Managers evaluate historical, current, and forecast data in light of the values and priorities of influential individuals and groups?often called stakeholders?that are vitally interested in the actions of the business. The interrelated stages of the process are the 11 components discussed in the last section. Finally, the aim of the process is the formulation and implementation of strategies that work, achieving the company's long-term mission and near-term objectives.
It is these stakeholders who create, develop, and influence the company's vision, mission, and values. They are the ones who set the tone for the organization. Stakeholders can be from within or without an organization; and, can be from the board room to the production floor.
Successful companies -- i.e., successful strategically--are able to "mesh" the divergent interests of the stakeholder groups into a cohesive framework. In the classroom terms like "playbook" and "holistic framework" have been used to describe strategic planning. These terms are very apropos in this context. Unless the leadership of an organization is able to formulate, promulgate, and effectively implement a concise, coherent and meaningful strategic plan that incorporates mission, vision, and values, the company's true success will not be achieved.
King Solomon even acknowledged the importance of vision when he is attributed in Psalms 29:18 to saying "[w]here there is no vision, the people perish." So is vision, then, nothing more than the capacity to look today into the possibilities of tomorrow? I think so.
Some would say that vision is the difference between effective and nominal leadership. The "why/how" versus the "what/when" dichotomy raised by Ann in one of her threads.
Think of past president's with vision. Eisenhower and the interstate highway system; Kennedy, the moon mission, and Johnson, civil rights. If these leaders did not have vision would they have accomplished great things or put into motion such great achievements. These presidents will long be remembered for their legacies in these areas.
Joseph Quigley in Vision provides a more down-to-earth definition: "the most fundamental statement of a corporation's values, aspirations, and goals. It is an appeal to its members' hearts and minds. It must indicate a clear understanding of where the corporation is today and offer a road map for the future." Where the mission tells where you are going, the vision should tell you why.
Where does a company find its "values"? Post your thoughts.
Management involves the development of organization systems and practices for the planning, acquisition, development and utilization of manpower. It involves developing a symbiotic relationship between the external, societal culture and internal culture of the organization. This will enable the upholding of the relevant external values, as well as contributing new values such as productivity and innovation through modeling by the organization. Globalization of the economy challenges virtually all employees to become more internationally aware and adept.
Thus values are hypothetical thought of what we think is good or important. They direct the way we feel and act about certain ideas, things, situations, and people. They are principles which lead us decisions and actions. Values are the cause, while ethics are the effect. Thus values describe what your management team really cares about. What it holds dear. What "makes 'em tick." How do your managers respond to a trade-off between product quality and profit? In Corporate the top management or board of Directors plays an important role in forming values of the organization but they are influenced by all the stakeholders of the organization. All parties to the organization have an interest, whether ...
Tutorial is 751 words plus three references. Examples for Pfizer are given to provide examples of concepts mentioned.