The purpose of strategy in any for-profit firm is to position the team members to achieve better, more sustainable returns than the competition, hence capturing a unique competitive advantage.
Doing so requires the firm to satisfy shareholders’ expectations over both the near and longer term. Ultimately, business strategy is about winning in competitive markets, hence the need to strategize to succeed
VISION, MISSION and CORE Value StatementsMany organisations tend to get their high-level statements of vision, mission and core values mixed up. Setting them out clearly defines everything about a firm and helps build the brand, image and perception the executive leadership wants to portray both internally and externally.
The Balanced ScorecardRobert Kaplan and David Norton introduced the concept of a balanced scorecard in a Harvard Business Review article in January 1992. The concept was based on research Norton had done as a practice leader at KPMG.
The balanced scorecard is a strategic management system designed to connect higher level, strategic objectives into day-to-day practical measure that can quantify the implementation and success of the strategy.