Company Vision and Mission “ WHICH ROAD DO I TAKE?," Asked Alice "WHERE DO YOU WANT TO GO?“ Responded the Cheshire Cat "I DON'T KNOW," Alice Answered. "THEN IT DOESN'T MATTER,” said the Cat. “IF YOU DON'T KNOW WHERE YOU ARE GOING, ANY ROAD WILL GET YOU THERE.”

What Is Strategic Management? Strategy is how the firm generates profits by creating value for the marketplace Strategy is how the firm will achieve its vision, mission, and goals.

Two Fundamental Elements of Strategy Strategy is about change: adapting to continual change in the external and internal environment Strategy is about distinction: being different from rivals – performing different activities or performing similar activities in different ways.

Strategy Process Vision Mission Values SWOT Evaluation Strategic Plan Strategic Objectives Strategic Implementation Strategic Control

Vision Statement Inspiring Long-term Driven by and evokes passion Broad; Overarching; Brief Fundamental statement of the organization’s Values Aspiration Goals Why does the company exist?

3M: To solve unsolved problems innovatively Cargill: To improve the standard of living around the world Hewlett-Packard: To make technical contributions for the advancement and welfare of humanity Lost Arrow Corp: To be a role model and a tool for social change Mary Kay Cosmetics: To give unlimited opportunity to women Merck: To preserve and improve human life Wal-Mart: To give ordinary folk the chance to buy the same things as rich people Walt Disney: To make people happy

Mission Statement Unique purpose of the company Basis of competition and competitive advantages More specific than vision Focused on the means by which the company will compete What does the company do?

It is the mission of Advance Auto Parts to provide personal vehicle owners and enthusiasts with the vehicle related products and knowledge that fulfill their wants and needs at the right price. Our friendly, knowledgeable and professional staff will help inspire, educate and problem-solve for our customers. Ecolab’s mission is to be the leading global innovator, developer and provider of cleaning, sanitation and maintenance products, systems, and services. As a team, we will achieve aggressive growth and fair return for our shareholders. We will accomplish this by exceeding the expectations of our customers while conserving resources and preserving the quality of the environment. CVS will be the easiest pharmacy retailer for customers to use.

The purpose of the Cooper Tire & Rubber Company is to earn money for its shareholders and increase the value of their investment. We will do that through growing the company, controlling assets and properly structuring the balance sheet, thereby increasing EPS, cash flow, and return on invested capital. We will provide branded products and services of superior quality and value that improve the lives of the world's consumers. As a result, consumers will reward us with leadership sales, profit, and value creation, allowing our people, our shareholders, and the communities in which we live and work to prosper.

Values Statement Statement of ethical priorities Guidelines for norms and decision making Standards of behavior and practices Basis for moral courage How do we behave?

Strategic Objectives Operationalize the mission statement SMART(S) Indicates strategic intent – BHAG Strategic v Financial Long-term v short-term S stretch What will we strive for?

Stakeholders Firm Stakeholders Any individual or group who can influence or is influenced by the operations of a firm

Strategy Process Vision Mission Values SWOT Evaluation Strategic Plan Strategic Objectives Strategic Implementation Strategic Control