Strategic Management

Topics: Strategic management, Management, Strategy Pages: 3 (774 words) Published: July 28, 2013
Developing a Strategic Vision
In the strategy developing process, at very early stage, company managers need to pose a set of questions; like ‘What is the vision of the company, where company should be headed, what should its future technology – product – customer focus be, what kind of enterprise do we want to become, what industry standing do we want to achieve in fixed time frame like ten years time?’ Keeping all these necessary questions in view, long term strategy is formulated, and Management’s view and conclusions about what the organisation’s long term direction should be, the technology, product, customer focus it intends to pursue, and its future business scope constitute a strategic vision for the company. A strategic vision thus reflects management’s aspirations for the organisation and its business, providing a panoramic view of ‘where we are going’ and giving specifies about its future business plans. It spells out long term business purpose and moulds organisational identity. A strategic vision points an organisation in a particular direction and charts a strategic path for it to follow. The five tasks of strategic management;

a. Forming a strategic vision of where the organisation is headed, so as to provide long term direction, delineate what kind of enterprise the company is trying to become, and infuse the organisation with a sense purposeful action. b. Setting objectives, converting the strategic vision into specific performance outcomes for the company to achieve. c. Crafting a strategy to achieve the desired outcomes.

d. Evaluating performance and initiating corrective adjustments in vision, long-term direction, objectives, strategy, or execution in light of actual experience, changing conditions, new ideas, and new opportunities. Strategic management is an ongoing process, never ending process which has to be altered according to the competitor’s competitors time to time. Managers have an ever-present responsibility for...

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