Categories: Virtual Experience Series
By: Wael Ramadan
Professor, Project Management and Strategy, Sheridan Institute of Technology and Advanced Learning
My recent session at the PMI Virtual Experience Series: 9 June addressed the need for organizations to continuously adapt and restructure to survive and grow. Strategic planning can be seen as the art of survival and something that all organizations in all industries need to do successfully. Some of the questions raised by attendees, along with my response, are included here.
Question 1: Do you think it was that Blockbuster could not adapt or do you think it was simply they could not adapt in time and in an efficient and timely manner?
Blockbuster’s response was too late. They tried to have by-mail service and online streaming, but the damage was already done. They struggled to compete with the new business models, and they failed at it. Following a wait and see approach in business strategy could be too late and too costly. Blockbuster even had an opportunity to acquire Netflix for ~ $50 M, but its CEO at the time turned this offer down. Netflix at that time was a DVD mailing service. Blockbuster’s success at the time blurred their vision. They missed the transformation, and it was very unforgiving.
Question 2: What's the difference between the mission and the vision?
The vision statement answers the question “what do we want to become?” and the mission statement describes our reason for being and it answers “what is our business?”
The vision usually comes first, it is a short statement that is comprised of a sentence or two. The mission is more elaborative, and it could be up to 150 words as it reflects the anticipations of the customers. It is broad enough and it appeals to diverse stakeholders. The mission statement allows for the generation of alternative goals and strategies.
Full presentations will be on demand through 31 January 2023. Visit PMI Virtual Experience Series 2022 for more details.