Views on Strategic Planning from Inside the Top of the Tower; Some Comments from Key Planners on How Their Companies Encourage People to Think Ahead

American Banker, June 11, 1984 | Go to article overview

Views on Strategic Planning from Inside the Top of the Tower; Some Comments from Key Planners on How Their Companies Encourage People to Think Ahead


COMMUNICATION IS CRITICAL TO SUCCESS

Robert P. Rittereiser, Executive Vice President, Strategy and Finance, Merrill Lynch & Company, Inc., New York

Stimulating people to think and act strategically first requires a pragmatic strategy. Within this context, the mission, positioning, priorities, and critical path must be clearly communicated to line managers who implement the strategy. Finally, strategic management is stimulated by including issue analysis and multi-year planning objectives in performance reviews. SEEKING THE EDGE ON THE COMPETITION

Wendy Peter Abt, Director, Strategic Planning, Bank of Boston

Strategy is a series of activities which, sequenced properly, seeks to obtain advantage (hopefully, lasting) against competitors. Sound strategy requires clear purpose. Heed reality; recognize its dynamic nature. Interpret information about customers and competitors wisely and purposefully; don't becomd mesmerized or bogged down. Be imaginative. Unique insight into financial service markets and products builds sustainable competitive advantage and strengths. Keep score. If a strategy fails to raise stock price, you're drifting. Finally, do not bother if your CEO and key line managers are not the real strategic planners in your institution. A COMMON PURPOSE SHARED BY THE STAFF

Thomas F. Chapman, Executive Vice President, First National Bank of Atlanta

Corporate strategies must be fluid, driven both by the market and emerging opportunities. Against the tapestry of broad corporate strategies, we have been most successful in motivating employees to think opportunistically. Our driving force has been the sense of common purpose shared by employees. Their response places us in a stronger position to take advantage of strategic opportunities facing the bank. THE NEED TO GET OUT OF THE HOTHOUSE

Charles B. Hintz, Vice President, Corporate Development & Finance, Northern Trust Company, Chicago

In too many banks, strategic planning has become an "ivory tower" exercise in which isolated staffs produce analyses in an endless search for the perfect plan. It is unlikely that strategies developed in such "hothouse" environments will ever be implemented. At Northern, we have found that new corporate directions can best be established when the chief executive takes personal control of the strategic planning effort. It is through this personal involvement that the commitment to a new corporate direction develops. In our recent planning effort, a continuing dialogue with senior management provided the guidance and operating perspectives to develop a shared vision for the future of Northern Trust. This vision was then communicated throughout the institution and its implementation ensured by the continuing support of management and by a reward system which encourages progress towards the goals of the plan. GETTING THE INPUT TO UPSCALE OUTPUT

John B. Olsen, Senior Vice president, Mellon Bank, Pittsburgh

In brief, strategic planning adds value to the management of an enterprise by providing the means for timely strategic decision-making and consequent resource allocation that will shape the future of the business. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Views on Strategic Planning from Inside the Top of the Tower; Some Comments from Key Planners on How Their Companies Encourage People to Think Ahead
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Author Advanced search

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.