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MGMT 466 > mission vision values > Flashcards

mission vision values Flashcards

1
Q

strategic development process

A

1st conduct strategic analysis
2nd clarify mission, vision, values
3rd formulate the strategy

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2
Q

conduct strategic analysis

A
  1. environmental scan - PESTEL
  2. competitive scan - SWOT
  3. industry analysis - 5 forces
  4. resources & capabilities
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3
Q

clarify mission vision, values

A
  1. clear mission
  2. quantified vision
  3. core values
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4
Q

formulate the strategy

A
  1. key issues analysis

2. business level strategy

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5
Q

4 characteristics of vision statement

A
  1. aspirational & inspirational => move towards goal
  2. market oriented
  3. not limited to business
  4. CEO’s role - articulates => inspires & energizes company
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6
Q

3 vital components of vision statement

A
  1. stretch goals
  2. define niche
  3. time horizon
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7
Q

shift to values: old days => emerging views

A
  1. business: a-moral => value laden
  2. loyalty: shareholders => stakeholders
  3. bottom line: single (profitability) => triple (people,planet, profit)
  4. emphasis: ST 1/4 results => LT sustainability
  5. ethics: constraints => LT competitive advantage
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8
Q

growing trend: corporate ethics: 5 drivers

A
  1. improved risk management - preventing missteps
  2. improved org. functioning/building
  3. improved market positioning (vis-a-vis rivals)
  4. improved civic positioning - corporate citizenship/csr
  5. “a better way” - values worthwhile in/of themselves
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9
Q

improved risk mgmt - preventing missteps

A

decr. misconduct (corporate & individual)

decr. legal fees

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10
Q

improved org. functioning/building

A 
ID w/ customer; motive e'ee loyalty
values = essential to:
(1) encourage cooperation
(2) inspiring commitment
(3) nurturing creativity/innovation
(4) energize e'ees (positive self-image)
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11
Q

improved market positioning (vis-a-vis rivals)

A 
competitive adv. = corporate values-driven culture
concerned with expectations
values = critical to: 
(1) Shaping corporate ID & rep.
(2) building brands
(3) earning trust of stakeholders
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12
Q

improved civic positioning - corporate citizenship/csr

A

principle issue = standing in community

good stewards, resources

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13
Q

“a better way” - values worthwhile in/of themselves

A

3 key terms:

(1) responsibility
(2) humanity
(3) corporate citizenship
ex. google’s 10 things

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14
Q

fundamental purpose of entity

A

mission statement

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15
Q

strategy update

A
  1. incremental strategy

2. transformational strategy

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16
Q

transformational strategy

A
  1. negative trigger - failed strategy
  2. new leader - “broom effect”
  3. technological change
  4. macroeconomic

Ex. FBI

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17
Q

strategy ->

A

involves tradeoff -> unique position => sustainable advantage & enables profitability

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18
Q

conduct strategic analysis: objective

A

ID through analysis, the events, forces, and experiences that impact and modify plans

19
Q

clarify mission, vision, and values: objective

A

affirm high-level guidelines about organizational purpose and conduct

20
Q

formulate the strategy: objective

A

define where and how the organization will compete

21
Q

example of the vision statement not limited to business

A

government: “sent man to moon and bring him back”

22
Q

“to be a top quartile specialist within 5 years”

A

cigna property and casualty insurance co. vision statement

23
Q

“to have 1 million online customers by the end of the decade”

A

wells fargo IB vision statement

24
Q

goal: “top 10 public university by 2020”

A

A&M vision statement

25
Q

A&M’s 6 core values

A
  1. excellence - set the bar
  2. integrity - character is destiny
  3. leadership - follow me
  4. loyalty - acceptance forever
  5. respect - we are the aggies, the aggies we are
  6. selfless service - how can I be of service?
26
Q

improved risk management: individual misconduct costs around …

A

6% of revenues

27
Q

improved risk management: reduced legal fees examples

A

JPM

28
Q

improved organizational functioning: ID with customer motives and motivate employee loyalty example

A

sealed air corp (USA)

29
Q

improved market positioning: concerned with expectations of customers…

A

when they purchase products or services

30
Q

improved civic positioning: principle issue: standing in community (vs…

A

standing in markets)

31
Q

“a better way” (values worthwhile in and of themselves) …

A

right thing to do => not driven by business reason

32
Q

Googles founders

A

Larry Page

Sergei Brin

33
Q

Google - corporate 10 things

A
  1. focus on the user and all else will follow
  2. it’s best to do one thing really really well
  3. fast is better than slow
  4. democracy on the web works
  5. you don’t need to be at your desk to need an answer
  6. you can make money without doing evil (stopped doing busn. with china)
  7. there’s always more info out there
  8. the need for info crosses all borders
  9. you can be serious without a suit
  10. great just isn’t good enough
34
Q

“organize the world’s info and make it universally accessible and useful”

A

google’s mission statement

35
Q

“to inspire and nurture the human spirit - one person, one cup and one neighborhood at a time”

A

starbuck’s mission statement

36
Q

“our mission is to create knowledge and develop future ethical business leaders for a global society”

A

may’s mission statement

37
Q

transformational strategy: negative trigger (failed strategy) example

A

9/11 for FBI => overhauled strategy

38
Q

transformational strategy: new leader example

A

broom effect -> sweep out. JC Penny and Mr. johnson’s more honest system => customers unhappy

39
Q

transformational strategy: technological change example

A

internet

40
Q

transformational strategy: macroeconomic example

A

rising oil prices => affected airlines

41
Q

Strategic change agenda - FBI (past => future)

A
  • domestic => global
  • law enforcement => law enforcement and national security
  • case-driven => threat-driven
  • restrict; and share what you must => share; and restrict what you must
  • operational silos => integrated team approach
  • antiquated and disparate IT systems => mission-enhancing integrated IT systems + productivity tools
  • budget drives strategy => strategy drives budget
42
Q

unilever

A

company of brands => portfolio does not ID with parent (ben & jerry’s, dove, axe)

dove:
- being proud of body
- everyone is beautiful
- self-esteem fund

43
Q

unilever changed mission statement

A

add vitality to life. meet everyday needs for nutrition, hygiene and personal care with brands that help people feel good, look good, and get more out of life.

44
Q

strategy: unique position is not the same as…

A

operational activity/effectiveness (where look at entire process and activity to break up and analyze to increase efficiency and increase bottom line)(6 sigma)
- bottom line= productivity and profit

MGMT 466 (12 decks)

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