A well-conceived strategic vision helps prepare a company for the future. True or false? Explain and justify your answer. Explain why an organization needs a strategic vision. What purpose does a strategic vision serve?
Here are the Example:
A strategic vision defines management's motive for the business, providing a view of where the company is going and a basis for why this makes good business sense for the company (Thompson, Peteraf, Gamble, Strickland, 22). By developing a vision, the company can achieve its long term goals, which are projected for the future. A well-conceived vision is both distinctive and specific to a particular organization. It is important for executives to create a picture of the company's current path and future destination to ensure a strategic vantage point (Thompson, Peteraf, Gamble, Strickland, 24). The entire organizational structure of a company (top-down approach) (Thompson, Peteraf, Gamble, Strickland, 33) needs to know where they are going, and why, in order to boost the company's profitability, strengthen their market position, and produce a competitive advantage over rivals (Thompson, Peteraf, Gamble, Strickland, 31). By knowing this information, employees have a purpose and objective for working. There is then something to be achieved, which boosts motivation and morale. The clearer the vision is, the more likely that the company, as a whole, will work towards their goals and objectives to create their vision, making it a reality in the future. Overall, something is needed to drive organizations forward.
A company exists for a reason. It has goals, such as portraying themselves as a certain image. It stands to serve customers. Operating in the present is important, but it is more important to operate towards future goals. An organization's management must know the direction in which they want their company to go and who they want to be. By creating a strategic vision, organizations are able to strategically plan and develop an outline to get to their future goals, to make their vision become reality. If there were no future goals to work toward, there would be no reason to have a business operate. To confirm the necessity of a strategic vision, I will use Nike as an example. Nike has a long-term strategic vision, emphasizing the importance of the future. The organization's vision is to separate profitable growth from controlled resources. The purpose of this vision and all others is to show the public and stakeholders that long-term change is being tracked. Nike strongly believes in preparing for the future by rapidly changing their innovations throughout the business to remain the leading designer and distributer of sports apparel in both the present and its future (FY 10-11).
An organization needs a strategic vision to create a purpose for a company. The business needs to know what it wants. It provides motivation and inspiration to achieve financial and strategic objectives (Thompson, Peteraf, Gamble, Strickland, 30). It brings benefits, such as returns to shareholders and other stakeholders. In order to compete in a competitive environment, you need something unique to be the leader. A strategic vision gives an organization an opportunity to reflect their individual characteristics and uniqueness to the public. Your target market sees the unique features your business has to offer, which in return give the employees a vision, goals, and objectives to work towards. A strategic vision aligns your tasks with the outcomes you desire (Migneault).
According to Michael Hyatt, vision is more important than strategy. Agreeing with him, strategic visions help to choose the "winning" strategy. After he had taken over a failing publishing company, Hyatt's first and main goal was to create a vision. He asked himself what he wanted his end result to be down the road. The vision was his "what". How to get to the "what" would proceed. It is important to note that people sometimes dwell far too long on the "how". It is hard to understand how you will accomplish more, without knowing what you are accomplishing the "more" for. The vision therefore is diminished (Hyatt). In my experience, developing a strategic vision has enabled me to focus on the big picture of things. I have been able to set goals and objectives in the present, and have been able to work towards the future I have envisioned. If organizations and individuals don't have a strategic vision to help prepare for the future, they wouldn't be prepared or know how to properly react to drastic changes and occurrences that can happen at any moment of time in the future, such as a drastic drop in the stock market.