Strategic Management Article Review: Building Your Company’s Vision

CAL BAPTIST UNIVERSITY

ORG 589 – Strategic Management

Article Review

HBR’s 10 Must Reads On Strategy – Reflective Summary

Name: Class Week #

Name of Article:

Highlights & Key Points

Reflective Thoughts/Application

  1. Core values and core purpose of a business play a substantial part in the success of the business. However, the core purpose and value may remain fixed for long, unlike business strategies and practices which change with changes in the business environment.

  2. Successful and great entities should be in a position to differentiate what should remain fixed and what should be open to change as well as distinguish between what is sacred and what is not (Burley, 2011).

  3. The key to success the ability of an organization to develop a vision which provides guidance regarding what is important to preserve and what to stimulate in the future to guarantee the success of a company. A well-developed vision consists of core ideologies and envisioned future.

  4. Core ideology helps an organization to define its enduring character that gives it a consistent identity that is reflected in the company’s product, market life-cycles, technological breakthrough and individual leaders.

  5. Core ideology provides the paste that holds a company together as it grows, decentralizes, diversifies or expands globally. The vision of a company embodies the core ideology of the company that consists of core values, a system of guiding principles and tenets.

  6. Core values of an organization consisting of all important and enduring tenets of a company and require no external justification. On the other hand, core purpose which is part and parcel of the core ideology of a company provides the purpose for the existence of a company (Magretta, 2012).

  7. The envisioned future of a framework of a company constitutes of two parts. The first part of this component focuses on a 10 to 30-year plan that describes the goals of the company and describes what it would be like to achieve these goals. The second part of the envisioned future conveys concreteness of the plan. Organizations should avoid creating an ambiguous and audacious plan that cannot be realized.

  8. The envisioned future should involve a time yet unrealized with the company dreams, hopes, goals, and aspirations. Any envisioned future should be vividly described which helps the employee of an organization to transform the vision of the company into pictures

  1. From the publication, it is easy to say that companies cannot succeed, grow or expand without core values and core purposes. However, it is the duty of the leadership of a company to design an appropriate and achievable vision for their companies.

  2. Through the information in the article, I can design a vision statement for any company by including the core ideology as well as envisioned future of the company. Notably, the full understanding of the distinction between what should remain fixed, and what should be changed in the organization helps in the designing of the vision statement.

  3. Core values should be fixed while organizational strategies and practices should be flexible enough to accommodate changes in the business environment. Notably, with the increased innovation in the market today, there are rampant changes in the strategies and practices of most organizations (Collins et al., 2011).

  4. It is advisable to create a plan that can be achieved by an organization based on the time and resources owned by a company as this can be a source of motivation rather than creating an audacious plan that cannot be achieved in a given time and resources. A vivid description of the envisioned future helps employees to interpret the organization’s vision into pictures, and this helps to boost their commitment.

References

Burley, J. R. (2011). Write Your Financial Vision Statement. Trump University Wealth Building 101, 29-38. doi:10.1002/9781118258071.ch4

Collins, J. C., Porras, J. I., Rowan, R., Recorded Books, LLC, Playaway Digital Audio, … LLC. (2011). Built to last: Successful habits of visionary companies. Solon, OH: Findaway World, LLC.

Magretta, J. (2012). Michael Porter answers managers’ FAQs. Strategy & Leadership, 40(2), 11-15. doi:10.1108/10878571211209305

Revised Fall 2014

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