University of Cebu – Banilad

College of Business and Accountancy

BA 316 – Strategic Management

Essay – Chapter 2

Name: Angela B. Conde Class Schedule: 9:30 - 12:30

Course & Year: BSA 2 Date Today: June 19, 2020

1. Drucker says the most important time to seriously reexamine the firm’s vision/mission is when the firm is very successful. Why is this?

Reexamining the firm's vision and mission statement when the firm is very successful can effectively evaluate and
examine the strategies as the success of the firm and evaluate their desired goals and objectives they designed for
the attainment of their vision amd mission statement. When the firm is very successful, they will be able to assess
whether they successfully realized what they want to become and what their business really is. The can effectively
change their brand message through modifications in their product, marketing and strategic intent if there's a need
to.

2. Discuss the meaning of the following statement: “Good mission statements identify the utility of a firm’s products to its customers.”

Customers foresee what the firm can provide them through its mission statement. In relation to this, it is necessary
for the firm to identify their customer's needs and then supply them the product or service that carry off their desires.
The success of the firm relies upon the acceptance and acknowledgement from their customers.

3. Compare and contrast vision statements with mission statements in terms of composition and importance.

Both mission and vision statement are important for formulating, implementing, and evaluating strategyy. They not
just regulate the course of business and its workers but also help in marketing their brand to the customers. A mission
statement is important because it describes what a company wants to do now. It demonstrate the company's
business, its goals and the methods to reach its goals. On the other hand, a vision statement mirrors the desired
position of the company in the future or what a company wants to be in the future. In terms of composition, the
vision statement is short, preferrably one sentence while the mission statement is several sentences, and includes
nine components.