MS351: Business Strategy

A2. Business Strategies

A2.1: Vision, Mission, Goals and Objectives of Business:
Vision: A vision can be defined as a mental picture for the future. It forms a person and a firm`s mental picture. Some
organizations and firms have a vision that guides them to a place that they desire to achieve.
A vision statement describes what a company desires to achieve in the long-run, generally in a time frame of five to
ten years, or sometimes even longer. It depicts a vision of what the company will look like in the future and sets a
defined direction for the planning and execution of corporate-level strategies.
Mission: The values and expectations of those who most strongly influence strategy about the scope and posture of
the organization (Johnson, Scholes and Whittington: Exploring Corporate Strategy). Before setting about the
preparation of a strategic plan, the management should consider the mission of an organization.
Hierarchically, missions and objectives can be shown as follows:

 Mission is a general statement of how you will achieve your vision.

 Strategies are a series of ways of using the mission to achieve the vision.
 Goals are statements of what needs to be accomplished to implement the strategy.
 Objectives are specific actions and timelines for achieving the goal.

A strategic vision describes management’s aspirations for the company’s future and the course and direction charted
to achieve them.
A Strategic Vision + Mission + Objectives + Strategy = A Strategic Plan

A2.2: Business KPIs:

Key performance indicators (KPIs) refer to a set of quantifiable measurements used to gauge a company's overall long-
term performance. KPIs specifically help determine a company's strategic, financial, and operational achievements,
especially compared to those of other businesses within the same sector.
Business KPIs:
KPI stands for key performance indicator, a quantifiable measure of performance over time for a specific objective.
KPIs provide targets for teams to shoot for, milestones to gauge progress and insights that help people across the
organization make better decisions.
Key performance indicators (KPIs) refer to a set of quantifiable measurements used to gauge a company's overall long-
term performance. KPIs specifically help determine a company's strategic, financial, and operational achievements,
especially compared to those of other businesses within the same sector.
KPIs are the key targets you should track to make the most impact on your strategic business outcomes. KPIs support
your strategy and help your teams focus on what’s important. An example of a key performance indicator is, “targeted
new customers per month”.

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Why Are KPIs Important?
KPIs are an important way to ensure your teams are supporting the overall goals of the organization. Here are some
of the biggest reasons why you need key performance indicators.
 Keep your teams aligned: Whether measuring project success or employee performance, KPIs keep teams moving
in the same direction.
 Provide a health check: Key performance indicators give you a realistic look at the health of your organization,
from risk factors to financial indicators.
 Make adjustments: KPIs help you clearly see your successes and failures so you can do more of what’s working,
and less of what’s not.
 Hold your teams accountable: Make sure everyone provides value with key performance indicators that help
employees track their progress and help managers move things along.

Types of KPIs:
Key performance indicators come in many flavors. While some are used to measure monthly progress against a goal,
others have a longer-term focus. The one thing all KPIs have in common is that they’re tied to strategic goals. Here’s
an overview of some of the most common types of KPIs.
 Strategic: These big-picture key performance indicators monitor organizational goals. Executives typically
look to one or two strategic KPIs to find out how the organization is doing at any given time. Examples include
return on investment, revenue and market share.
 Operational: These KPIs typically measure performance in a shorter time frame, and are focused on
organizational processes and efficiencies. Some examples include sales by region, average monthly
transportation costs and cost per acquisition (CPA).
 Functional Unit: Many key performance indicators are tied to specific functions, such finance or IT. While IT
might track time to resolution or average uptime, finance KPIs track gross profit margin or return on assets.
These functional KPIs can also be classified as strategic or operational.
 Leading vs Lagging: Regardless of the type of key performance indicator you define, you should know the
difference between leading indicators and lagging indicators. While leading KPIs can help predict outcomes,
lagging KPIs track what has already happened. Organizations use a mix of both to ensure they’re tracking
what’s most important.

