1) Mission Statement

The mission statement of a company is a declaration of what they do every day. It defines the
day-to-day activities of their work and every person who works for the organization contributes
to that mission. Think of it like the person who sets daily or weekly goals for themselves to
accomplish. It describes to employees and customers what is being done right now. It is present-
focused and can change very quickly depending on the circumstances of the business's market.

Vision Statement
A vision statement is a clear, definitive statement of what you want to accomplish, and what the
world will look like once you've accomplished your mission. Think of it as the perfect scenario
that you're working toward accomplishing. Also, knowing what is important in the community
you are working in is oftentimes extremely important in crafting a vision statement. Unlike the
mission statement, a vision statement is future-oriented. It provides a sense of what the company
values to those both inside the company and out. At times, some companies will use their vision
statement for public relations purposes.

the purpose for having mission and mission in accompany

Internally

 Guide management’s thinking on strategic issues, especially during times of significant

change
 Help define performance standards
 Inspire employees to work more productively by providing focus and common goals
 Guide employee decision making
 Help establish a framework for ethical behavior

Externally

 Enlist external support

 Create closer linkages and better communication with customers, suppliers and alliance
partners
 Serve as a public relations tool.

4) discuss the concept of portfolio planning and strategy

portfolio planning can be a useful tool. Portfolio planning is a process that helps

executives assess their firms’ prospects for success within each of its industries, offers
suggestions about what to do within each industry, and provides ideas for how to allocate
resources across industries. Portfolio planning first gained widespread attention in the
1970s, and it remains a popular tool among executives today.
 Strategic Portfolio Planning is the business process by which organizations determine
the set of innovation and new product development (NPD) investments they will fund—
and those they won’t—to achieve their business objectives.

5) The Boston Consulting Group (BCG) matrix is the best-known approach to portfolio
planning Using the matrix requires that each businesses unit owned by a firm be categorized
along two dimensions: its share of the market and the growth rate of its industry. High market
share units within slow-growing industries are called . Because their industries have bleak
growth prospects, profits from cash cows should not be invested back into cash cows but rather
diverted to more promising growth businesses. This is not to suggest that cash cows are not to be
carefully managed to ensure that the maximum total profits are not “harvested,” just that
investments decisions must be grounded in a different set of values for cash cows.

The BCG matrix is just one portfolio planning technique. A different technique, developed with
the help of a leading consulting firm for GE, is the attractiveness-strength matrix, which also
examines diverse activities. This planning approach involves rating each of a firm’s businesses in
terms of the attractiveness of the industry and the firm’s strength within the industry. Each
dimension is divided into three categories, resulting in nine boxes. Each of these boxes has a set
of recommendations associated with it.

The BCG matrix fits products into one of four categories. The placement is based on market
growth and market share. Each product falls into a different quadrant, which helps your business
decide how to deal with different products.

Dogs are products with low growth and low market share. These products are typically viewed
as a waste. Money gets tied up into these products, but they do not produce enough of a profit to
justify the investment.

Question Marks, also known as “Problem Child,” are products in a high growth market with
low market shares. These products are called question marks because it is unclear which way
they will swing. Will they rise into the Stars quadrant, or will they drop down to Dogs?

stars Products that are Stars have a high market share in high-growth markets. These products
have the potential to become market leaders. They can eventually become Cash Cows, a
quadrant that we’ll discuss next).

Cash Cows are products that have a high market share in low-growth market. These are products
that drive revenue for your business. These are the four quadrants of the BCG matrix. This
matrix can help you see where your products fall and help you decide how to proceed next.

8) strategic evaluation and control could be defines as the process of determining the
effectiveness of a given strategy in achieving the organizational objectives and taking corrective
action wherever required. and it is also the assessment process that provides executives and
managers performance information about program, projects, activities designed to meet business
goals and objectives.
the benefits of strategy evaluation and control is that

 it help to assess whether the decisions match the intended strategy requirements.

 through its process of control feedback, rewards and review helps in successful
culmination of the strategy management process

 it provides a considerable amount of information and experience to strategist that can be

useful in new strategy planning

 developing inputs for new strategic planning,

 the urge for feedback, appraisal and reward

 development of the strategic management process

 judging the validity of strategic choice.

 • They provide direction. They enable management to make sure that the organization is
heading in the right direction and that corrective action is taken where needed.

 • They provide guidance to everybody. Everyone within the organization, both managers
and workers alike, learn what is happening, how their performance compares with what is
expected, and what needs to be done to keep up the good work or improve performance. •

 They inspire confidence. Information about good performance inspires confidence in

everybody. Those within the organization are likely to be more motivated to maintain and
achieve better performance in order to keep up their track record. Those outside –
customers, government authorities, shareholders – are likely to be impressed with the
good performance