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The Strategy Process Across Levels - Coggle Diagram
The Strategy Process Across Levels
Strategy Formulation
The part of the strategic management process that concerns the choice of strategy in terms of where and how to compete
Strategy Implementation
The part of the strategic management process that concerns the organisation, coordination, and integration of how works done, or strategy execution
Business Strategy
How to compete
Differentiation
value innovation
Cost Leadership
Functional Strategy
How to implement a chosen business strategy
Corporate Strategy
where to compete in industry, markets, and geography
Vision, Mission, and Values
Vision
A statement that captures an organisation's purpose and aspiration
It spells out what the organisation ultimately wants to accomplish
Tesla
"to accelerate the world's transistion to sustainable transport"
An effective vision suffuses the organisation with a sense of purpose and motivates employees at all levels to aim for the same target while leaving room for individual and team contributions
Competitive advantage
Customer-oriented vision statements are better than product orientated vision statements
Ford
"To provide personal mobility for people around the world"
Mission
Description of what an organisation actually does- the products and services it plans to provide, and the markets in which it will compete
Values
Core Values Statement
Statement of principles to guide an organisation as it works to achieve its vision and fulfil its mission, for both internal conduct and external interaction
Often includes explicit ethical considerations
Organisational core values
Ethical standards and norms that govern the behaviour of individuals within a firm or organisation
They underlie the vision statement and provide stability to the strategy, laying the groundwork for long-term success
Once the company is pursuing its vision and mission in its quest for competitive advantage, they serve as guardrails to keep the company on track