A2.3: Roles of Cost and Management Accountants in Strategic Management:

The different roles of strategic management can be studied under the following heads:
A: The general roles of strategic management are:
1. Strategic Visionary
2. Strategic Leader and Decision Maker
3. Creating Superior Performance and Competitive Advantage
4. Integrative Role
5. Adapting to Change
6. Thinking through the Overall Mission
7. Protecting Natural Environment
8. Managing in an Economic Crisis
9. Marching with Globalization
10. Creating a Learning Organization and a Few More

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B: Learn about the role of strategic management in specific segment of business. They are:
1. Strategic Management and Business Units
2. Strategy Management and Non-Business Units
3. Public Sector Units and Strategic Management
4. Small-Scale Units and Strategic Management

C: Learn about the role of strategic management in various sectors. They are:
1. Production/Operations
2. Role of Strategic Management in Marketing
3. Finance
4. Human Resource
5. Global Competitiveness

D: Learn about the role in NFP organizations. They are:

1. Efficient Use of Resources
2. Achievement of Performance Goals
3. Maintaining Scarce Resources
4. Coping with Unanticipated Changes
5. Greatest Chances of Survival and Endurance
6. Fulfilling Goals and Mission
7. Foundation of Success
8. Basis of Funding
9. Dealing with Societal Pressures
10. Brings Efficiency and Effectiveness and a Few More.

A2.4: Deliberate and emergent strategies (Mintzberg)

 Intended strategies (which, if implemented, are referred to as deliberate strategies) are conscious plans imposed
by management.
 Emergent strategies are behaviours which are adopted and which have a strategic impact.

Five types of strategies

Mintzberg (The Strategy Process) identified the following.
 Intended: The result of a deliberate planning process.
 Deliberate: Where the intended plans have been put into action.
 Unrealized: Not all planned strategies are implemented.
 Emergent: Sometimes strategies are created by force of circumstances.
 Realized: It can be seen that the final realized strategy results from a balance of forces of the other types of
strategies.

A2.5: Positioning versus resource-based views of strategic advantage

Positioning view of strategic advantage
A firm or industry faced with the imminent obsolescence of one of its core products, must decide whether to orientate
strategy around external customer needs or rather orientate strategy around its internal resources and competences.
Choosing the first is an example of a positioning approach. Choosing the second applies the resource-based approach.

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Characteristics of the positioning approach are:
 A focus on customer needs and adapting products, and the process of making them, to any changes in these needs
 The gaining of a superior position against rivals through analysis of the industry and marking and adopting
strategies to gain relative market share or reduce relative costs
 The assessment of relations with stakeholders such as government, shareholders, suppliers and distributors to use
better relationships as a source of advantage
 Seeking to gain preferential access to resources such as materials, low cost labour and scarce skills.

The significant feature is the belief that successful strategy involves the business adapting to its environment.
The positioning view will be seen in this text in the work of Michael Porter (notably his five forces model of industries
and his three generic competitive strategies) and in the sections dealing with marketing.
No writer will seriously question the need for successful products and good relations in assisting in making a firm
successful from one year to the next. However, the positioning approach has been criticised as inadequate as an
approach to sustainable success over decades with particular regard to the following.

 Product life-cycle means particular products will become obsolete so today's successful market position will
become a liability in the future. For example, Levi Strauss jeans and apparel have declined in popularity since
they were immensely successful in the 1960's and 1970's.
 Stakeholder groups, such as political parties, will decline in influence so relations with them will not sustain the
firm.
 Long-term technological changes will eliminate cost advantages or technical superiority of a given product.
Perpetual change of the organization’s skills base and products will be disruptive and eventually leads the firm into
fields in which it has little expertise.

Resource-based view of strategy

Technological changes can destroy industries:
 Downloads may damage the businesses engaged in the manufacture, distribution and retailing of CDs and DVDs
 Mobile phones threaten the fixed telephone line industry
 Genetic modification of organisms can compromise the pesticide and pharmaceutical industries.
The resource-based view is an inside-out view of strategy. Firms do not look for strategies external to them. They
develop or acquire resources and competences, create new markets, not just reacting to those already there, and
exploit them.
Johnson, Scholes and Whittington say successful strategies require strategic capability.
Resources and competences are needed for the successful execution of defined strategies

Fit Resources must be available to fit with the current product-market demands and current needs.
This means being at the leading/shaping edge of new strategic developments in the industry. This
Stretch suggests that the organization’s ambitions cannot be met with current resources and competences.
Ambition should outpace resources.
Leverage Existing resources are used in many different ways, so that extra value is extracted from them.

