Leadership Z370 Midterm
ICore | Study Guide,
Practice Questions &
Exam Review
|Guaranteed success|
, How do organizations create more value than 1. better product or service (Quality)
competition? OR...
2. Lower cost
Accomplish BOTH by..
Organizing and Managing their people...
Mission Statement V.S. Vision Statement Mission statement : explains why the firm Exists
Vision statement : what the firm wants to become
sets firm apart from comp., provides direction and decision making guidance,
uses distinctive language
mission/vision statements 1. Defines core tasks:
... what work is important/why?, what defines good work?
2. Guides the firm's culture
.... Defines employee norms and the way they interact with customers and each
other
3. Contribute to firms success:
.... creates consistent experience, defines behaviors to enact strategy.
EX.Southwest:
the mission of southwest is dedication to the HIGHEST QUALITY of CUSTOMER
SERVICE delivered with a sense of WARMTH and FRIENDLINESS
Effective mission statement characteristics Graphic
feasible
memorable
relevant for goal-setting
guidance for employee decisions
Ineffective mission statement charateristics Vague
Bland
Uninspiring
Could apply to any company
Strategy Def.: Theory of how to gain competitive advantage, based on knowledge of:
........Marketplace/industry/customers
........firms capabilities and resources
*create value while remaining profitable
*deciding what to do/not to do
*making long term commitments
Strategy somewhere between differentiation and Low-Cost Leadership
ICore | Study Guide,
Practice Questions &
Exam Review
|Guaranteed success|
, How do organizations create more value than 1. better product or service (Quality)
competition? OR...
2. Lower cost
Accomplish BOTH by..
Organizing and Managing their people...
Mission Statement V.S. Vision Statement Mission statement : explains why the firm Exists
Vision statement : what the firm wants to become
sets firm apart from comp., provides direction and decision making guidance,
uses distinctive language
mission/vision statements 1. Defines core tasks:
... what work is important/why?, what defines good work?
2. Guides the firm's culture
.... Defines employee norms and the way they interact with customers and each
other
3. Contribute to firms success:
.... creates consistent experience, defines behaviors to enact strategy.
EX.Southwest:
the mission of southwest is dedication to the HIGHEST QUALITY of CUSTOMER
SERVICE delivered with a sense of WARMTH and FRIENDLINESS
Effective mission statement characteristics Graphic
feasible
memorable
relevant for goal-setting
guidance for employee decisions
Ineffective mission statement charateristics Vague
Bland
Uninspiring
Could apply to any company
Strategy Def.: Theory of how to gain competitive advantage, based on knowledge of:
........Marketplace/industry/customers
........firms capabilities and resources
*create value while remaining profitable
*deciding what to do/not to do
*making long term commitments
Strategy somewhere between differentiation and Low-Cost Leadership
