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1.0 Strategy:
Strategy refers to the determination of the purpose (or mission) and the basic long-term
objectives of an enterprise, and the adoption of courses of action and allocation of
resources necessary to achieve these aims.
Strategic Management:
Strategic Management is a comprehensive and ongoing management process aimed at
formulating and implementing effective strategies; a way of approaching business
opportunities and challenges.
1.1 Features of Strategy:
It is a long-rang plan.
It has comprehensive plan.
It has difference with police.
It is a guide line of plan.
It is the consideration of environment.
It will be emphasizing on carefulness.
Determination of alternative is important to select strategy.
Diversification is an important part of strategy.
Types of strategy:
There are some types of strategy, these are as followsA. Corporate strategy
B. Business strategy
C. Operations management strategy
D. R&D strategy
E. Financial/Accounting strategy
F. Marketing strategy
G. Human Resource strategy
1.2 Considering factors for preparing strategic plan:
We can consider some factors for preparing a strategic plan. These are as follows1. Strategic goal
2. Present condition of organization
3. Growth rate of organization
4. Future environmental condition
5. Competitors position and their strategy
6. Possibility of new competitors entrance
7. Condition of buyers or consumers
8. Availability of required resources
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2.0 Vision:
The vision of a company lays out some desired future state; it articulates, often in bold
terms, what the company would like to achieve. Nokia, the worlds largest manufacturer
of mobile (wireless) phones, operates with a very simple but powerful vision; If it can
go mobile, it will! This vision implies that no only will voice telephony go mobile, but
so will a host of other services based on data, such as imaging and internet browsing.
This vision has led Nokia to develop multimedia mobile handsets that not only can be
used for voiced communication but that also take pictures, browse the internet, play
games, and manipulate personal and corporate information.
2.1Mission:
A companys mission describes what the come does. For example, the mission of Kodak
is to provide customers with the solution they need to captures, store, and process, output,
and communicate images-anywhere, anytime. An important first step in the process of
formulating a mission is to come up with a definition answers these questions: what is
our business? What will it to be? What should it to be? The responses guide the
formulation of the mission.
2.2Goals:
A goal is a precise and measurable desired future state that a company attempt to realize.
Goals are critical to organizations effectiveness, and they serve a number of purposes.
Organizations can also have several kinds of goals, all of which must be appropriately
managed. And a number of different kinds of managers must be involved in setting goals.
Features of goals:
Goals have four main characteristics. These are as follows2.3 They are precise and measure able. Measure able goals give manager a
yardstick or standard against which they can judge their performance.
2.4 They address crucial issues. To maintain focus, manager should select a
limited number of major goals to asses the performance of the company.
The goal that is selected should be crucial or important ones.
2.5 They are challenging but realistic. They give all employees an incentive to
look for ways of improving the operation of the organization. If a goal is
unrealistic in the challenges it poses, employees may give up; a goal that is
too easy may fail to motivate managers and other employees.
2.6 They specific a time period in which the goals should be achieved, when
that is appropriate. Time constraints tell employees that success requires a
goal to be attained by a given date, not after that date. Deadlines can inject
a sense of urgency into goal attainment and act as a motivator. However,
not all goals require time constraints.
Purposes of goals:
Goals serve four important purposes. These are as follows They provide guidance and a unified direction for people in the organization.
Goals can help everyone understand where the organization is going and why
getting there is important.
Goal setting practices strongly affect other aspects of planning. Effective goal
setting promotes good planning, and good planning facilities future goal setting .
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Kinds of Goals:
Organization establishes many different kinds of goals. In general, these goals vary by
level, area, and time frame. These goals are as followsStrategic goals- Strategic goals are goals set by and for top management of the
organization. They focus on broad, general issues, Such as-Procter & gambles goal of
doubling sales revenues is a strategic goal.
Tactical goals- Tactical goals are stet by and for middle managers. Their focus is on how
to operationalize actions necessary to achieve the strategic goals. Tactical goals at P & G
might center on which new products to launch, which existing products to revise, and so
forth.
Operational goals- Operational goals are set by and for lower level managers. Their
concern is with shorter-term issues associated with the tactical goals. An operation goal
for P&G might be a target number of new products to launch each of the next five years.
2.3 Values:
The values of a company state how managers and employees should conduct themselves,
how they should do business, and what kind of organization they should build to help a
company achieve its mission. In so far as they help drive and shape behavior within a
company, values are commonly seen as the bedrock of a companys organizational
culture: the set of values, norms, and standards that control how employees work to
achieve an organizations mission and goals. An organizations culture is commonly seen
as an important source of its competitive advantage.
These values are as follows Management is obligated to manage Nucor in such a way that employees will
have the opportunity to earn according to their productivity.
Employees should be able to feel confident that if they do their jobs properly,
they will have a job tomorrow.
Employees have the right to be treated fairly and must believe that they will
be.
Employees must have an avenue of appeal when they believe they are being
treated unfairly.
Part-2
Analysis:
A. 1.Vision of EXIM Bank Limited:
The gist of EXIM Bank vision is Together towards tomorrow. EXIM Bank
believes me togetherness with its customers, in its march on the road to growth and
progress with services. To achieve the goal, there will be pursuit of excellence at all
stages with a climate of continuous improvement, because, in EXIM Bank, they believe
the line of excellence is never ending.
To become most remarkable and admirable private commercial bank in the country, to get
recognition as a dynamic, innovative and customer service oriented bank. To keep
momentum of continuous & steady growth with maximum transparency and to diversify
products and resources, To expedite continuous up date of in formation and technology
with all modern facilities to cope with demand and challenge of the time.
3. Mission of AB Bank Limited:
To be the best performing bank in the country.
Companies
Vision
Mission
AB Bank Limited
Value Addition
Quality Standard
Enhancing savings tendency of the people by offering attractive and lucrative new
savings scheme.
Financing the foreign trade of the country both Export and Import.
Enhancing the mobilization of savings both from urban and rural area.
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Conclusion:
A strategy is a set of related actions that managers take to increase their companys
performance. The major components of the strategic management process are defining
the mission, vision, and major goals of the organization. Analyzing the external and
internal environments of the organizations. Choosing a business model and strategies that
align an organization strengths and weakness with external environmental opportunities
and threats and adopting organizational structures and control systems to implement the
organizations chosen strategies. A good leadership is very important because a good
leader philosophy will be good so he can set an acquirable vision, mission, and goals.
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References
www.pubalibangla.com
www.abbank.com.bd
www.eximbankbd.com
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