Strategy Formulation - General

8/6/2019 Strategy Formulation - General

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Introduction


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is the development of longrange plans of a company inorder to gain effective andefficient business procedure.


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Term DefinitionBalancedScorecard

Management practice that attempts to complement drivers of past performance (financialmeasures) with the drivers of future performance, such as customer satisfaction, development

of human and intellectual capital, and learning. Standard balanced scorecards do not includeenvironmental considerations.

Initiatives Specific projects or programs undertaken to achieve specific objectives in the near-term, suchas to reduce costs, increase efficiency, and improve sales performance.

Measures Standardized method of calculation. For example, liquid measures denote how liquids can bemeasured, whether in fluid ounces or liters.

Mission A concise statement on why the organization exists and what it is trying to accomplishObjective A target that an organization must achieve to make its strategy succeed.Perspective The four parts of the balanced scorecard namely Financial, Customer and Vendor, Internal

Process and Learning and Growth.

Strategy Art and science of planning and marshalling resources for their most efficient and effective use.Target Expected value of detailed measures used to implement and measure the completeness of an

initiativeValues In general, important and enduring beliefs or ideals shared by the members of a culture aboutwhat is good or desirable and what is not.

Vision Aspirational description of what an organization would like to achieve or accomplish in themid-term or long-term future


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Taking an organization-wide, proactive approach to achanging global world

Building an executive team that serves as a model ofcross-functional or horizontal teamwork

Having an intense executive development and

strategic orientation process Defining focused, quantifiable outcomes measures of

success Making intelligent budgeting decisions Clarifying your competitive advantage

Reducing conflict; empowering the organization Providing clear guidelines for day-to-day decision

making


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Creating a critical mass for change Singing from the same hymnal throughout the

organization

Clarifying and simplifying the barrage of

management techniques Empowering middle managers

Focusing everyone in the organization in thesame overall framework

Speeding up implementation of the corestrategies

Providing tangible tools for dealing with thestress of change


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Corporate Profile


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Vision

ValuesMission


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Size

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nization

Level of complexity


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Situation Analysis


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Strengths Opportunities

Weaknesses Threats


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Review of Profile


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Vision

ValuesMission


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Size

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Level of complexity


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Strategy Formulation


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Financial Perspective

(Money)

Customer and VendorPerspective

(Relationships)

Internal Process

Perspective

(Processes)

Learning & Growth

Perspective

(People & Resources)

Vision&

Strategy


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No. Financial Perspective1

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No. Customer and Vendor Perspective1

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No. Learning & Growth Perspective1

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FnancaPspev

St.Objectives Initiatives Start Finish Responsible Measure/TargetFinancialstrategicobjective 1

Initiative 1

Initiative 2

Financialstrategicobjective 2

Initiative 1Initiative 2

Initiative 3

Financialstrategic

objective 3

Initiative 1

Initiative 2

Initiative 3

Initiative 4


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is the term for an element that isnecessary for an organization or project

to achieve its mission.


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Questions?

Strategy Formulation - General

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