Title of Paper: Written Assignment Week 2

Student Name (Anonymous for Written Assignments)

BUS 5117: Strategic Decision Making and Management

Dinesh Tandon (Instructor)

Date 14/9/2022
Introduction

According to David (2011) strategic management can be defined as the evaluation process,

planning, and implementation developed to sustain or enhance competitive advantage. The

Evaluations; are concerned with the external and internal environments. Planning; concerns

developing business models, corporate direction, competitive tactics, multinational strategy,

acquisitions, and collaborative action; The implementation phase requires leadership to build the

appropriate organizational structure, develop a management culture, control the strategic

processes, and steer the organization through corporate governance. (Wheelen & Hunger, 2012)

Three key facts I believe are most important for a firm competing in a global market.

Competitive advantage

Strategic management is all about gaining and maintaining a competitive advantage. We can

define this term as “anything that a business does extremely well compare to competitors.” When

a company can do something that competitors cannot do or owns something that rival businesses

desire that can represent a competitive advantage. (David, 2011) Also, having fewer fixed assets

than competitors can provide good competitive advantages in a global recession. For instance,

Apple has no manufacturing facilities, and its competitor Sony has 57 electronics factories.

Apple relies just on contract manufacturers for the production of all its products. While Sony

owns its plants, Less fixed assets have enabled Apple to remain financially lean with virtually no

long-term debt. (Wheelen & Hunger, 2012)

Strategists

Strategists are the individuals who are most responsible for the success or failure of an

organization. Strategists have various job titles, such as chief executive officer, president, owner,

entrepreneur, dean, and director. Strategists assist an organization gather, analyze, and organize
information. They follow industry and competitive movements, develop forecasting models and

scenario analyses, evaluate corporate and divisional performance, spot emerging market

opportunities, identify business risks, and develop creative action plans. (David, 2011)

Long-Term Objectives

in research from Hill & Jones (2008) defined objectives as specific results that an organization

seeks to achieve in pursuing its mission. Objectives are Long-term purposes for more than one

year and are essential for organizational success. Because objectives state direction, aid in

evaluation, create synergy, reveal priorities, focus coordination, and provide a foundation for

effective planning, organizing, motivating, and controlling activities. Objectives should become

measurable, consistent, and reasonable. A multidimensional corporation should be established

for the overall company and each division.

What role does a strong leader play in vision and mission statements?

Leaders are the linchpin in the strategy-making process. Managers take responsibility for

formulating vision and mission statements to attain the organization’s performance and put

strategies into effect. Managers must lead the strategy-making process. (Hill & Jones, 2008)

General Managers bear responsibility for the overall performance of the company or one of its

major self-contained subunits or divisions. Functional managers are responsible for supervising a

particular function which is a task, activity, or operation like accounting, marketing, research and

development, information technology, logistics, and so on. Developing a vision and mission

statement compels managers to think about the nature and scope of present operations and assess

the potential attractiveness of future markets and activities. (Hill & Jones, 2008)
Additionally, Managers are constant reminders to their employees of why the vision and mission

statements of the organization exist and what the CEO envisioned when they put their fame and

fortune at risk to breathe life into their dreams. (Hill & Jones, 2008)

Analyze whether internal (company culture, company resources, etc.) or external

(government regulations, competition, etc.) are the most relevant to a business vision and

mission statement.

Company culture has relevance to its vision and mission statements; because organizational

culture starts with a vision or mission statement. These simple turns of phrase guide value and

provide it with purpose. That purpose, in turn, orients every decision employees make. When

they prominently articulate good vision statements can help orient customers, suppliers, and

other stakeholders. (David, 2011)

The company’s mission statement is the core of its culture. While a vision statement articulates

a company’s purpose, values offer a set of guidelines on the behaviors and mindsets needed to

achieve that vision. For instance, a company’s mission statement must articulate values

prominently communicated to all employees and involve the company's vows to serve clients

and uphold professional standards. (David, 2011)

Similarly, external factors that affect an organization’s vision and mission statement include; The

ideology of the society because it’s the belief and judgment scale for choosing the best code of

conduct. Ideology defines the nature of businesses, inspires, controls, and guides an institution’s

vision and mission statements. (David, 2011)

References

David, F. R. (2011). Strategic management : CONCEPTS AND CASES (13th ed.). Prentice Hall.

Wheelen, T. L., & Hunger, J. D. (2012). Strategic management and business policy: Toward

global sustainability (13th ed.). Pearson Education, Inc.

Hill, C. W. L., & Jones, G. R. (2008). Strategic management: An integrated approach (9th ed.).

South-Western Cengage Learning.