Two ideas for Strategic Management
Strategic management is a key management function that involves the formulation and the implementation of significant goals and activities taken by an organization’s top management for the interest of relevant stakeholders. The top management takes into account the organizations resources and conducts a thorough assessment of both environments (internal and external) within which the company operates. It provides the overall direction and requires the determination of the organization’s objectives, policies and plans designed to achieve these goals. This course equips the student with knowledge on the benefit that accrues from a well developed mission and vision statement. Mission statement describes the organization reason for existence (Seker, 2011). Various companies have a different motive depending on the purpose of the entity. Some make customers a focal point while others have a profit motivated purpose. Well developed mission guides employees and other stakeholders to know how well their duties align with the organizations objective .mission statement are critical guide to entity’s growth and prosperity. It has a positive impact on profitability, increases shareholder equity, enhances healthy work environment and customers are enthusiastically satisfied.
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Get Help Now!On the other hand, vision statement is future oriented. It declares the organization aspirations and purpose. It provides direction of the company for the next five to ten years while avoiding jargons on it in order to make it easy and precise to understand. The vision statement provides the base for the allocation of the organizations resources ensures unanimity of working environment contributes to the translation of the objectives into a work structure and achieves synergy. Vision statement also defines the organization’s values (Seker, 2011). The vision statement provides guidance for employee conduct and inspires them in achieving the set goals. Key strategic plans may require a ma……………………..
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