Strategic Management in Barclays Bank Case Study

Strategic Management in Barclays Bank - Case Study Example The term future here implies a minimum of 20-years, implying the importance of long term thinking of where the firm wants to be. Mission: Hill (2006) states that a mission statement is rather the short term spot that the firm aims to achieve in the time of few years, generally a 5-year plan. Mission statement is generally derived from the vision, and is also assumed as a subset of the same. Goals & Objectives: Hunger (2006) states that goals and objectives are the further derived version, generally obtained from the mission statement defining the milestones that would ultimately lead to the achievement of mission. Corporate Strategy: Corporate strategy is defined by Lamb (1984) as the overall strategy of a diversified firm that is indulged in various businesses, and aims at creating synergy amongst all, moving ultimately towards the organizational vision. In accordance with Peterson (2006), the relationship between these six elements is fairly simple; Vision is the ultimate aim of the organization, around 20 years down the road, so to speak. Mission is the subset of vision, defining where the firm needs to be 5 years down the road, to achieve the vision in 15 years from then, and the goals and objectives are further short term in nature like annualized aims for a firm. Business strategy, at the same time, is the strategy that a single standalone unit deploys, while functional strategy is the grounds level strategy. This implies a strong relationship present amongst the 6 variables. For example, the vision of my organization is to be the market leader and be the first consumer preferred brand in the respective industry. Their mission is to attain a 20% market share by the end of the year 2012; this mission was established two years back and is expected to be revised. The goals and objectives are mainly to achieve customer satisfaction and provide the best quality of products and services. We only have a single unit operating to the business strategy is the corporate strategy i.e. product differentiation i.e. providing differentiated product for a price elastic consumer market. The functional policy is to retain good and competitive human resource that can lead the way for customer satisfaction. If critically analyzed, the sentences here clearly illustrate their inter connection with each other also showing how well these elements need to be tied up. Another example can be given of Barclays; their vision is to build a world-class organization - highly subjective in approach and very broad statement, capable of churning up any progress that they make towards becoming great. Their mission is to be innovative and customer-centric organization, contributing to people, their careers, and their lives.