Creation of new markets:

A fundamental point made by Prahalad and Hamel (Competing for the Future) is that markets are not 'given'. They
can be created by corporate action. Companies do not merely 'satisfy' customer needs: they 'create' them.
For example, mobile phone ringtones drew on the mobile phone as fashion accessory, not just a communication device.
Prior to the launch of ringtones there was no ringtone market in existence.

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According to the resource-based view of strategy the role of resources is more than simply to execute strategies
determined by desired positions in product markets. Rather, the focus of the strategist should be on resources and
competences. These are assets for the long term. Such a combination of resources and competences takes years to
develop and can be hard to copy.
Some of the implications are explained in the table below.

Factor Environment/ industry-based view Resource-based view

Industry profitability determined by the five
Profitability competitive forces. Position of a company in the
industry determines its profitability.
Outside-in, i.e. consider outside environment and
Approach markets then the company's ability to trade in
these conditions.
Maintain diversified portfolio of products (see BCG
Diversity matrix) to spread risk and generate cash in changing sustainable competitive advantage. Stick to the
market conditions.
Key focus Industry orientation and positioning in the market.
Corporate profitability based on sustainable competitive
advantage achieved from the exploitation of unique
resources.
Inside-out: consider key resources first, then how to
exploit competitive advantage in available markets.
Focus only on products where company has a
knitting'.
Focus on core competences which competitors do not
possess and will find difficult to copy.

A2.6: Planning horizon

Short, medium and long term planning
There terms are often used but remain ill-defined. A rule of thumb is:
 Short term: Horizon of 1 – 3 years
 Medium term: Horizon of 3 – 10 years
 Long term: 10 + years

Short run/long run trade off: Managers and businesses are frequently evaluated on short term successes such as
profits. Strategic thinking requires that managers consider the long term growth and survival of the business.
Therefore, management is required to balance short and long term considerations.

Influences on planning horizons:

Nature of ownership: Firms with shareholders are obliged to ensure some financial return each year to their
shareholders. Making sufficient profits each year will normally be needed in order to promote shareholder value. State-
owned organizations do not have this obligation (but they will have different ownership issues to contend with, e.g.
the changing nature of political agendas, different governments' attitudes to funding, state control etc.)
Capital structure: Some investors, such as banks or private equity investors (sometimes called venture capitalists) do
not require short term profits. Banks will continue to lend providing assets cover the loans and interest is paid. Private
equity investors require profits and share values to grow over a 5–10 year period to give them a substantial capital
gain when they sell their holding.
Nature of industry: Industries such as aircraft development, satellite communications and oil pipelines require large
capital investments that take a long time to build and to pay back. Long-term plans are essential to justify these.
Nature of business environment: In rapidly changing environments it is likely that long-term planning may be futile.
For example, industries such as bio-technology, home entertainment and mobile communications where effects of
technology and legislation are hard to predict, will tend to avoid plans and instead adopt a strategic management
approach within a series of short-term plans.
Nature of management: Long-term planning is a skill and it is time consuming. Some entrepreneurial managers will
avoid it, for example because they lack the time or skill, or because they are unwilling to become 'tied down by red

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tape'. Others, for example the management of family firms, are reluctant to consider changing the
'way it has always been done'.

A2.7: Strategy and ethics

Ethics and morals:
The meanings of the words 'ethics ' and 'morals' are intermingled and difficult to distinguish. For example, the Concise
Oxford Dictionary offers the following two definitions.
 Morals are 'standards of behavior or principles of right and wrong'.
 Ethics are 'the moral principles governing or influencing conduct'.
Such definitions mean that we could use the two words interchangeably.
Another area in which ethics can be invoked is Corporate Social Responsibility (CSR). CSR will be discussed in Chapter2
For present purposes the field can be simplified by suggesting that business ethics exist at three levels.
1) Personal ethical behavior: This relates to the way you as an individual conduct yourself. Bad behavior would
include bullying, stealing, discrimination against a colleague and giving away business secrets to a rival.
2) Business ethics: This is the way a firm as a whole behaves. Bad conduct here would include offering bribes to
win contracts, distorting the accounts, victimization or discrimination against certain workers and telling lies to
regulators.
3) Corporate social responsibility: This is the belief that a firm owes a responsibility to society as well as to
shareholders. Bad behavior would be pollution, mass redundancies and dangerous products.

