...Enid K Bukambu Dr. Muscia Strategic MAnagement 01/17/2013 An argument supporting the importance of a strategic plan for the success of the defined business Strategic planning is critical to business success. Different from classic business planning, the strategic variety involves vision, mission and outside-of-the-box thinking. Strategic planning describes where you want your company to go, not necessarily how you're going to get there. However, like all other travel plans, without knowing where you want to go, creating details on how to arrive are meaningless. Strategic planning defines the "where" that your company is heading. Often confused with business operation plans, strategic plans are expressions of ownership dreams and visions of successful results (Pirraglia, 2012). The strategic plan displays the finished product or goal. Usually, in smaller businesses, strategic planning is focused on the overall company, not on a department or division (pirraglia, 2012). Envisioning goals and then defining strategies you'll embrace to achieve your objectives is the essence of strategic planning. Easy to overlook in a smaller business, strategic thinking identifies the methods you will take to reach your goals. For example, if you believe you must expand your e-commerce function to achieve increased sales volume, you've also identified the method to use your strategy and reach company goals. Save the specific steps and components for your business plan. By selecting the...
Words: 1257 - Pages: 6
...Assignment 1: Crafting and Executing Strategy BUS 599 – Strategic Management Strayer University October 20, 2013 Table of Contents Introduction 3 Mission Statement 3 Vision Statement 4 Key Objectives 5 Conclusion 5 Reference 6 Introduction The business world today is a complex network of companies who have similar goals and objectives in mind, primarily to make money for its owners and shareholders. In order to accomplish this, management is required to use various tools at their disposal, such as a mission statement, a vision statement, and strategies that provide the organization with direction as well as purpose. The aim of this paper is to discuss each of these tools and explain how a company can utilize them to establish a foothold in their perspective markets. For this exercise, the company that will be used will be the fictional company, Ross Technologies, which provides IT services to other businesses. This paper will present a mission statement, a vision statement, and key objectives for the company to follow to help ensure success. Ross Technologies is a company that offers high level IT services and provides its customers with services ranging from network implementation to developing and executing technical strategies to help them along in their prospective markets. It has been in operations for more than ten years and has a unique organizational culture. The company is traded on the New York Stock Exchange and employees 500 people....
Words: 981 - Pages: 4
...organizations towards developing strategic plans. Vision and mission statements are the cornerstone of a successful strategic plan. An organization vision statement may describe desirable and possible future state or long term aims of a company and is also a backdrop of a purpose and company’s strategy, itaffects key priorities and behavioral standards in a company(Dermol, 2012). Vision is viewed as a mental picture of a compelling future situation. It originates from creative imagination, the act or power of perceiving imaginative mental images, sort of foresightedness (Joachim, 2010). A clear and realistic vision will lead organizations towards success; it is the basis for right strategies and key priorities.The vision statement is an institution’s clear description of what it intends to become within a certain timeframe. The vision statement defines the institution’s strategic position in the future and the specific elements of that position with relationship to the mission statement, vision statements benefit the planning process by providing everyone in the institution with the same vision of the future. (Hinton, 2012) In the other hand, mission statement represents a more specific description of what an organization is seeking to achieve and how it will achieve. It also represents the organization's internal and external values. Developing a clear mission statement is a very important part in strategic planning.The mission should emphasize the main focus of the company and...
Words: 800 - Pages: 4
...CHAPTER 2 The Business Vision and Mission True/False Introduction 1. Vision and mission statements can often be found in the front of annual reports. Ans: T Page: 56 2. Although it is important for companies to have a clearly defined mission statement, research has shown that less than 50% of all companies have used a mission statement in the previous five years. Ans: F Page: 56 What Do We Want To Become? 3. The foundation for development of a comprehensive mission statement is provided by a clear vision. Ans: T Page: 56 4. The mission statement should be short—preferably one sentence. Ans: F Page: 56 5. When developing a vision statement, input should be received from as many managers as possible. Ans: T Page: 56 6. If an organization chooses to have both a mission and a vision, the mission statement should be established first. Ans: F Page: 56 What Is Our Business? 7. According to Peter Drucker, asking the question “What is our business?” is synonymous with asking the question “What is our vision?” Ans: F Page: 59 8. A declaration of an organization’s “reason for being” is the mission statement. Ans: T Page: 59 9. A mission statement, sometimes called a creed statement, can be defined as an “enduring statement of purpose that distinguishes one organization from other similar enterprises...
