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