...Different strategic & audit tools help the managers to make appropriate strategic decisions for their respective businesses. Here, in this assignment, different strategic & audit tools along with various analysis methods have been covered. Theoretical framework of aspects of business strategy has been developed with appropriate examples in order to achieve all the assessment criteria. Task 1: Understanding the Process of Strategic Planning 1.1. Explaining Strategic Contexts & Terminology Organizations come to businesses with certain targets. They want to see themselves in certain expected positions in a certain period in future. They have certain goals & reasons behind their existence in the market & they identify definite means to accomplish them. These things can be expressed using different terminology - Mission: Companies have definite mission statements. The mission statement clarifies the purpose of the company for which it has entered into the market. In a nutshell, mission justifies the firm’s existence. (OREGAN, N and Ghobadian, A, 2002) According to Christopher Bart, there should be three components incorporated in the formal mission statement: * Target market of the company * What the company contributes to its target market & * What makes it distinct from its competitors (BART, Christopheer, 1997) However, often the mission statements do not contain all these three components. For instance, the mission...
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...“Strategic Management is defined as the set of decisions and actions that result in the formulation and implementation of plans designed to achieve a company’s objectives” (Pearce II & Robinson, 2013, p. 3). The process of Strategic Management consists of nine (9) steps. The first three (3) steps are crucial for an organization’s success: formulating company mission, conducting analysis on internal capabilities and assessment of the external environment factors influencing the company operations. This paper will begin the strategic planning process for ABC Financial Corporation. The paper will outline the ABC Financial Corporation's research approach that will be used for the strategic plan to validate vision statement as well as the sources that will be utilized in performing an external and internal environmental analysis. The organization’s vision statement “presents a firm’s strategic intent designed to focus the energies and resources of the company on achieving a desirable future” (Pearce II & Robinson, 2013, p. 34). The value of the mission statement “is its specification of the firm’s ultimate aims” (Pearce II & Robinson, 2013, p. 42). ABC Financial Corporation’s vision statement is “to be recognized for the unparalleled customer experience” (ABC Vision, 2013, para. 1). ABC’s mission statement reads “With our position of trust and our tradition of integrity, our shared mission is to know our customers and anticipate their needs; advocate and advise; innovate and surprise”...
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...Developing a Mission, Vision and a Value Statements. Developing a Mission Statement 1. Basically, the mission statement describes the overall purpose of the organization. 2. If the organization elects to develop a vision statement before developing the mission statement, ask “Why does the image, the vision exist -- what is its purpose?” This purpose is often the same as the mission. 3. Developing a mission statement can be quick culture-specific, i.e., participants may use methods ranging from highly analytical and rational to highly creative and divergent, e.g., focused discussions, divergent experiences around daydreams, sharing stories, etc. Therefore, visit with the participants how they might like to arrive at description of their organizational mission. 4. When wording the mission statement, consider the organization's products, services, markets, values, and concern for public image, and maybe priorities of activities for survival. 5. Consider any changes that may be needed in wording of the mission statement because of any new suggested strategies during a recent strategic planning process. 6. Ensure that wording of the mission is to the extent that management and employees can infer some order of priorities in how products and services are delivered. 7. When refining the mission, a useful exercise is to add or delete a word from the mission to realize the change in scope of the mission statement and assess how concise is its wording. 8. Does the mission statement...
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...BUSINESS MODEL and STRATEGIC PLAN PART I BUS/475 January 12, 2015 BUSINESS MODEL and STRATEGIC PLAN PART I When conceptualizing a new product line of compact track loaders for Terex Corporation it is necessary to develop a strategic plan to meet the needs of the consumer and a innovative mission statement, vision, inline with Terex Corporation’s values. This will assist Terex Corporation to achieve success in its new venture. The division to manage this new product line will be customer-focused, adhering to an innovative mission statement reaching to attain the company’s vision. It will address the customer needs; therefore, achieving a competitive advantage. Terex Corporation Terex Corporation is a lifting and material handling solutions company diversified in five categories: Aerial Work Platforms, Construction, Cranes, Material Handling & Port Solutions and Materials Processing. The company manufactures a wide range of equipment serving customers in various industries, including construction, infrastructure, manufacturing, shipping, transportation, refining, energy, utility, quarrying, and mining industries. The new product line of compact track loaders is being integrated into Terex from its most recent merger with Manitex. Terex Corporation mission statement is “To provide solutions to our Machinery and Industrial Product customers that yield superior productivity and return on investment.” Its vision is: • Customer-to be the most customer...