Words: 4016 - Pages: 17
...Assignment The mission statement addresses the following: What are our economic goals? What is our operating philosophy in terms of quality, company image, and self-concept? What are our core competencies and competitive advantages? What customers do and can we serve? How do we view our responsibilities to stockholders, employees, communities, environment, social issues and competitors? The Role of Top Management and the Importance of Company Policy Introduction to Business Policy Chief Executive – serves as the head and has the knowledge about the nature of the company. Responsibilities of the Chief Executive 1. Elaborate the major policies of the firm. 2. Define the objectives of the firm. 3. Develop strategies and the long-range plan for achieving these objectives. 4. Must develop an organization which most efficiently carries out the company’s strategic plan. 5. Must develop the operating policies which ease the burden of decision-making to carry out the plan. 6. Be involved in controlling the operations of the firm and in problem solving. Definitions 1. Major Policies Major policies (or “company” policies) deal with the firm’s fundamental nature, its identity, and the direction in which it is expected to move. They provide a framework within which the objectives can be established. 2. Objectives The firm’s objectives or goals (these are two terms used interchangeably) specify, usually in quantitative terms (e.g., dollars,...
Words: 2502 - Pages: 11
...Vision and mission statements play an important role in strategy development by providing vehicles to generate and screen strategic options. They also provide organizational identity and understanding of business directions. A vision is an attempt to articulate what a desired future for a company would look like. It gives the company direction and it's the basic premise for the success of the mission statement. It stretches the imagination and motivates people to rethink what is possible. A mission statement is a brief explanation of the organization's purpose. It tells who we are and what we are. Mission statements should articulate the principles that will guide the business and its employees to grow, advance, and prosper. Definition of Mission and Vision statement: A mission statement, or simply a mission, is a public declaration that schools or other educational organizations use to describe their founding purpose and major organizational commitments—i.e., what they do and why they do it. A mission statement may describe a school’s day-to-day operational objectives, its instructional values, or its public commitments to its students and community. Figure 1.1: Image of Mission and Vision A vision statement, or simply a vision, is a public declaration that schools or other educational organizations use to describe their high-level goals for the future—what they hope to achieve if they successfully fulfill their organizational purpose or mission. A vision statement may describe...
Words: 2130 - Pages: 9
...Topic 1: Business Organisation and Environment 1.3 Organisational Objectives • “If you don’t know where you are going, you’ll end up someplace else.” – “Yogi” Berra, Major League Baseball player and manager. Why do we need objectives? • • • • • • • • • Implement the mission/vision Focus for decision making Set target Motivate employees Have control over actual performance Provide criteria for evaluating performance Reduce uncertainty Provide sense of unity Positive image Hierarchy of Objectives Hierarchy of Objectives Mission and Vision • “Guiding Hand” • Written by senior management. Strategic Objectives • Practical Application of Mission • Allows lower management to make sense of the mission. Tactical Objectives • Elements of mission in practice • Day-today focus for all employees. Hierarchy of Objectives • Objectives run down, becoming more specific. • Overall objectives are replaced, with more relevant ones. • Hierarchy ensures consistency. Objectives • LO1: Explain the importance of objectives in managing an organization. • LO2: Distinguish between objectives, strategies and tactics, and discuss how these interrelate. Objectives • Traditional Objectives – Survival / Breakeven – Cost minimisation – Profit maximisation – Growth (market share) – Profit satisficing Market Share • Relating to this, what could some objectives be for these firms? • What was released on 29th June , 2007? • What does this chart look...
