Page 33 - DCOM506_DMGT502_STRATEGIC_MANAGEMENT

Unit 2: Strategy Formulation and Defining Vision

Notes
Table 2.2: Developing the Vision
Implementing Vision Retreat (Nanus, Strategic Vision and Developing the
Strategic Vision 1996) Core Capabilities Vision
(Gratton, 1996) 1992:67) (Pendiebury
et al., 1998:63–67)
1. Articulate Phase 1: Preparation. 1. Generate scenarios 1. Formalize the
the long-term Establish purpose and of possible futures need for
vision goals of the retreat the organization change
2. Identify Phase 2: Initial meeting. may face 2. Identify the
strategic Two-day meeting with 2. Do a competitive issues that
people and discussion on vision audit analysis of the need to be
processes (character of industry addressed
critical to organization), vision
achieving the scope (who it includes and 3. Analyze the core 3. Develop
vision desired vision capabilities of the multiple
3. Assess characteristics), and vision company and its visions
alignment of context (environmental competitors 4. Choose an
the vision issues)
4. Develop a strategic appropriate
with current Phase 3: Analysis and report vision (best) aligned vision
capabilities cycle. Facilitator prepares to the strategic
4. Prioritize key three scenarios of the options generated 5. Formalize the
vision,
actions to future that are discussed from steps 1–3 ensuring it is
bridge from among participants over a clear and
current number of weeks communicable
reality to Phase 4: Final meeting One-
vision of the day discussion and
future evaluation of vision
alternatives and their
strategic implications
Phase 5: Post-retreat
activities. Conclusions
communicated
throughout the
organization including
ways of implementing it

To develop a strategy with a coherent internal logic, the strategists need to understand where
the firm and industry are headed. As the future cannot be precisely and definitely described, the
strategist has to make some assumptions about it. This requires foresight. Foresight requires
imagination of how events might unfold and the role the firm might play in shaping that future
to the firm’s advantage. “Vision” is therefore needed to guide the strategists’ plan for bridging
the gap between current reality and a potential future.

Task Visit the websites of a few Blue Chip companies and find out their business
vision.

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