Review Questions

Topics: Strategic management, Strategic planning, Management Pages: 4 (905 words) Published: December 26, 2013
Chapter 3 - Review Questions

Strategy and purpose

1) In your own words explain what is meant by: vision, mission and goals. Vision – it is an aspirational view of what the company will be like in the future. It is a detailed description of how things will be when the organization eventually reaches its destination.

Mission – A mission statement answers the question “Why do we exist?” and expresses the company’s purpose both for those in the organization and for the public. It identifies the organizations reason for being and may define the organizations primary customers, the products and services that they produce. Purpose is to communicate what the company stands for and where it is heading.

Goals – is basically what the organization aims to achieve in future, perhaps to increase revenue, profit, reputation and loyalty to the public.

2) Discuss their role on strategy formulation.
The vision, mission and goals play a great part when organizations formulate their strategy for the long term direction as it will help to identify the implementation steps, the planning, coordination, collaboration, communication and control that the company will need to do in order to achieve the main goal of their organization.

3) In your opinion, what should be the starting point for strategy formulation be? The competitive advantage from the resource and capabilities of the organization will be the starting point of strategy formulation. Organizations identify how they differ from their competitors and design such strategies to exploit such differences, as strategy is about being different and this will help in formulating long term direction, scope of the organization and aiming to achieve advantage in a changing environment.

International strategy

1) What is the difference between global and multi-domestic strategy? Global Strategy – assumes a single market and offers a standard product to meet customer needs wherever they are located. This is a...
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