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...An organization’s mission statement is its reason for existence. It often reflects the core values and beliefs of the upper management in an organization. A mission statement is the broad definition of the organizational mission. It is sometimes referred to as a creed, purpose, or statement of corporate philosophy and values. A good mission statement inspires employees and provides a focus and direction for setting lower level objectives. It guides employees in making decisions and establishes what the organization does. Mission statements are crucial for organizations to prosper and grow. Its primary purpose is to guide the entrepreneur and assist in refining the planning process. By developing a strategic plan that incorporates the mission statement, entrepreneurs are more likely to be successful and stay focused on what is important. Vision is the foundation for the mission statement. The vision provides a strategic direction, which is the springboard for the mission and its related goals. A vision statement differs from a mission statement. Vision statements are a view of what an organization is striving to become. They guide an organization into the future while mission statements are a reflection of the present. Organizations go through many changes and can face times of confusion and uncertainty. Changes are not always expected or easy, so a well thought out vision statement will help everyone stay focused and meet the organization's goals. In this fast changing technological...
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...SUMMARY Tate and Lyle is a manufacturing firm that has it history dated back to the year 1921. The company was established as a result of a major merger between two sugar refining companies; Henry Tate & sons and Abram Lyle and sons. The company, after the merger expanded its coast to the production of specialty food ingredients such as sweeteners, texturants, wellness ingredients among others and bulk ingredients such as corn syrup, acidulants and flours. Tate and Lyle is based in Silver-town, London from where it runs supplies to a huge market network which comprises of food and beverages, pharmaceutical, animal feeds and personal care industries around the globe. Vision and Mission remains the backbone of every successful business organization and the managers of Tate and Lyle left nothing untouched in this regard. It has simple, direct and concise goals and mission which are clearly outlined in their mission statements. This case study pays particular attention to a broad analysis of the company’s mission statements, its alignment to the company’s strategies and an expanded analysis of various factors that can affect the company’s success. The company’s Key Performance Indicators (KPI) which is a measure of how well an organization is in-line with its goal and objectives as regards its strategic model are also well analyzed. The progress of a business organization is not only a factor of time, but also a host of other factors which...
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...VISION Vision Statements also define the organizations purpose, but this time they do so in terms of the organization's values rather than bottom line measures (values are guiding beliefs about how things should be done.) The vision statement communicates both the purpose and values of the organization. For employees, it gives direction about how they are expected to behave and inspires them to give their best. Shared with customers, it shapes customers' understanding of why they should work with the organization. http://www.mindtools.com Vision The Special Libraries Association is the global organization for innovative information professionals and their strategic partners. VISION: The end result of what you want to have done. It’s a future oriented, detailed description of outcomes you want to accomplish. Ideally what you want to exist, or have happen as a result of your efforts. MISSION * To assess and collect lawful revenues efficiently * To effectively curb illicit trade and all forms of customs fraud * To facilitate trade in a secured manner * To implement relevant technology for an efficient and effective customs management aligned with the international customs best practices * To promote professionalism and integrity in the service By: bureau of customs Mission : A short sentence or paragraph used by a company to explain, in simple and concise terms, its purposes for being. These statements serve a dual purpose by helping employees to remain...
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...AN ANALYSIS OF IMPERIAL OIL 9 Strategic DirectionImperial Oil does not take a conventional stance on professing its vision, mission, and values. It does not explicitly state any of these guides, but instead offers a combination of the three under such headers as “Our approach,” “Outlook for energy to 2030,” “Safety,” “Innovation,” “Greenhouse gas emissions,” “Water management,” “Air quality,” “Land management,” “Economic development,” “Aboriginal development,” and “Our people”.As the vision, mission, and value statements are not offered in a conventional format, they have been condensed and interpreted primarily from the “What guides us” and “How we do business” portions of Imperial Oil's website, as well as “Our approach” in the file “This Is Imperial Oil”. The statements presented here are created in the interest of having declared goals in these categories, which the company has not listed under the titles “vision,” “mission,” or “value”; they are derivative of information presented on the website, and are not stated explicitly by Imperial Oil. Vision:“Nobody gets hurt — we aim for 100% safety on the job and continually work towards improving that goal while exploring for, producing, refining and marketing products essential to society.” Mission: “We focus on these priorities: creating value for customers and shareholders, upholding business ethics, fostering responsible development, maintaining operational excellence, cultivating a strong workforce, and contributing...
