Jane Maxeil D.

Maquiso
Date: July 19, 2021
Chapter: TOUR 304 Chapter 1

SELF-EVALUATION 1
1. Provides overall direction by developing plans and policies designed to achieve
objectives and then allocating resources to implement the plans. It is also the on going
planning, monitoring, analysis and assessment of all necessities an organization need
to meet its goals and objectives. Strategic management is for organisations to gain a
competitive edge over their competitors.
2.
3. Time horizon often referred to as investment time horizon, is the timeframe over
which an investor would stay invested in a scheme. Time horizon is the period after
which an investor would pull out their investments. The longer a time horizon, the
riskier it is. In this context, risk usually refers to exposure to the stock market. If the
stock market takes a dip, a longer time horizon allows more time for the portfolio to
recover.
4. To determine the effectiveness of an organisation, that organization should showcase
efficiency and effectiveness. Efficiency relates to the activity and operations
performed by the organisation. Example of organisational efficiency are methods,
procedures, rules, policies and others in order to keep things right in the organisation.
While effectiveness relates to activities and operations being able to perform things
correctly means that the organisation is doing things right. Together, this two will
determine an organisation’s effectiveness.
5. Innovation in strategic management in an organisation processes plans in reinventing
and redesigning its strategies to drive customers, and create competitive advantages.
Innovation can help organizations by being able to offer goods and services that
consumers are able to believe to be better than those being offered by competitors.

SELF-EVALUATION 2
1. A strategy is a long term plan on what to do to achieve a certain goal. It is also a
systematic process use to help a business achieve ambitions and determine the best
way to achieve it. While strategic planning is more on actions to set overall goals for a
business and execute plan to achieve it. And lastly, strategic management provides
overall direction by developing plans and policies designed to achieve objectives and
then giving or allocating resources to implement the plans.
2. Vision is the goal of the company or there vision of there ideal look of there company.
Having a vision is what drives everyone to work and improve in order to reach their
set goals. Mission is the purpose of the company. A mission is what a business wants
to deliver it’s customers and a mission sets a business apart from other organisations.
While values sums up what a business stands for. Values help a business determine
what is important and helps drives the business on how to do things. And lastly,
strategy is the execution of a business mission and values in order for a business to
function properly and reach and achieve what they envision their business to be.
3.

SELF-EVALUATION 3
1. Building the brand/franchise
Brand is a name , design, or symbol that identifies one seller’s goods or services
as a distinct from those of other sellers. A brand name can create and stand for
loyalty, trust, faith, and market appeal. Building a brand is important not only
because it makes memorable impression on consumers but it allows your
customers and clients to know what to expect from your business. Example of
successful brands are jollibee, LG, Apple, and others.

2. Increasing customer value

Customer value is the perception of what a product or service is worth to a
customer versus the possible alternatives. Example of customer value are the
quality of your product or service, the ability to provide a better solution, your
brands reputation, customer’s experience and more.

3. Achieving operational excellence

Operational excellence is achieved when every member of an organisation can
see the flow of value to the customer and fix that flow before it breakdown.
Example of being able to achieve operational excellence are growing employee
engagement in operational excellence efforts, increasing skill training and
maximizing employee productivity.

4. Being a good corporate citizen

A good corporate citizen means being guided by strong moral and ethical
standards in daily interactions with customers shareholders, and employees.
Example of having good corporate citizenship is being able to create a
balance between the needs of shareholders and the needs of the community
and the environment in the surroundings.