Select three key ideas or facts from the textbook which you believe are most important for

a firm competing in a global market. Why are they the most important to the process?

I believe these are the vital points for any corporation for survival as well as growth in

the today competitive international market:

 To Grow and Sustain

It is essential for the company to have a mission statement, vision statement,

goals, beliefs as well as a smart approach to assess these goals. Moreover, it is as

well essential for the management to be able to commune these concepts to their

workers, vendors besides patrons efficiently and follow through. Furthermore, a

good leader will motivate the workers fruitfully to follow through mission as well

as vision statements.

 Measuring performance

In this part of text, the author deliberates the likeness of blind men as well as

elephant finding, where every individual identifies the info moderately, however,

fails to commune efficiently on how the whole picture is. Moreover, author

deliberates that the performance can’t be merely assessed in parts, however a

bigger picture must be deliberated, which comprises measurements and

benchmarks of performance. Furthermore, measures of performance comprise

balance score cards, financial analysis, measures of internal process, learning as

well as measures of growth, etc. Furthermore, benchmark of performance is

where the corporation as well relates itself with others counterpart corporations,
 which is a better indicator (Bryson & Edwards, 2018). In addition, this supports to

set imminent goals as well as realize one's market requirements.

 Competitive Edge

The competitive edge is the third idea, economic value creation (EVC) is the

difference among what a patron is keen to pay for the product as well as the cost it

appropriated to manufacture the product. Moreover, greater the EVC, the higher is

the competitive edge. Furthermore, products of Apple are best known for

competitive edge with utmost innovative product characters as well as good

service of customer.

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

As time progresses, demand of product’s changes, rivals come as well as go based on the

demands besides essential to supply better products and services increase but the change is

remained constant. Moreover, a strong leader who observes this change must set vision as well

as mission statements. In addition, these statements may remain the same, change or expand over

the time. Furthermore, a mission statement describes the corporation's business, its goals as well

as its method to reach those goals. On the other hand, a vision statement designates the

anticipated future position of the organization. In addition, elements of mission as well as vision

statements are often merged to stipulate a statement of the business's purposes, objectives besides

values. Though, sometimes the two terms are employed interchangeably. Furthermore, the

statements of vision and mission offer the workers of the corporation an overall focus of what a

corporation desires to accomplish. In Chapter 2 of the book Strategic Management, author

mention an illustration of Starbucks of how the former Chief Executive Officer Howard Schultz
rejoined the corporation as well as transformed the mission statement to: “to inspire and nurture

the human spirit—one person, one cup, and one neighborhood at a time” (Starbucks , 2022). In

addition, these statements disclose that what the company's presence means as well as what the

people of the company are working towards. Furthermore, it offers a new future as well as

supports the workers set objectives. The great leaders will be capable to support their team set up

SMART objectives, which means achievable, measurable, timebound, specific as well as

relevant (Prochazka, Vaculik, Smutny , & Jezek, 2018).

Analyze whether internal (company culture, firm’s resources, etc.) or external (government

regulations, competition, etc.) are the most relevant to a global firm’s vision and mission

statements.

In my point of view, together the internal and external measures are uniformly significant

as well as relevant to firm’s objectives, vision, and mission statements.

Internal Culture

If the internal factors such as workers do not believe in the vision and mission statements,

cannot be motivated by these statements, then they neglect to set objectives requisite for the

progress of the company. For instance, corporate mission of Apple is “to bring the best personal

computing products and support to students, educators, designers, scientists, engineers,

businesspersons and consumers in over 140 countries around the world” (Apple, 2022).

In the same streamline, Microsoft corporation purchased Nokia as well as had the finest

product. In comparison to Apple, the key emphasis of Microsoft was to compete against Apple,
however, not to Innovate. Moreover, this directed to the decease of Nokia, who was a primary

manufacturer of mobile phones during the inception. In view of the above, it was the internal

culture of competition, rather than the innovation as well as creativeness that killed Nokia after

takeover of Microsoft.

External Culture

It is vital for the international corporations to work with local societies to make sure they

fulfil the local patron’s demand. As an example, Mcdonalds doesn’t have beef and pork on their

menu in Muslim as well as Hindu populated states not to offend the feelings of the people.

Moreover, Netflix produced shows based on the comforts of regional societies. The mission

statement of Netflix is “We promise our customers stellar service, our suppliers a valuable

partner, our investors the prospects of sustained profitable growth, and our employees the allure

of huge impact” (Netflix, 2022). As an example, if Netflix merely plays Hollywood movies,

much of the people in Asian countries does not like to watch Hollywood movies, making a

market damage for Netflix. In addition, they must produce shows that concern the local people to

keep up with the rivalry like Bollywood. Therefore, the mission statements inspire the workers of

each region to set an objective to keep up with external factors such as Government regulation as

well as regional sentiments.

Even though together the internal as well as external factors are equivalently significant,

internal factors are somewhat that a company may accomplish, on the other hand the external

factors are somewhat to deal with based on internal factors such as contacts, money as well as

workers available.
Bibliography
Apple. (2022, 6 28). Apple - Official Site. Retrieved from http://www.apple.com/my
Bryson, J. M., & Edwards, L. H. (2018). Getting strategic about strategic planning. Public
Management Review, 317-339.
Netflix. (2022, 6 28). Netflix - Watch TV Shows Online, Watch Movies Online. Retrieved from
https://www.netflix.com
Prochazka, J., Vaculik, M., Smutny , P., & Jezek, S. (2018). Leader traits, transformational
leadership and leader effectiveness: A mediation study from the Czech Republic. Journal
of East European Management Studies.
Starbucks . (2022, 6 28). Starbucks Coffee Company. Retrieved from https://www.starbucks.com