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...H. Wayne Huizenga School of Business and Entrepreneurship Masters Programs ISM 5014 – Enterprise Information Systems IT Strategic Plan Part One: Background General Instructions: The background is the first part of the IT Strategic Plan document. It is an introduction for people who are strangers to the information systems organization. These outside readers need to be given the contextual information they need to fully comprehend the IT Strategic Plan. Basic Points: • Length of Part One: Write no less than two and no more than five double-spaced pages. Content should be clear and concise. • Narrative Form: Describe the background of the organization in narrative forms, which is more engaging for outside readers. • Fictional or Real The organization may be based on a real one or may be completely fictional. If you have ever considered a start-up, this is a great opportunity to put your ideas to paper! • Factual: The background description should include factual information about key aspects of the organization’s global environment, organizational structure, and IT values (see below for complete description and expectations). Content Will Include: Global Environment: In addition to the following items, include anything about the external environment that comes up in the strategic planning process. Such items can include, but are not limited to, competition or possible competition in the market, the need...
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...An organizational mission is an organization's reason for existence. It often reflects the values and beliefs of top managers in an organization. A mission statement is the broad definition of the organizational mission. It is sometimes referred to as a creed, purpose, or statement of corporate philosophy and values. A good mission statement inspires employees and provides a focus and direction for setting lower level objectives. It should guide employees in making decisions and establish what the organization does. Mission statements are crucial for organizations to prosper and grow. While studies suggest that they have a positive impact on profitability and can increase shareholder equity, they also support that almost 40 percent of employees do not know or understand their company's mission. Not only large corporations benefit from creating mission statements but small businesses as well. Entrepreneurial businesses are driven by vision and high aspirations. Developing a mission statement will help the small business realize their vision. Its primary purpose is to guide the entrepreneur and assist in refining the planning process. By developing a strategic plan that incorporates the mission statement, entrepreneurs are more likely to be successful and stay focused on what is important. The mission statement encourages managers and small business owners alike to consider the nature and scope of the business. Business Week attributes 30 percent higher return on several key financial...
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...Model and Strategic Plan Part I: Conceptualizing a New Product or Service Division of an Existing Business Karon Kanadjian Bus/475 June 24, 2014 Kathleen Kemmer Business Model and Strategic Plan Part I: Conceptualizing a New Product or Service Division of an Existing Business This paper will explain the strategic plan for Newmont Mining Corporation’s newest venture, while defining the vision, mission, and goals of this Corporation and how it will interlink. It will state the company’s values and will offer strategic direction while considering the culture, social responsibility, and ethics. It will show how the mission statement along with the vision and values will help the company to achieve success in its new venture of promoting gold in a new format, and how it will guide the strategic direction of the company. It will address the needs of the public and global economies and how the company will offer a competitive advantage over all other companies in this industry. Company History Newmont Mining Corporation is an exploration, refining, and marketing company of gold and copper. They operate in the US, Australia, Peru, Indonesia, Ghana, New Zealand, and Mexico. As of December 31, 2013 , Newmont employed 15,085 people with its headquarters in Denver, Colorado. For the year ended in December 2013, they recorded revenues of $8,322 million. They are considered to be one of the largest producers of gold in the world (“Newmont”, 2014). Vision They consider...
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...contrasts. To start with the last first: some writers (such as Pedler et. al.) appear to approach learning organizations as something that are initiated and developed by senior management – they involve a top-down, managerial imposed, vision (Hughes and Tight 1998: 183). This can be contrasted with more ‘bottom-up’ or democratic approaches such as that hinted at by Watkins and Marsick (1992; 1993). According to Sandra Kerka (1995) most conceptualizations of the learning organizations seem to work on the assumption that ‘learning is valuable, continuous, and most effective when shared and that every experience is an opportunity to learn’ (Kerka 1995). The following characteristics appear in some form in the more popular conceptions. Learning organizations: Provide continuous learning opportunities. Use learning to reach their goals. Link individual performance with organizational performance. Foster inquiry and dialogue, making it safe for people to share openly and take risks. Embrace creative tension as a source of energy and renewal. Are continuously aware of and interact with their environment. (Kerka 1995) As Kerka (1995) goes onto comment, the five disciplines that Peter Senge goes on to identify (personal mastery, mental models, shared vision, team learning and systems thinking) are the keys to achieving this sort of organization. Here, rather than focus too strongly on the five disciplines (these can be followed up in our review of Senge and the learning organization)...
