Task 1 Summary - ASM 1 - Strategy and Marketing - Advanced Studies in Management 1
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Course
ASM1 Strategie en Marketing
Institution
Open Universiteit (OU)
Book
Strategy
This is an English summary of chapter 3 of the book Strategy, written by Bob de Wit (2020), among others.
This is part of week 1 (task 1) of the Strategy and Marketing course, also known as Advanced Studies in Management 1 (ASM1). It is part of the Master's in Management Sciences at the Open Uni...
Samenvatting taak 3 - ASM 1 - Strategie en marketing - Advanced studies in management 1
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Chapter 3 Missioning and visioning
Introduction
While the corporate mission outlines the fundamental principles guiding
strategic choices, a strategic vision outlines the desired future state at which
the company hopes to arrive. In other words, vision provides a business ambition
while mission provides business principles. The corporate mission and strategic
vision contribute to ‘sending the firm in a particular direction’ by influencing the
firm’s strategy.
To understand how mission and vision impact strategy, three topics require closer
attention:
1. What types of ‘fundamental principles’ actually make up a corporate
mission?
2. Distinguish between different envisioning processes to understand how the
vision impacts strategy.
3. Examine what types of roles are played by a corporate mission and
strategic vision in the strategy formation process.
Besides the ‘what’ of corporate mission, it is equally important to explore the
‘who’ – who should determine a corporate mission.
Elements of a corporate mission
Organizational purpose: the reason for which an organization exists. It
can be expected that the perception the managers have of their
organization’s purpose will give the direction to the strategy process and
influence the strategy content.
Organizational beliefs: the stronger the set of shared beliefs subscribed
to by all organizational members, the easier communication, and decision
making will become, and the more confident and driven the group will be.
Organizational values: when an organization’s members share a
common set of values, determining what they see as worthwhile activities,
ethical behaviour and moral responsibilities, this can have a strong impact
on the strategic direction. It also contribute to a clear sense of
organizational identity, attracting some individuals, while repelling others.
Business definitions: For some firms, any business is good business, as
long as they can make a reasonable return on investment. Most firms have
a clearer identity, which they derive from being active in a particular line of
business. It functions as a guiding principle, helping to distinguish
opportunities from diversions.
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