Strategic Vision, Mission And Core Values

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3 Strategic vision, mission and core values The first stage in the strategic management process, is determining the long term strategic direction for the company (the vision), the purpose of the company (the mission) and core values for employees to portray to achieve long term growth and a sustainable competitive advantage (Thompson et al. 2016). This section assesses the appropriateness of the vision, mission statement and statement of values for TJG and suggests potential improvements. 3.1 Vision statement A strategic vision should articulate the future direction management aspires the company to head and map an appropriate path to follow that is clear for all stakeholders (employees, customers, shareholders, suppliers) to ensure everyone is steered in the same direction (Thompson et al. 2016). TJG’s vision statement is currently ‘The Just Group – Australasia’s most exciting fashion and apparel retailer’ (Just Group 2015). This vision statement is no longer appropriate for the company since the acquisition of Smiggle in 2007. Smiggle one of TJG’s key growth brands specialises in children’s stationary, hence does not fit the ‘apparel’ component of the vision statement. It is also currently trading in Australia, New Zealand, United Kingdom and Singapore with plans to launch in Malaysia and Hong Kong, therefore the ‘Australasia’ component is also outdated. The vision statement has not been revised in light of new opportunities. Therefore it is recommended for TJG management to reinvigorate the vision statement so that it is more relevant for where the company is headed in the future. The vision statement should paint a clear picture of where the company wants to head and describe the strategic course to get there making sure... ... middle of paper ... ...short term and long term strategic and financial objectives providing management with a balanced view on how the company is performing (Thompson et al. 2016). Figure 2 places each of TJG objectives in the relevant quadrants of the balanced scorecard. Figure 2: TJG current balanced scorecard Source: Created for this assignment based on information from PIL Annual Report (2015). It is no surprise that all six objectives fit into the financial category given that setting and achieving financial targets is vital for the long term survival of a company, however equal importance should be placed on the company’s strategic objectives (Thompson et al. 2016). The balanced scorecard shows that the current objectives place no emphasis on learning and growth. In addition well stated objectives should also be SMART (specific, measurable, achievable, realistic and time-bound).
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