Vision is a Concept ; Is an Idea Is Long term takes into account the current status of the organization serves to point

the direction of where the organization wishes to go

Mission is game plan Various Methodologies in use is How you reach there Statement of the purpose

Samsung Electronics Vision : T o lead the digital convergence movement Mission : T o be the best digital-Company. Wal-Mart Stores Vision: To become the worldwide leader in retailing Mission: To help people save money so they can live better Daimler Vision: Is a globally leading producer of premium passenger cars and the largest manufacturer of commercial vehicles in the world. Mission: To produce cars and trucks that people will want to buy, will enjoy driving and will want to buy again. Toyota Motor Vision: Toyota aims to achieve long-term, stable growth in harmony with the environment, the global economy, the local communities it serves, and its stakeholders. Mission: Toyota seeks to create a more prosperous society through automotive manufacturing. AT&T Vision: To design and create in this decade the new global network, processes, and service platforms that maximize automation, allowing for a reallocation of human resources to more complex and productive work. Mission: To exploit technical innovations for the benefit of AT&T and its customers by implementing nextgeneration technologies and network advancements in AT&T's services and operations. Hewlett-Packard Vision : T o create a diverse and inclusive environment. Diversity and inclusion are key drivers of creativity, innovation and invention. HP wants to make diversity and inclusion a conscious part of how they run business throughout the world. Mission : To provide products, services and solutions of the highest quality and deliver more value to our customers that earns their respect and loyalty. Bank of America Corp. Vision : V ision is to continue to help theircustomers grow and demonstrate how they can turn opportunities into reality. Mission : T o offer lending and investment products that : Serve low- and moderate-income individuals and families Improve underserved low- and moderate-income communities Create sustainable practices for the long haul. Citygroup Vision : T o be the most competent, profitable, and innovative financial organization in the world.

Mission : T o improve the quality of life for children, families, and the neighbourhood where we all live and do business. What is Strategy ? 1. Whats the companys present situation? 2. Where does the company need to go from here? 3. How should it get there? A companys answer to How it will we get there? is its strategy This is what your answers will be in the case of Case Study Analysis ! How to grow the business How to please customers How to outcompete rivals How to manage each functional piece of the business (R&D, production, marketing, HR, finance, and so on) How to respond to changing market conditions How to achieve targeted levels of performance

Five Tasks of Strategic Management Developing a Strategic Vision and Mission Setting Objectives Crafting a Strategy Implementing and Executing the Strategy Evaluating Performance and Initiating Corrective Adjustments Why Strategic Management Is a Process Who Performs the Tasks of Strategy? Benefits of Thinking and Managing Strategically What is a Business Model A companys business model addresses How do we make money in this business? Is the strategy that management is pursuing capable of delivering good bottom-line results? Do the revenue-cost-profit economics of the companys strategy make good business sense? Look at the revenue streams the strategy is expected to produce Look at the associated cost structure and potential profit margins

 Do the resulting earnings streams and ROI indicate the strategy makes sense and that the company has a viable business model? Strategic Objectives Increase firms market share Overtake key rivals on quality or customer service or product performance Attain lower overall costs than rivals Boost firms reputation with customers Attain stronger foothold in international markets Achieve technological superiority Become leader in new product introductions Capture attractive growth opportunities

Strategy involves determining whether to Concentrate on a single business or several businesses (diversification) Cater to a broad range of customers or focus on a particular niche Develop a wide or narrow product line Pursue a competitive advantage based on Low cost or Product superiority or Unique organizational capabilities Successful firms develop bases for competitive advantage 1. Cost leadership (Advantage: Known for low prices) (Wal-Mart) 2. Differentiation (Advantage: Distinctive, desirable features to product or service) (Harley-Davidson) 3. Narrow market niche (Advantage: able to satisfy the need and desires of customers within a micro market) (Antique Car parts companies) 4. Developing superior expertise and resources (Advantage: able to make it difficult for competitors to replicate products or services) (Microsoft) Evolution Of Strategy is Powered by Changes may be necessary to react to Shifting market conditions Technological breakthroughs

Fresh moves of competitors Evolving customer preferences Emerging market opportunities New ideas to improve strategy Crisis situations

Environment 1. Does the industry offer attractive opportunities for growth? 2. What kinds of competitive forces are industry members facing, and how strong is each force? 3. What factors are driving changes in the industry, and what impact will these changes have on competitive intensity and industry profitability? 4. What market positions do industry rivals occupywho is strongly positioned and who is not? 5. What strategic moves are rivals likely to make next? 6. What are the key factors for competitive success in the industry? 7. Does the industry offer good prospects for attractive profits? Buyer demand is growing slowly or declining. It is becoming less costly for buyers to switch brands. Industry products are becoming more alike. There is unused production capacity, and\or products have high fixed costs or high storage costs. The number of competitors is increasing and\or they are becoming more equal in size and competitive strength. The diversity of competitors is increasing. High exit barriers stop firms from exiting the industry. Key Success Factors Are the strategy elements, product and service attributes, operational approaches, resources, and competitive capabilities that are necessary for competitive success by any and all firms in an industry.? Vary from industry to industry, and over time within the same industry, as drivers of change and competitive conditions change. Identification Of Key Factors 1. What product attributes and service features buyers strongly affect buyers when choosing between the competing brands of sellers?

2. What resources and competitive capabilities are required for a firm to execute a successful strategy in the marketplace? 3. What shortcomings will put a firm at a significant competitive disadvantage?