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Mission and Vision

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by

Heather S

on 9 December 2014

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Transcript of Mission and Vision

Mission and Vision info
http://www.mindtools.com/pages/article/newLDR_90.htm
http://www.psychologytoday.com/blog/smartwork/201004/vision-and-mission-whats-the-difference-and-why-does-it-matter
Strategy Mapping
Using strategy maps to drive performance.
Howard M. Armitage, Cameron Scholey
Step 1: Overriding Objective
Strategy Mapping
Step 2: Value Proposition
A company that attempts everything will ultimately achieve nothing
Choosing your Dominant Value Proposition
Step 3: Financial Strategy
Financial Strategies can be categorized into three key areas
Revenue Growth
Productivity
Asset Utilization
Customer strategies can be categorized into three key areas
Retaining and adding customers
Increasing revenue per customer
Reducing cost per customer

Step 5: Execute through Internal Perspective Strategy
Create action items to realize the strategies established
Step 6: Plan the Learning and Growth Strategy
Bridges gaps that could limit organization's ability to execute processes
How we plan to accomplish it
What we want to accomplish
Step 4: Customer Strategy
Matching Financial Strategy to your Value Proposition
Matching Customer Strategy to your Value Proposition
Matching Internal Strategy to your Value Proposition
Matching Learning and Growth Strategy to your Value Proposition
"A picture is worth a thousand words"
Cascades Vision, Mission and Strategy into actionable items
Aligns all departments toward a common goal
Bridges the gap between formulation and execution of strategy
Allows organizations to describe and communicate their strategy
"Most often today, the difference between a company and its competitor is the ability to execute."
- Larry Bossidy, Chairman and CEO of Honeywell International
Must be economic
"Only by grounding strategy in sustained profitability will real economic value be generated"
- Michael Porter, Strategist
Should contain a financial target and a time dimension to achieve it
Non-economic objectives are differentiators that give rise to a competitive advantage, but will not sustain the company
Success comes from superior, sustainable financial returns
Deliver high levels of value to specific customers for market leadership
How do you do that?
Ask yourself: What do customers really value?
Focus on providing real value better than competitors
Choose a value proposition that will help the organization win the market
Value Proposition approach
Choose one dominant value proposition and exceed expectations in it
With the others, it is important to compete, but not lead in those areas

Value Propositions
Value proposition chosen will help guide which area should dominate
Must pay some level of attention to all strategies
Revenue growth strategy is common across all companies
The value proposition will dictate how the company should go about achieving growth
Value proposition chosen will help guide which area should dominate
Must pay some level of attention to all strategies
Developing customer strategies around the dominant value proposition, leading to revenue growth and achieving the overriding objective
Internal strategies can be categorized into three key areas
Internal Operations
Innovation
Customer Management

Value proposition chosen will help guide which area should dominate
Must pay some level of attention to all strategies
Important to develop other core processes for other stakeholders, ex. Corporate social responsibility
Learning and Growth strategies can be categorized into three key areas
Human Capital
Information Capital
Organizational Capital

Value proposition chosen will help guide which area should dominate
Must pay some level of attention to all strategies

Strategy Mapping
Importance
Mission
Vision
Organization's primary objectives
Studies show companies that have vision and mission statements outperform those that don't
Guidance for strategy planning
Reinforces company culture
Inspiring and Motivating
Explain purpose and direction
The company's long term goal
The next 5 - 10 years
Provides inspiration for the company's future
Provides a common goal for all employees to work together to achieve
Present state and purpose of company
The next 1-3 years
Answers these three questions of why the company exists:
What
it does
Who
it does it for
How
it does what it does
Step 1
Vision and Mission
Step 2
Map the strategy
Step 3
Communicate Map
Set key performance indicators

Employees understand what they are accountable for
Financial and non-financial
Align with strategies in map
Three methods of cascading the strategy map
Across function
Each function is given objectives and KPI's which are aligned towards the overriding objective
Within perspective
Break down value proposition into perspective level strategies
Drills down into specific strategies of how company will achieve the big picture under 'what we want to accomplish'
Divisions/employees in charge of each perspective level strategy
Within organization
Drill down strategy
Corporate Map > Division Map > Department Map > Personal Scorecard
Integrate Strategy mapping, Action plans and Budget
Selecting Management Initiatives
Consider: Are we currently using appropriate management tools?
Relates back to value proposition
ex. Product leadership firms to not need to focus on a CRM as much as customer intimate firms
Budgeting
Tie balanced scorecard into planning, budgeting, and review process
Use strategy map for making budgeting decisions
Indicates where new initiatives can be most valuable
Summary
Strategy mapping keeps a company at its competitive peak
Demonstrates accountability
Aligns all goals to achieving financial success
Assists management in thinking about, agreeing upon, and communicating strategies
It is important to put an emphasis on implementing the strategy map
Balanced Scorecard
Measuring Success
Step 4
Full transcript