Strategy Dose -1

Often in various interviews, class discussions, viva and other fora, we are asked some very simple sounding questions like, "What is Strategy?","What is the difference between Vision & Mission?", "What is Globalization?" etc.. We often end up giving 100 different definitions, which willonly amuse the questioner at our expense. So, in this post, I will discuss some very basic of the definitions of various terms that we keep coming across.

Vision Statement: A brief description of the ideal state "Where" a company wants to be. Its focus is on the future.

TCS: To be among the Global Top-10 by 2010

Infosys: To be a globally respected corporation that provides best-of-breed business solutions, leveraging technology, delivered by best-in-class people

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Mission Statement: Tells you what the company wants to do now. Its focus is on the present. Its the "purpose" of the organization.

Google: Organize the world's information and make it universally accessible and useful

Microsoft: A computer on every desktop and in every home, running Microsoft software (Microsoft- till 2002)

IBM: We want to be the best service organization in the world

Wal-Mart: To give ordinary folk the chance to buy the same thing as rich people

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Values: These are what will guide you in take a decision when you have two conflicting choices. Each person/ organization may have different values.

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What is Strategy?
Action-plan of how to achieve our vision & goals.

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Strategic Planning: Consideration of organization's future course. It involves identifying and defining:

1. What do we do?
2. For whom do we do it?
3. How do we excel? (or how to beat competition)

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A simple way to implement a strategic plan is:

1. Set your vision and mission statements, along with your value system. Identify short-term goals.
2. Do a SWOT analysis to understand where you are and what you CAN do.
3. Formulate Actions & Processes to acheive your goals.
4. Implement on the lines of prepared actions and processes5. Monitor and Contol to get feedback from implemented processes.

There are innumerable terms like Strategic Framework, Strategic Maps etc which we will discuss later..

Thus Spake Socrates ...