Bacchalog, now let’s see a why there is requirement of purpose of strategic vision right, so this question comes for char marks, four marks ke liye aasakta hai right, now here in you can see mission and from mission to strategy from strategy to goals and from goals you come closer and closer to Vision right, now kids, what is vision, where the company wants to be ultimately right where they want to reach, where they want to show, that is what our aim is, our company had taken birth for something, that thing is vision right remember that and while doing so they have to go through n number of goals achieving n number of goals, finally they reach at vision. So while achieving those goals they have to frame various strategic things right planning again and again so that they can achieve goals and for that before they aware what is mission, mission is nothing but what the company is doing, what are they now answer to such questions, so mission an after achieving mission, the come to strategy.

Now bacchalog after understanding strategy let us understand V for Vision right V for vision of a corporate, now here in this is for Ford Motors, a car for every garage, this is what the Ford company believed, Jahan bhi garage hai there should be a car, now this is not a vision statement of one of the leading bankers in India right by State Bank of India, My customer first, let’s understand vision kya hota hai, it’s a roadmap of company’s future where the company wants to see itself, what kind of an enterprise is it going to be ?, this direction setting is called vision, is the mental perception of the kind of environment where company wants to reach, where company wants to be , that an organization aspires to create for future, to create enthusiasm in the members right of the organization that’s the purpose of having a vision statement isn’t it interesting right bacchalog, do remember vision is a roadmap of companies future where the company wants to reach, now let’s see here, now this is again for HDFC to be known as the best housing finance company right in India, now let’s see MT-EDU-care limited right what MT-EDU-care had is a vision statement that’s Great interesting yaa, global reach in education and training amazing isn’t it. ICAI to be known as a world class advisor right an institution, to recognize institution.

Bacchalog, important question, few firms or companies they don’t go for strategic management, this question comes for four marks, or may be limitations of strategic management right, firstly poor reward structure in spite of taking so much pain it’s not guarantee you are going to be successful, so no reward or may be poor reward structure possible, fire fighting, at the last moment you have to be very conscious right and you may even have to be on your toes sometime for conclusions for coming closer and closer towards your objectives, waste of time few of them feel it as it is a waste of time so they stay away from strategic management and few of them they feel its fire fighting, last moment may be try and change and find out something new to achieve goals.

Now kids, let’s see strategic management process or a model In this chart now here in very first step you can see we have to move just according to those numbers right which I have written down and sometimes it may even happen that you have to come back to that origin again, so let’s see the very first step of what environmental analysis right diagnose to find out you come to know what’s happening in the environment and based on that you develop strategic vision right and after developing strategic vision, define business mission or purpose that what we want to do and what are we right and after that we move to setting corporate objectives goals the next step formulation and evaluation of strategic options and choice of strategy, we come up with different, different plans to achieve those objectives or goals out of which we select best of the best and implementation of the strategy takes place, after implementation, monitoring and reveal of strategy will take place, right bachalog, we start again !!!!

First we do the diagnosis, we analyze the environment, after doing that we develop vision, after we come up with mission statement, after that we come up to setting up corporate calls, next formulation and evaluation of various strategic options and select the best, implement that strategy, monitor and reveal the same strategy, then next recycle the process and which may take straight to appraisal of internal capabilities which may take you to, right closer and closer towards yaa correct, right vision and sometime it may happen that you have to redefine mission right let’s see again monitoring and revealing strategy which takes you to recycling the process after that appraisal, right of internal capabilities

Hello bachha log now let see the naya module Mc Kinsey’s 7S matlab 7 right an alphabet “S” the frame work model which he gave in United States in 1970 for strategic management what did he say the very first strategy is what

1. Achieving purpose. Coming closer to your goals right and finally achieving those goals and finally again coming closer and closer to V for correct vision and even structure is important

2. Structure right where in hierarchical position one comes to know who is reporting to whom and we have done it in past number 3S

3. System with rules and regulations meant for every one number 4S

4. Develop people right more and more development is better for the organization 5S

5. Skills –Competence whether they are capable or not right so provide training and keep on increasing their skills

Bacchalog, let us understand strategic management, the strategic management is nothing but set of tools to achieve objectives to grab right to come closer and closer towards objectives, now the set of decisions actions resulting in formulation and implementation of strategies designed to achieve the objectives of an organization, so whatever you are doing, whatever your formulating all those strategies for achieving goals is called strategic management all your plans for coming closer and closer towards your goals, now strategic management is the process of forming a strategy, vision, right, so all those chairmen or chairpersons or CMD’s managing directors right, chairmen and managing directors have to form a V for vision then setting goals so that they come closer and closer to their vision, crafting different plans, strategies so they come closer to their objectives, implementation of those strategies right who’s job correct CMD or MD’s job then finally evaluating those strategies, initiative corrective adjustments whenever wherever needed and required , so in the vision, objectives and strategies and, right execution of those over a period of time, so bacchalog don’t forget forming a strategy that’s V for vision, what the company wants, where the company want to be then setting up some objectives or goals then crafting those strategies so that you attend those objectives then implementation of those strategies need to be checked then evaluation of those strategies and corrective adjustments need to be taken care off all these is done by managing directors right of the organization, do remember bacchalog, so in the vision right objectives to achieve goals and coming closer and closer to the vision, now process of strategic management, developing vision or mission statements, defining the goals and objectives so that your closer to your vision, baachalog, mission is what where you are right now ok and where you want to be that is V for vision, structuring business portfolio.