1] Evaluate Nokia's overall strategic vision and specifically evaluate the company's mission/vision statement. Does it exemplify the elements of a good mission statement outlined in chapter 2? How could it be improved?
A mission statement must be specific enough to pin down a company's real business arena. (Strickland; Thomson, 2003) A strategically revealing mission statement incorporates three elements:
1) Customer needs, or what is being satisfied.
2) Customer groups, or who is being satisfied.
3) The company's activities, technologies and competencies, or how the enterprise goes about creating and delivering value to customers and satisfying their needs.
One of the roles of a mission statement is to give organization its own special identity, business emphasis and path for development- one that typically sets it apart from other similarly situated companies.
So, the three big questions to be answered here are:
1) Where are we now- current situation?
A strategic vision concerns a firm's future business path:
1) The kind of company it is trying to become.
2) Customer needs to be satisfied in the future.
The three elements of a strategic vision and making it a useful direction-setting tool:
• Coming up with a mission statement that defines what business the company is presently in and conveys the essence of "who we are, what do we do, and where we are now."
• Using the mission statement as a basis for deciding on long-term course, making choices about "where we are going," and charting a strategic path for the company to pursue.
• Communicating the strategic vision in clear, exciting terms that arouse organization wide commitment.
Workshop 5 – Generic Business Strategies
1] Based on the generic business strategy model evaluate the strategy your company is adopting compared to its rivals.
A company's competitive strategy consists of business approaches and initiatives
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