OBJECTIVES The end results of planned activity The

OBJECTIVES The end results of planned activity. The corporate objectives achievement should result in the fulfillment of a corporation’s mission

AREAS IN WHICH CORPORATIONS MIGHT EABLISH ITS GOALS AND OBJECTIVES ARE: Profitability • Efficiency • Growth • Shareholder wealth • Utilization of resources • Reputation • Contribution to employees • Contribution to society through taxes paid etc. . , • Market leadership • Technological leadership • Survival

Policies A Policy is a broad guideline for decision making that links the formulation of strategy with its implementation

Programs A program is a statement of the activities or steps needed to accomplish a single use plan. It makes the strategy action oriented.

Budgets A Budget is a statement of a corporation’s programs in term of dollars/money Used in planning and control, a budget lists the detailed cost of each program.

Procedures It is a system of sequential steps or techniques that describe in detail how a particular task or job is to be done.

MINTZBERG’S MODES OF STRATEGIC DECISION MAKING Entrepreneurial Mode Adaptive Mode Planning Mode Logical Incrementalism

PROPERTIES OF A GOOD VISION Definition of Vision - “A pleasing, imaginative, plan for or anticipation of future events” A good vision must have a definite direction and a clear goal A vision should be concrete in nature and should answer to the questions like what, when, where, why, how, etc. It should satisfy the goals and needs of the organisation as well as the individuals working in it

PROPERTIES OF A GOOD VISION A vision should be created by a leader and shared with the team members A vision should have it’s foundation in sound business knowledge A vision should be positive , inspiring and should encourage every individual to stretch his/her abilities A vision should contrast the present with future