July 20th, 2013
Page 22 Questions 24, 25, 28, 30 and 37
24: Strategic Management is often referred to as the capstone course in business administration because it provides a way of “formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives.” This type of management requires skill and critical thinking in all aspects of the business to create a plan that will make the company prosper in the overall scheme. Because of the skills required in all areas of business, it is often referred to as the capstone in business administration classes.
25: Determining internal strengths and weaknesses. Since this questions is more of a personal question, I believe that the hardest part in strategic formation would be determining a company’s own strengths and weaknesses. Sometimes it so easy for us to look at our strengths that we often forget to look for and deal with our weaknesses. This also takes the longest process not only to realize, but ultimately to fix.
28: The importance of a vision and mission statements is vital to any organization. For a company’s vision, is having a purpose for the future; it will reflect the decisions that the company faces in the past, present, and future. In other words it will guide the company towards what it will want to be in the future. Mission statements are equally important, when sometimes the vision seems so far away, it’s a good reminder for the company as a whole, to look back on why this company was founded, how it started, and why it still exists for the present day.
30: There are many reasons why chief officers decide not to use strategic planning. However, the ones that I find are common are laziness, expensive, and a waste of time. Most managers I find don’t want to put forth the effort to streamline productions, services, or products. They also tend to find that strategic planning is far too expensive, because of the amount of time it requires and to implement.
37: In my opinion, enhanced communication is the best benefit of using strategic management. Lots of companies are not successful because they fail in the art and skill of communication. In order to make anything successful now days one must learn how to communicate well and effectively.
Page 55: Questions 11, 18, 19, 24, and 25
11: Mission statements and vision statements are both very important features to a company. However, both have differences as far as the purpose of them. For an example, the purpose of a mission statement is to give reasons to why the company exists. This gives the employees a better attitude that they are accomplishing a goal. Vision Statements give definition to a company. They show the employees, and clients the goals that they are working towards because of what they have envisioned for themselves in the future. Both statements are important to a company, and both help the attitudes, mindsets, and work ethics of the employees of a company to become better.
18: In my opinion the three most important features of a mission statement include: Philosophy, concern for employees and public image (customers), and products and services. I think as a Christian, Philosophy of my company would be the most important for me because it affects every decision I will make. Secondly, I would want my company to care about the employees and our clients concerns, issues, and life. I feel like when a company treats an employee well, in return that employee will be more productive for us. Likewise, if we treat customers with respects and fix any of their needs, they will want to continue to use us as their supplier, or etc. Lastly, I think it’s important to talk about products and services that we have and the quality work that we provide. Without these things, clients wouldn’t know where we stand as far as the variety of products and services produced, or even our customer service...
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