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...STRATEGIC PLANNING: A TEN-STEP GUIDE* I. IMPORTANCE OF PLANNING There is broad agreement among nonprofit leaders and experts that planning is a critical component of good management and governance. Planning helps assure that an organization remains relevant and responsive to the needs of its community, and contributes to organizational stability and growth. It provides a basis for monitoring progress, and for assessing results and impact. It facilitates new program development. It enables an organization to look into the future in an orderly and systematic way. From a governance perspective, it enables the Board to set policies and goals to guide the organization, and provides a clear focus to the Executive Director and staff for program implementation and agency management. Most organizations understand the need for annual program objectives and a program-focused work plan. Funders require them, and they provide a basis for setting priorities, organizing work, and assessing progress. A growing number of Hispanic communitybased organizations go beyond funder requirements to develop annual objectives and operating plans which also include a systematic plan for resource development, organizational development, and in some cases Board development. Most groups find it practical to define objectives for a 12-month period, and to design strategies and programs to meet them. Longer-range planning – planning beyond the next year or two – often seems more difficult and less rewarding...
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...A Vision for Instructional Supervision: Mission Impossible? by Elizabeth M. Gensante The standard model for supervising instruction in most school districts is a deficiency model, whereby supervisors take on the role of "snoopervisor," visiting classrooms to judge what they observe. As a beginning teacher, I grew accustomed to token visits from my principal whose standard advice was that if I kept an orderly room and maintained student behavior, all would go well for me. Never was there any dialogue about the substance of my lessons. Since he rarely visited my classroom, I assumed I was doing all right. Toward the end of my 15 years as a teacher, circumstances changed. The new principal assigned to my building believed the time spent on instructional supervision should benefit not only me, but also my students and the principal himself. Post-observation talks with this principal were just that--talks. He encouraged conversation by asking me open-ended questions about specific aspects of my lesson--why I chose certain strategies over others, what went through my mind during the planning stage of a particular lesson, and so on. All teachers in my school realized this principal expected us to reflect on our teaching and that we could expect him to engage us in post-observation talk that was collegial and nonjudgmental. We also realized that working with teachers on instruction was important to this principal, yet none of us ever felt threatened because we sensed his genuine interest...
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...GSM 5160: STRATEGIC MANAGEMENT CASE ANALYSIS PREPARED BY: marziana basir gm04459 SYAZwANI MUSTAFA gm04625 johan adam leong gm04319 FADZILLA ZAHRA SAMIAN GM04550 PREPARED FOR: SR. DR. HJ MAZLAN HJ HASSAN Graduate School of Management Universiti Putra Malaysia TABLE OF CONTENTS 1 | INTRODUCTION | | 1 | 2 | MISSION AND VISSION STATEMENT | | 2 | 3 | MARKET POSITIONING MAP | | 5 | 4 | KLK CORPORATE STRUCTURE | | 6 | 5 | FIRM’S OPERATIONS MAP LOCATION | | 8 | 6 | FINANCIAL ANALYSIS | | 9 | 7 | COMPETITORS’ ANALYSIS | | 18 | 8 | STRATEGY FORMULATIONSWOT ANALYSISInternal Factor Evaluation (IFE) MatrixExternal Factor Evaluation (EFE) MatrixCompetitive Profile Matrix (CPM)SWOT MatrixSPACE MatrixBOSTON CONSULTING GROUP (BCG) MATRIXINTERNAL EXTERNAL MATRIXQUANTITATIVE STRATEGIC PLANNING MATRIX (QSPM)GRAND STRATEGY MATRIXEPS/EBIT ANALYSIS BALANCE SCORECARD | | 21212223252629323435394041 | 9 | CONCLUSION | | 42 | INTRODUCTION Kuala Lumpur Kepong Berhad (KLK) is a Malaysian multinational company involved in plantation, manufacturing, retailing and property development. While plantation remains KLK's core business, it has expanded downstream into resource-based manufacturing, in particular oleochemicals, cocoa processing and rubber processing and employs more than 35,000 employees worldwide. As at 30 September 2011, KLK is listed on the Main Market of Bursa Malaysia Securities Berhad and has a market capitalization of approximately RM22.5 billion...
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