Words: 1103 - Pages: 5
...conclude from this objective? A. The company has a customer orientation B. The company does not adhere to the marketing concept C. The company is determined to satisfy customer needs D. The company wants to use a customer focused strategy 2. The process of planning and executing conceptions, pricing, promotion and distribution of ideas, goods and services to create exchange that satisfy individual and organizational goals is the definition of A. Marketing B. Management C. Strategic planning D. Accounting 3. Identify the marketing type which is designed to attract donors, members, participants or volunteers? A. Product B. Organization C. Place D. Cause 4. In large organizations, the marketing plans of individual departments are guided by A. Plans rolled out by the production unit B. Sales strategies of the marketing department C. Planning activities of the organizational units D. Strategic plans or blueprints for the entire organization 5. Which type of marketing would involve strategies to elect a political candidate? A. Product B. Service C. Person D. Place 6. The organization’s mission, objectives, strategies and its portfolio plan are the four major components of its A. Strategic plan B. Mission statement C. Sales strategy D. Marketing plan 7. _____ includes all the activities that lead to the development of a clear organizational mission, organizational objectives and appropriate strategies to achieve those objectives. A. Strategic planning ...
Words: 988 - Pages: 4
...often dream about goals they would like to accomplish, such as an end to drug abuse; every child being wanted, cared for, and nurtured; a home for everyone; peace in our lifetime. These are just a few of many people's visions for our community. Unfortunately, like many individual dreams, we think these objectives are too lofty and unattainable to ever be realized. But, in fact, realizing these dreams is possible. Look, for example, at our global success in eradicating small pox, or how far we have come since the 1950s in the United States towards reaching racial and gender equality. As Henry David Thoreau said over a century ago, "If you have built castles in the air, your work need not be lost; there is where they should be. Now, put foundations under them." Building foundations for your community dreams is what VMOSA, the strategic planning process that is the focus of this chapter, is all about. It's about groups of people deciding together what they want to accomplish, and how they are going to get there. What is VMOSA? One way to make that journey is through strategic planning, the process by which a group defines its own "VMOSA;" that is, its Vision, Mission, Objectives, Strategies, and Action Plans. VMOSA is a practical planning process that can be used by any community organization or initiative. This comprehensive planning tool can help your organization by providing a blueprint for moving from dreams to actions to positive outcomes for your community. In this section...
Words: 15343 - Pages: 62
...Second Draft for Marketing Plan Rodney Wilmore Keller Graduate School (Sherman Oaks) MM522 Instructor: Professor Phil Shaps November 14, 2011 Table of Contents 3.0 – Marketing strategy……………………….3 3.1 – Mission…………………………………...4 3.2 – Marketing Objectives ……………………5 3.3 – Financial objectives……………………..10 3.4 – Target markets………………………..…11 References….....................................................14 3.0 – Marketing Strategy The following section of the marketing plan is going to examine the major parts of the marketing objective. The mission will look at what the mission statement for EZ Duzz It LLC is. The mission statement is a clear description of what EZ Duzz It LLC represents and its purpose for existence. Our marketing strategy is based on becoming the resource of choice for people looking travel with their toddlers without the stress of extra luggage and kids running off. Our marketing strategy is based on superior performance in the following areas: * A practical product. * A quality product * Superior customer service. Our marketing strategy will create awareness, interest, and appeal from our target market for what EZ Duzz It LLC offers our customers. This section will look at the marketing objectives, financial objectives, and the target markets. The strategies that will be employed will be aimed at developing the need for this product by the target market. Initially, the price will be relatively low in order for there to be market...
Words: 2521 - Pages: 11
...A mission statement is precious tool to invent, exucute and expose the strategy of an organization. Genarally mission statements state the major purpose of company. According to Bart (1998) mission statement is an enduring statement of principle that exposes an organization’s product or service, markets, customers and philosophy. Mission the word itself describe some set of strategic plan which aims to achive target goal and objective within specific time. So mission statement of organization must carry the objectives and vision of company as well as the way to achieve those goals. Organizations overall background, aims,objectives, values,visions are included in mission statement. It is written in few words,single quotation,a sentence but...
Words: 754 - Pages: 4
...will address six issues facing CanGo that Team A collected from the week one and two videos. Strategic Management Consultants, Inc. will come up with actionable recommendations, number, and prioritize the solutions for each of the issues found (DeVry Week 2 Assignments). Methods The research for this assignment was collected through DeVry’s E-platform portal from our course e-shell in week one and week two video episodes. 6 Issues After reviewing the video episodes in week one and two Strategic Management Consultants, Inc. believes that the six issues facing CanGo are as follows numbered and prioritized in order of importance: 1. Lack of a proper Vision and Mission statement. 2. Lack of solid Strategic management process. 3. Lack of a proper SWOT analysis. 4. Lack of proper Goals and Objectives. 5. Lack of Project Management Software (Specifically Gantt Charts). 6. Lack of a proper Cost/Benefit Analysis. Discussion...
