1. Is the vision statement effective? Justify your answer referring to checked characteristics of effective vision statement.
Vague or incomplete Not forward-looking Too broad Bland or uninspiring Short on specifics about where the company is headed or what the company is doing to prepare for the future. Doesn't indicate whether or how management intends to alter the company's current product/market/customer/technology focus. So inclusive that the company could head in most any direction, pursue most any opportunity, or enter most any business. Lacks the power to motivate company personnel or inspire shareholder confidence about the company's direction or future prospects Provides no unique company identity; could apply to companies in any of several industries (or at least several rivals operating in the same industry or market arena). Doesn't say anything specific about the company's strategic course beyond the pursuit of such lofty accolades as best, most successful, recognized leader, global or worldwide leader, or first choice of customers. Not distinctive Too reliant on superlatives Sources: Based on information in Hugh Davidson, The Committed Enterprise: How to Make Vision and Values Work (Oxford: Butterworth-Heinemann, 2002), Chapter 2; and Michel Robert, Strategy Pure and Simple Il: How Winning Companies Dominate Their Competitors (New York: McGraw-Hill, 1998), Chapters 2, 3, and 6. VISION To be the leading insurance Company in Oman where leadership is measured in terms of: asured Profitablility olders for its stakeholders Satisfaction for its customers for its Commitment to its employees Graphic Directional Focused Flexible Paints a picture of the kind of company that management is trying to create and the market position(s) the company is striving to stake out. Is forward-looking; describes the strategic course that management has charted and the kinds of product/market/customer/technology changes that will help the company prepare for the future. Is specific enough to provide managers with guidance in making decisions and allocating resources Is not a once-and-for-all-time statement-the directional course that management has charted may have to be adjusted as product/market/customer/technology circumstances change. Is within the realm of what the company can reasonably expect to achieve in due time. Indicates why the direction makes good business sense and is in the long-term interests of stakeholders (especially shareowners, employees, and customers). is explainable in 5-10 minutes and, ideally, can be reduced to a simple, memorable slogan (like Henry Ford's famous vision of “a car in every garage”). Feasible Desirable Easy to communicate Source: Based partly on John P. Kotter, Leading Change (Boston: Harvard Business School Press, 1996), p. 72.