Ethical stance of corporation:

There is a range of possibilities:
 Meet minimum legal obligations and concentrate on short-term shareholder interests;
 Recognize that long-term shareholder wealth may be increased by well-managed relationships with other
stakeholders (corporate governance approach)
 Go beyond minimum legal and corporate governance obligations to include explicitly the interests of other
stakeholders in setting mission, objectives and strategy. In this context issues such as environmental protection,
sustainability of resources, selling arms to tyrannical regimes, paying bribes to secure contracts, using child
labour etc. would be considered
 Public sector organizations, charities, etc. where the interests of shareholders are not relevant.
 The ethical stance taken is often reflected in the mission statement.

Regulating ethical behaviour:

Ethical business regulation operates in two ways:

1) Forbidding or constraining certain types of conduct or decisions: e.g. most organizations have regulations
forbidding ethically inappropriate use of its their IT systems. Similarly, many will forbid the offering or taking of
inducements in order to secure contracts.
2) Disclosure of certain facts or decisions: e.g. because the board sets its own pay they disclose it and sometimes
the reasons behind the awards, to shareholders in final accounts. In your Professional Stage 'Assurance' paper you
studied the following codes potentially binding on you as a trainee Chartered Accountant.

The IFAC Code of Ethics:

Five fundamental principles:
1) Integrity: Straightforward and honest in business and professional relationships
2) Objectivity: Not allow bias, conflict of interest or influence of others to override professional or business
judgement

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3) Professional competence and due care: Be aware of all prevailing knowledge necessary to give professional
service and apply the same diligently to affairs of the client in accordance with technical and professional standards
4) Confidentiality: Respect the confidentiality of information acquired as a consequence of professional or business
engagements and not use the same for personal advantage or that of third parties
5) Professional behavior: Comply with laws and regulations and not to discredit the profession

Conflict between ethics and business:

Potential areas for conflict between ethics and business strategy include:
 Cultivating and benefiting from relationships with legislators and governments: Such relationships may lead
politicians to ignore the national interest (e.g. of the people who elected them) to line their own pockets.
 Fairness of labour contracts: Firms can use their power to exploit workers, including child labour and subject them
to unethical treatment in areas where jobs are scarce.
 Privacy of customers and employees: Modern databases enable tracking of spending for marketing purposes or to
discriminate between customers on basis of their value. Staff can be subject to background checks and monitored
through their use of email and the location of their mobile phones.
 Terms of trade with suppliers: Large firms may pay poor prices or demand long credit periods and other payments
from weak suppliers. This has been a particular criticism of large retail food stores in North America and Europe
who are blamed for the impoverishment of farmers at home and in developing countries.
 Prices to customers: Powerful suppliers of scarce products such as energy, lifesaving drugs or petrol, are able to
charge high prices that exclude poorer individuals or nations. Examples here include anti-aids drugs to Africa or
purified water to developing countries.
 Managing cross cultural businesses: Different countries of operation or different ethnic groups within the domestic
environment can present ethical issues affecting what products are made, how staff are treated, dress
conventions, observance of religion and promotional methods.

Simple ethical tests for a business decision:

Compliance with Codes of Conduct will be mandatory for members and employees subject to the Codes. Ethical tests
enable managers to consider ethical consequences of decisions where
 The wording of codes may be imprecise
 Where situations arise that are not covered in the Codes.
The Institute of Business Ethics offers three tests to apply to decisions to assess whether they raise ethical issues:
1) Transparency: Do I mind others knowing what I have decided?
2) Effect: Who does my decision affect or hurt?
3) Fairness: Would my decision be considered fair by those affected?

