Vision and Strategy: Steering Modern Enterprises Towards Long-Term Success

Abstract

This chapter explores strategic management vision and planning as central to modern business management. It investigates the effects of a captivating vision, which helps in engaging the stakeholders and channeling the institution's efforts towards the achievement of strategic objectives. This chapter looks at the several strategy development techniques such as the SWOT analysis, PESTLE analysis, and the scenario planning to understand their usefulness in uncovering opportunities and threats. Propagation of strategic plans and management of emerging technologies including AI, machine learning, and blockchain are also done as well as supported with real life examples that give a feel of how firms get competitive advantage through technological application. Leadership in the implementation process is also underlined and demonstrations of various types of leadership to promote innovation and increase the degree of strategic alignment.