Chapter 2 Leadership and the Strategic Management Process

The Five Steps in The Strategic Management Process
1. Developing a Strategic vision
2. Setting Objectives
3. Crafting a strategy
4. Implementing and executing the chosen strategy
5. Evaluating performance and initiating corrective adjustments
Strategic Plan
Lays out the company’s future direction, performance targets, and strategy.
Strategic Vision
A strategic vision describes ” where we are going” – the course and direction management has charted and the company’s future product-customer-market-technology focus.
How does a strategic vision differ from a Mission Statement?
The distinction between a strategic vision and a mission statement is fairly clear-cut: A strategic vision portrays a company’s future business scope ” Where we are going” , whereas a company’s mission statement typically describes its present business purpose. ” who we are, what we do, and why we are here”
What does a mission statement say about a company?
– Identify the company’s products or services.
-Specify the buyer needs it seeks to satisfy
– Specify the customer groups or markets it is endeavoring to serve.
– Specify its approach to pleasing customers.

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