Words: 2511 - Pages: 11
...success ([Thompson & Strickland (1999)]). The importance of mission statements to the effective strategic management of business organisations is well documented in the literature. A mission statement is a general expression of the overriding purpose of an organisation that, ideally, is in line with the values and expectations of major stakeholders. Mission statements are often regarded as ‘enduring statements of purpose that distinguish one business firm from others’. Some theorists regard the organisation's mission as a ‘cultural glue’ which enables it to function as a collective unit. This ‘cultural glue’ consists of strong norms and values that influence the way in which people behave, how they work together and how they pursue the goals of the organisation ( [Campbell & Yeung (1991a)]). A well-designed mission statement is essential for formulating, implementing, and evaluating business strategy ( [David (2001)]). The role of the mission statement in the strategic management of business firms has not been sufficiently highlighted in the research literature. As [Campbell & Yeung (1991a)] note, regarding the mission statement ‘there is little research into its nature and importance’. Since this refers to the management literature generally, it is not surprising that minimal attention has been paid to the role of mission statements in the strategic management of tourism and hospitality organisations. A major objective of this paper is to remedy this apparent neglect. Specifically...
Words: 1712 - Pages: 7
...[pic] BBA-1 COURSE: 3 INTRODUCTION TO BUSINESS TEACHER: MISS SAMEERA ASHRAF ASSIGNMENT#4 SUBJECT: WRITE MISSION STATEMENT OF FIVE ORGANIZATION AND ANALYSE ONLY TWO OF THEM GROUP NAME: BLITHE WHAT IS MISSION? Mission describes an organization’s purpose (i.e. its basic function in society). Mission directs strategy, value and influences policies and standards of behaviour. STATEMENT OF MISSION: Purpose: Why does the company exist? a) To create wealth for shareholders b) To satisfy the needs of all stakeholders 1st ORGANIZATION BANK ALFALAH LIMITED (IN PAKISTAN) Bank Alfalah Limited is a private bank in Pakistan owned by Abu Dhabi Group. MISSION STATEMENT: “To develop & deliver the most innovative products, manage customer experience, deliver quality services that contributes to brand strength, establishes a competitive advantage and enhances profitability, thus providing value to the stakeholders of the bank” 2nd ORGANIZATION L’OREAL (IN FRANCE) The L’Oreal Group is the world's largest Cosmetics and Beauty Company in France MISSION STATEMENT: “At, L’Oreal we believe that everyone aspires to beauty. Our mission is to help men and women around the world realize that aspiration, and express their individual personalities to the full. This is what gives meaning and value to our business, and to the working lives of our employees.” 3rd ORGANIZATION 555 DESIGN FABRICATION MANAGEMENT (IN CHICAGO) 555 is a Design, Development...
Words: 1043 - Pages: 5
...approaches used in strategic planning. These include the mission, the objective, the strategies, and portfolio plan. The success of a company depends on the executive team and other employees’ hard work. Mission “A company's mission is a constant reminder to its employees of why the company exists and what the founders envisioned when they put their fame and fortune at risk to breathe life into their dreams.” (Mission statement toolkit, 2012) A company’s mission can be helpful for organizational development. An organization that examines its mission has a better chance to increase its purpose and productivity. Policy, management, and practice decisions originate with the mission statement. Owners and managers of companies should stress the importance of the mission statement to employees, which refines primary and measurable intentions of the organization. Strategic planning brings changes to the mission statement, which may shift the company in a new direction. (Ehlinger, 2012) Objectives Business objectives are a way for an organization to define its goals and management. A company uses different strategies at different levels of operation to attain its purpose. A company will distribute their resources through what strengths, weaknesses, opportunities, and threats it may have. Once applied, a business objective is not changed. Regulating a positive course for an organization is the key to success. A business objective shows what a...
Words: 1060 - Pages: 5
