BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Macro-Shocks and industry forces
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Crossing borders and new ventures
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Growth, profitability, operational effectiveness, long term investments
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Vision, mission, core values, objectives, strategy statements
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Detailed explanation-1: -A strategic vision statement supports the mission statement, but is more tangible. It describes an achievable future state of an organization-exact timelines may vary, but typically range from three to 10 years. This statement should help you and your employees visualize where the organization is headed.
Detailed explanation-2: -A strategic management process helps an organization and its leadership to think about and plan for its future existence, fulfilling a chief responsibility of a board of directors. Strategic management sets a direction for the organization and its employees.
Detailed explanation-3: -The mission statement communicates the purpose of the organization. The vision statement provides insight into what the company hopes to achieve or become in the future. The values statement reflects the organization’s core principles and ethics.
Detailed explanation-4: -The strategic plan needs to include a Mission Statement, Objectives, Goals, and an Action (or Implementation) Plan. This is the agreed-upon statement by the organization and explains the reason for its existence. It is necessarily broad to encompass the diversity within the organization.