The Balanced Scorecard Approach

The Balanced Scorecard Approach
 It is a combination of strategic and financial objectives of the company.
 It measuring the company performance for this purpose, it is require for setting both type of financial and strategic objectives and tracking their achievement.
 Strategic manager take more care and design the strategic objectives than on achieving financial objectives in business.

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A NEED FOR LONG TERM AND SHORT TERM OBJECTIVES

A NEED FOR LONG TERM AND SHORT TERM OBJECTIVES
A company can set and formulate financial and strategic objectives. These objectives are based on the both short-term and long term performance relating to business. Short term or annual objectives focuses too and attention to delivering immediate performance improvement in current year. Long term objectives focus on long term prosperity of firm‟s or companies.
Long Term Objectives
Short run profit maximization is rarely based on the best approach to achieving sustained corporate growth and profitability of the firm. It is recognized by the strategic managers of the firm. Therefore, to achieve long term prosperity purpose strategic managers designed long term objectives. Long term objectives of the firm or company or organization as listed below: Profitability Productivity Competitive position Employees development Employee relationships Public responsibility Technological leadership

Mission and Strategic Intents

Mission and Strategic Intents
 Strategic managers should be clearly know about their role and responsibilities to company, these are expressed in terms of statement of mission.
 Mission and strategic intents are very important both external stake holders and others managers in the company‟s.
 Mission statements clearly defined and it should be accomplish by strategic mangers in firms.
 Mission statements intents is not concerned with the details of strategic business unit competitive strategy or the directions and methods the businesses, it will be taken to achieve completive position rather, the concern of firm‟s overall directional strategic decision.
Strategic managers of a subsidiary will be responsible for changing and developing a strategy to business. While defining of strategy should be clear and it fit into the firm‟s subsidiary business and entire group.

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Stage 1: Developing a Strategic Vision

Stage 1: Developing a Strategic Vision
 Strategic vision is the future of the company‟s products, services, market, customer and technology. These are focused to improve its current market position and its future prospect.
 It must be determine the proper directional path the company and should take changes in the company‟s product and services.
 Strategic manager in company carefully draw and reasoned to make conclusions about how to try to modify the company‟s business and market position in business.
 Top management‟s views and conclusions about the company‟s attribute towards the products, services, customer, market and technology, these are focusing and constitute a strategic vision for the company.
 A strategic vision defines management aims and aspirations for the business and points an organizing in a particular direction path towards the strategic path for identifying the current trends and estimation of the future trends towards the company‟s business.
 Well and clear defined strategic vision ready to communicates management „s aspirations to stake holders and it helps to guide and encourage energies of company personnel in a common direction.

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STRATEGIES FOR COMPETING IN TURBULENT HIGH - VELOCITY MARKETS

            High velocity change is the striking feature of contemporary business. The central strategy making challenge in a turbulent market environment is managing change. Competing in turbulent high velocity industries   mangers are presented with some unique strategy for making and facing challenges. They are listed below:

• It can be Reacting  to change
• It can be Anticipating change
• It can be Leading change 

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Stage 1: Developing a Strategic Vision

Stage 1: Developing a Strategic Vision

v  Strategic vision is the future of the company’s products, services, market, customer and technology. These are focused to improve its current market position and its future prospect.

v  It must be determined the proper directional path the company and should take changes in the company’s product and services.

v  Strategic manager in company carefully draw and reasoned to make conclusions about how to try to modify the company’s business and market position in business.

v  Top management’s views and conclusions about the company’s attribute towards the products, services, customer, market and technology, these are focusing and constitute   a strategic vision for the company.

v  A strategic vision defines management aims and aspirations for the business and points an organizing in a particular direction path towards the strategic path for identifying the current trends and estimation of the future trends towards the company’s business.

v  Well  and clear defined strategic vision  ready to communicates management ‘s aspirations  to stakeholders  and it helps to  guide and encourage energies  of company personnel  in a common direction.

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Organization / Company Profile

Organization / Company Profile

             Organization / company profile is to determine strength, weakness, opportunity, and threats of the business. It involves to the internal environment of the organization and   its functions like   marketing, production, accounting, finance, research and development, human resource management and customer relations.  These functions are identifying the quantity, research and development, method, materials and production which are normally available to the organization.  An organization /company profile has depicted own strengths and weakness of the business.

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TASKS IN STRATEGIC MANAGEMENT

TASKS IN STRATEGIC MANAGEMENT

Strategy formulation and implementation process consists of five interrelated managerial tasks as are outlined:

Setting Vision and Mission

v  It is the first important task in strategic management.

v  Strategic vision and mission formulation is the basic stage of the company.

v  It determines long term direction towards the its operations like products and services, technology and quality etc.,

v  It decides what kind of enterprise the company, it also is trying to become and infuse the organization with a sense of purposeful action oriented in the future.

Setting Objectives

v  Setting objectives involves to the converting the strategic vision and mission into specific performance outcome for the company to achieve it.

Crafting strategy

v  Crafting the strategy is to achieve the desire and expected outcomes in the company.

Implementation

v  Implementation and executing for suitable strategy to efficiently and effectively.

Control and Evaluation

Control and evaluation  performance and initiating  corrective adjustments  relating in vision, long-term direction,  objectives, goals,  strategy execution  in  light of  actual  experience , changing conditions , new ideas, and new opportunities for business enterprise.

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Advantage of Portfolio Analysis

Advantage of Portfolio Analysis

The significant advantages of portfolio analysis are outlined:

v  It is a multi product approach.

v  It involves investment in multi business firms.

v  The investment could be channeled to different firms in the market.

v  It helps investor minimize risk and maximize return from their investment in different companies.

v  Its analysis and design the current business portfolio and decide which business should receive more, less or no investment in the business.

There are three important concepts relating to portfolio analysis are outlined below:

v  Strategic business units

v  Product life cycle

v  BCG  group share  matrix

Team Building And Group Dynamic Management - B Hiriyappa : Book Country

Team Building And Group Dynamic Management - B Hiriyappa : Book Country