Impact of ethics on strategy:

Ethics can be thought of as impacting at several points in the strategy process.
 In the formulation of strategic objectives. Some firms will not consider lines of business for ethical reasons.
 External appraisal will need to consider the ethical climate in which the firm operates. This will raise expectations
of its behavior.
 Internal appraisal: Management should consider whether present operations are 'sustainable', i.e. consistent with
present and future ethical expectations.
 Strategy selection: Management should consider the ethical implication of proposed strategies before selecting and
implementing them.

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A2.7: Sustainable strategies:
Social responsibility:
If it is accepted that businesses do not bear the total social cost of their activities, it could be suggested that social
responsibility might be a way of recognizing this.
The scope of Corporate Social Responsibility (CSR) varies from business to business. Factors frequently included are:
 Health and safety: This includes workplace injury, customer and supplier injury and harm to third parties
 Environmental protection: Energy use, emissions (notably carbon dioxide), water use and pollution, impact of
product on environment, recycling of materials and heat
 Staff welfare: Issues such as stress at work, personal development, achieving work/life balances through
flexibility, equal opportunities for disadvantaged or minority groups
 Customer welfare: Through content and description of products, non-exclusion of customer groups, fair dealing
and treatment
 Supply-chain management: Insisting that providers of bought-in supplies also have appropriate CSR policies, ethical
trading, elimination of pollution and un-recycled packaging, eliminating exploitative labour practices amongst
contractors
 Ethical conduct: Staff codes for interpersonal behaviour, prohibitions on uses of data and IT, management
forbidden from offering bribes to win contracts, ensuring non-exploitation of staff
 Engagement with social causes: This includes secondment of management and staff, charitable donations,
provision of free products to the needy, involvement in the local community, support for outreach projects such
as cultural improvement or education
Justifications offered for management seeking to demonstrate 'social responsibility' outside a business's normal
operations are:
 'The public' is a stakeholder in the business. A business only succeeds because it is part of a wider society
 Self-regulation by the firm or industry now is likely to be more flexible and less costly than ignoring CSR and facing
statutory regulation later
 It attracts ethical investment funds and ethical customers
 It improves relations with key external stakeholders such as regulators, government and legislators
 Donations, sponsorship and community involvement are a useful medium of public relations and can reflect well
on the business and its brands
 Involving managers and staff in community activities develops them more fully
 It helps create a value culture in the organisation and a sense of mission, which is good for motivation
 In the long-term, upholding the community's values, responding constructively to criticism and contributing
towards community well-being might be good for business, as it promotes the wider environment in which
businesses flourish

Strategies for social responsibility:

Factor Environment/ industry-based view

A strategy which a business follows where it is prepared to take full responsibility for its actions. A
Proactive
company which discovers a fault in a product and recalls the product without being forced to, before any
strategy
injury or damage is caused, acts in a proactive way.
Reactive This involves allowing a situation to continue unresolved until the public, government or consumer
strategy groups find out about it.
Defense
This involves minimizing or attempting to avoid additional obligations arising from a particular problem.
strategy
This approach involves taking responsibility for actions, probably when one of the following happens.
Accommodation
 Encouragement from special interest groups
strategy
 Perception that a failure to act will result in government intervention

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Sustainable enterprise
The term 'sustainable development' originally appeared in literature on development economics, often as a contrast
to the 'unsustainable development' of some countries that were receiving large inward investment from multinational
corporations. This was believed to be destroying the social and ecological infrastructure and hence hampering the
future development of the countries.
Following the Rio 'Earth Summit' of 1992 and ensuing political support in the USA and at the World Trade Organization
the need for 'sustainable development' has, amongst political initiatives, led to a focus on firms developing appropriate
strategies and thereby becoming 'sustainable enterprises'. The focus has moved from just host developing countries to
include impacts on mature home economies too.
Sustainable development: Meeting the needs of the present without compromising the ability of future generations
to meet their own needs. (Brundtland Commission)
Sustainable enterprise: A company, institution or entity that generates continuously increasing stakeholder value
through the application of sustainable practices through the entire base activity – products and services, workforce,
workplace, functions/processes, and management/governance (Deloitte: Creating the Wholly Sustainable Enterprise)
Interpretations of the scope of sustainable development vary from a narrow interpretation which focuses on 'green
issues' to broader interpretations which include concerns such as:
 Increasing extremes of poverty and wealth
 Population growth
 Biodiversity loss
 Deteriorating air and water quality
 Climate change
 Human rights

