Professional Documents
Culture Documents
Mission is the statement which defines the role that an orgn plays in society and it has gradually expanded to represent a concept which embodies an orgns purpose of existence. Characteristics of a mission statement:
It should be feasible It should be clear and precise It should be motivating It should be distinctive It should indicate the major components of the strategy It should also indicate how the objectives are to be accomplished
Our Values
VISION OF ITC
Sustain ITC's position as one of India's most valuable corporations through world class performance, creating growing value for the Indian economy and the Companys stakeholders
MISSION OF ITC
To enhance the wealth generating capability of the enterprise in a globalising environment, delivering superior and sustainable stakeholder value
Unilever: To make cleanliness, common place, to lessen work for women, to foster health, and to contribute to personal attractiveness that life may be more enjoyable, who use our products. Merck: To preserve and improve human life. Cadbury India: To attain leadership position in the confectionary market. Achieve a strong national presence in the food drink sector. Tata Information Systems : To be Indias most successful and most respected IT company.
McKinsey & Co : To help business corporations and government to be more successful. RIL : To become a major player in the global chemical business and simultaneously grow in other growth industries like infrastructure. Ranbaxy : To become a $ 1 Bn. Research based Global Pharmaceuticals Company
Business Definition
What is our business? What will it be? What should it be?
Dimensions of Business
Customer Functions Customer Groups Alternative Technologies
Two Companies in the Time keeping Business Customer Groups Who is being satisfied?
Group Lady Fashionable Accessory Quartz Digital Industrial Recording Time Mechanical
The hierarchy of strategic intent covers the vision and mission, business definition, and the goals and objectives. Associated with the idea of strategic intent are the concepts of : Stretch is a misfit between resources and aspirations Leverage refers to concentrating, accumulating, complementing , conserving and recovering resources in such a manner that a meager resource base is stretched to meet the aspirations that an organisation dares to have
Fit the idea of stretch is diametrically opposite to the idea of fit, which means positioning the firm by matching its organisational resources to its environment
Vision constitutes future aspirations that lead to an inspiration to be the best in ones field of activity. The process of envisioning involves dealing with two components of core ideology and envisioned future. Core ideology defines the enduring character of an orgn which remains unchanged. Envisioned future has a time bound long term goal and a vivid description of what it will be like to achieve that goal.
Mission is the statement which defines the role that an orgn plays in society and it has gradually expanded to represent a concept which embodies an orgns purpose of existence. Characteristics of a mission statement:
It should be feasible It should be clear and precise It should be motivating It should be distinctive It should indicate the major components of the strategy It should also indicate how the objectives are to be accomplished
Objectives are the ends that state spicifically how the goals shall be achieved. They are concrete and specific in contrast to goals which are generalised. Characteristics of Objectives:
They should be understandable, concrete and specific They should relate to a time frame They should be measurable and controllable They should be challenging They should relate with each other
Objectives need to be set in all those performance areas, which are of strategic importance to an organisation. Factors to be considered while setting objectives:
Forces in the environment Realities of an enterprises resources Internal power relationships Ethos and value system of the orgn
Stakeholders in Business
Main Interests
Profit growth, Share price growth, dividends
Banks & other Lenders Interest and principal to be repaid, maintain credit rating Directors and managers Employees Suppliers Salary ,share options, job satisfaction, status Salaries & wages, job security, job satisfaction & motivation Long term contracts, prompt payment, growth of purchasing Reliable quality, value for money, product availability, customer service Environment, local jobs, local impact Operate legally, tax receipts, jobs Make decisions, have detailed information Staff turnover, industrial action, service quality Pricing, quality, product availability Revenue / repeat business , Word of mouth recommendation Indirect via local planning and opinion leaders Regulation, subsidies, taxation, planning
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Low
Least important
Inform
Low
High