What is strategic management? What are the roles of mission and vision statements in strategic management? Can an organization have a successful strategic plan without effective mission and vision statements? Why or why not? “Strategic management involves implementing different strategies and evaluating cross-functional decisions that will enable an organization to achieve its long-term objectives. Strategic management is the process of specifying the organization's mission, vision and objectives, developing policies and plans, often in terms of projects and programs” (Mohochi, 2009, p. 3).
“A business mission is the foundation for priorities, strategies, plans, and work assignments. A Mission statement: tells you what the company is now. It concentrates on present; Vision defines where the organization wants to be in the future. It reflects the optimistic view of the organization's future. A Vision statement: outlines what a company wants to be. It concentrates on future. While an organization can have a strategic plan without a mission or vision statement, the plan is sure to be unsuccessful because it will lack direction which will reduce the organization’s potential for a competitive advantage” (Mohochi, 2009, p. 3).
What is the difference between mission and vision statements? What factors must be considered to produce an appropriate mission and vision statement for an organization? “Vision Statement describes the future. It tells where the company is going or where the company wants to go. While Mission Statements describes the present status: why the company exists today and / or what the company is doing to pursue its vision of the future. Together they provide direction for the business. The factors that must be considered to produce an appropriate vision and mission statement is keep it simple and to the point” (Mohochi, 2009, p.2).
What is strategic planning? What is the purpose of strategic planning? Why is it necessary? What are the...
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