Our sustainable development commitment at Shell

In 1997 we revised the Business Principles to include a commitment to contribute to sustainable development. For our
business this is about engaging with our stakeholders to better understand and manage the impacts, both positive and
negative, that our operations and products have on society and the environment today and to identify business
opportunities for the future.
In the current version of our Business Principles (revised 2005) we state 'As part of the Business Principles, we commit
to contribute to sustainable development. This requires balancing short and long term interests, integrating economic,
environmental and social considerations into business decision-making'.
By far our biggest contribution to sustainable development will come from finding environmentally and socially
responsible ways to meet the world's future energy needs. With energy demand set to double or even triple by 2050,
mainly because of exploding demand in the developing world, this is a daunting challenge. Read more in our Energy
Challenge section.
Making sustainable development part of the way we work means learning to look at all aspects of our business through
a new lens. This lens lets us see the world through the eyes of our stakeholders and helps us to understand the many
ways, good and bad, that our business activities affect and are affected by society and the environment.

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The business case for sustainable development:
Contributing to sustainable development is not only the right thing to do, it makes good business sense. Sustainable
development helps us be a more competitive company and create value for our shareholders by:
Reducing our operational and financial risk: Delays, approval failures, or disruption to existing operations by
concerned communities are significant risks to our business. Understanding what our stakeholders perceive as
responsible behaviour, meeting these expectations and achieving recognition from financial institutions, investors and
customers deliver obvious financial benefits.
Reducing costs through eco-efficiency: This is about producing more with less energy and materials. For example,
by adopting cleaner technologies, reducing emissions, recycling, reusing, minimizing waste and even turning waste
into saleable products. These activities improve the efficiency of our operations, help us reduce our costs, avoid
current and future costs of emissions and even create new income streams.
Influencing options and evolving portfolios: By anticipating new markets driven by societal and customer desires for
a cleaner, safer, more sustainable world, and evolving business portfolios and supply chain relationships to match, we
can gain competitive positions and enhance our 'licence to operate and grow'.
Influencing product and service innovation: Being aware of changes to customer life styles and values enables us to
differentiate our products and provide more services to customers that reflect and meet their demand.
Attracting more loyal customers and enhancing the brand: Providing products and services built on sustainability
thinking create customer loyalty and market share.
Attracting and motivating top talent: Our commitment to sustainable development is an important factor in some
people's decision to join and stay and that alignment between personal values of staff and corporate values is a
powerful motivator.
Enhancing reputation: By being seen and being credible as a good corporate citizen whose performance matches its
words, we become the organization of first choice for customers, staff, investors, suppliers, partners and the
communities in which we operate.
Shell takes a very broad view of sustainable development. Its high-profile stance provides an example of the
consequences for strategy of 'making it happen'. Its 2005 Sustainability Report details:
 Commitments and standards: documented principles written and approved by the Board and signed by divisional
managers. These standards were drawn up after detailed consultation with stakeholders;
 Governance and structures: establishment of a Social Responsibility Committee of the Ltd Board, chaired by the
CEO. This sets performance metrics, reviews progress and performance and appraises options.
 Stronger controls and incentives: each line manager is required to write an Annual Assurance Letters, reviewed
by the Board, outlining their division's compliance and progress on sustainable development. These are reviewed
by the Audit Committee of the Board. All divisions are required to achieve relevant certifications such as ISO 14001
(an environmental standard) and others such as on animal testing if relevant. A balanced scorecard contains
measures for the elements and is used for performance appraisal and pay.
 Human resource development: creation of a management and leadership development programme to include SD
issues. Project Management Academy trains in coping with these areas too.

Perspectives on sustainability include:

 An essential consideration for which corporations must shoulder responsibility if the Earth is to avoid global tragedy
 A fad pushed by elite political groups and which is now being alighted on by consultants and academics to generate
research and consultancy incomes
 Greenwash' that large corporations can use as rhetoric whilst underneath they continue to conduct their usual
disruptive activities.

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