Strategic Decision Making and Management

Written Assignment Unit 2

Strategic Decision Making and Management

‘’ Global Market Requirement’’

MBA, University of People

BUS 5117-01 - AY2023-T2

Dr. Tahemina Pathan

November 21 2022

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Strategic Decision Making and Management

A global operating company market can already be classified as strong because its structure is

developing from the local market, due to advances in information systems and technology. At the

strategic level, the company requires clarifying its vision, mission and goals in order to

successfully establish and implement all of the company's operations. It describes the vision as

an expectation or desire that the organization has for the future and acts as a pivot on which the

strategies will follow. The identity assertion that the organization must achieve is called purpose.

Corporate goals guide the company's employees and other stakeholders toward realization of the

vision and commitment to purpose (Kennedy, 2020). The important ideas and facts associated

with the vision, mission, and goals for success in the global market will be analyzed in this

article, as well as the roles of the great leader in shaping the mission and vision statements and

the elements most likely to be relevant to the previous statements.

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?

There are three main concepts in the article that the author believes are most important to a

company competing in a global marketplace. In the author's humble opinion: -

 Developing mission and vision statements is part of the policy design aspect of the

strategic management process.

 The vision and mission should tell the reader everything about the future.

 The vision is to be as clear as possible. (Papulova, 2014).

The importance of the function of the mission statement cannot be overemphasized, as the

resources and efforts of the company and its stakeholders will undoubtedly depend on its validity

in reflecting the current state of the organization and the true consideration of achieving the

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vision. The mission statement not only guides actions and strategies, but it can also be modified

if unforeseen circumstances occur, such as a lack of resources (Meacham, 2008).

The vital requirement of SMART goals (Specific, Measurable, Achievable, Realistic and Time-

bound) to build a fair realization of a company's aspirations through its vision and mission is the

third fact that will undoubtedly be valuable to a company in a competitive market. When the

SMART goals criteria are considered individually, they all reflect a situation as close to reality as

possible, which means that SMART goals are far from ideal. SMART goals are important

because their results are predictable and are more likely to be achieved. Strategies will emerge

once goals are set.

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

A strong leader will simply be the spark that ignites the fires of consciousness and combat, or

the shield that protects the blazing fire. The leader's personality will be evident in every area of

their communications as well as their level of involvement in initiatives or the organization as a

whole. However, leaders often help formulate vision and mission statements while gathering all

collaborators' input to ensure that new perspectives on a problem are constantly available.

This defines the roles that strong leaders play in crafting vision and mission statements. here they

are: -

- A strong leader must think beyond the horizon in order to come up with a good

vision/message statement. It portrays focus and discipline in ideas which helps them

focus the company on one organizational idea that unites and directs all directions.

- Find out how the company will use its resources to achieve its goals. So the leader has to

make choices about which opportunity costs to take.

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- The leader must ensure that the statement is easy to understand, easy to remember,

inspiring, positive, challenging, and future-oriented, and he must also identify the

organization and its employees with the statements.

- Leaders have primary responsibility for implementing the vision/mission statement.

While this process may involve discrete tasks, a strong leader must build an organization

to implement the strategy. This involves both organizational culture and capacity.

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

It would be reasonable to assume that vision and mission statements are primarily influenced by

internal variables such as organizational culture or company capabilities, but external elements

are also important. It may be unacceptable to simply express the most important external or

internal variables, but vision and mission statements should always be developed taking into

account the company's dynamic capabilities, which relate to the flexibility of resources to

changes in the environment (Teece, et al., 1997).

Internal Factors

Company culture can also be referred to as company values. It is critical to align the vision and

mission with the company's values/culture. This is because it helps ensure that all employees are

working towards the same direction/goals, since the vision and mission statements are future-

oriented. An imbalance may lead to failure to achieve these goals.

Designing a vision and mission statement regarding the company's resources helps it be realistic.

Statements must be drawn up in a realistic manner so that their achievement is inspiring and

pushes the company to new stages. Consideration of the internal factor can also be overwhelming

because it requires employee involvement. This may provide motivation to push towards goals.
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External Factors

Aligning vision and mission with external factors can be a great move for a company, and this

comes with sheer realism and an understanding of possibilities. Considering the competition

when starting with this data helps the company to realistically make inspirational/motivational

and challenging proposals in the data. In addition, consideration of government decisions helps

the organization to express its wishes for the future in a legal manner.

Both the consideration of internal and external factors is important. However, it is always

important for an organization to focus on things it can control (internal factor) such as its culture

rather than things it cannot control (external factors).

Conclusion

The organization's vision, mission and goals are crucial to managing the strategies to be

implemented. It is the responsibility of leaders to ensure collaborators embrace the statements so

that there are no delayed objections after the organization has announced its vision and purpose.

Even if adaptability and simplicity are the key stages in strategy formation, knowing what

aspects will be covered in creating vision and mission statements should immediately include

them. It is very important to understand the global mission data. This knowledge, if properly

interpreted, gives an understanding of the scope of a particular global initiative. When used from

a corporate perspective, it makes it easier for the consumer to deal with certain problems.

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References

Kennedy, R. (2020). Strategic management. Virginia Tech Publishing.

https://vtechworks.lib.vt.edu/handle/10919/99282
Meacham, J. (2008). What’s the Use of a Mission Statement? Academe, 94(1), 21–24.
https://www.jstor.org/stable/40253608
Papulova, Z. (2014). The significance of vision and mission development for enterprises in
Slovak Republic. Journal of Economics, Business, and Management.
http://www.joebm.com/papers/90-A00009.pdf
Teece, D. J., Pisano, G., & Shuen, A. (1997). Dynamic Capabilities and Strategic Management.
Strategic Management Journal. https://www.jstor.org/stable/3088148