BACHELOR OF BUSINESS ADMINISTRATION

BUSINESS ADMINISTRATION

STRATEGIC MANAGEMENT

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
A company’s strategic vision describes:
A
why the company does certain things in trying to please its customers.
B
management’s storyline of how it intends to make a profit with the chosen strategy.
C
management’s aspirations for the future and delineates the company’s strategic course and long-term direction.
D
what future actions the enterprise will likely undertake to outmaneuver rivals and achieve a sustainable competitive advantage.
Explanation: 

Detailed explanation-1: -A company’s strategic vision describes: management’s aspirations for the future and delineates the company’s strategic course and long-term direction. The real purpose of the company’s strategic vision: serves as management’s tool for giving the organization a sense of direction.

Detailed explanation-2: -A strategic vision thus reflects management’s aspirations for the organization and its business, providing a panoramic view of “where we are going” and giving specifics about its future business plans. It spells out long-term business purpose and molds organizational identity.

Detailed explanation-3: -Which of the following most accurately describes the distinction between a strategic vision and a mission statement? A strategic vision portrays the company’s future accomplishments; a mission statement describes the company’s present purpose.

Detailed explanation-4: -Definition: A strategic vision describes the achievable future state of an organization. The timeline for reaching the vision can vary from three to ten years or more. A strategic vision supports the organization’s mission statement and helps the organization and employees visualize the direction of the organization.

Detailed explanation-5: -The concept of strategic management reflects what a firm is doing to achieve its mission and vision as seen by its achievement of specific goals and objectives. A more formal definition tells us that strategic management “is the process by which a firm manages the formulation and implementation of its strategy.”

There is 1 question to complete.