the Floor ?
Middle Management ?
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DIFFERENT CONSTITUENTS HAVE DIFFERENT NEEDS

• Ideally, these players would work well together.
  In reality, they rarely do . . .
• Chevy vs. Saturn Ads
• Design vs. Production vs. Maintenance vs.
  Accounting
• Balance takes work!

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THE MISSION STATEMENT

• It becomes managements job to hear these
  constituencies out, and then to fuse them into a
  group all pulling in the same direction . . .
  generally, at least.
• Thus, the MISSION STATEMENT
• The mission statement then serves as the basis
  for organizational objectives

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CHARACTERISTICS OF GOOD OBJECTIVES

• Good objectives are
• Specific
• Verifiable
• Accountable
• Powerful, if rewarded
• Firemans Fund
• Hays Abernathy
• Tony Poe, and the whole Vietnam experience

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AN EXERCISE

• Now, an exercise write a mission statement for
  Wright State University
• Work in teams
• Keep it to 200 words
• Read it to the class