Mini Case

Part A

There is an importance for a firm to have a strategic plan and Adam Lee should create one for the Hatfield organization. The importance of a strategic plan is it gives the organization a clear defined direction. The important elements of a strategic plan are mission statement, corporate scope, statement of corporate objectives and corporate strategies (Ehrhardt & Eugene, pg474).

Mission statement is the foundation of the strategic plan. The mission statement sets the overall purpose the firm is in business for. The importance will be to acknowledge the organizations goals are to maximize the organizations shareholders profits (Ehrhardt & Eugene, pg474).

Corporate Scope sets the boundaries in which the organization should operate (Ehrhardt & Eugene, pg475). Identifying and communicating the scope of the organization helps to keep the focus of the organization on track. Without a defined scope, the different departments of the organization could focus on tasks and ventures that are not the organizations niche; focusing on opportunities that do not maximize the shareholders profits.

Building on specifying specific direction for the organization, the statement of corporate objectives identifies the strategic goals. Goals can range from quantitative and qualitative; quantitative are goals defines by mathematical based goals such as increase profits by 50% in the fiscal year 2010 and qualitative are goals that focus on providing better information technology support to improve productivity (Ehrhardt & Eugene, pg475).

In order to meet the goals within the mission statement, defined by the corporate scope and strategic goals, the organization needs to identify its corporate strategies (Ehrhardt & Eugene, pg475). The strategy is important to define so the organization has a path to reach its goals. As the strategies are defined it needs to be in line with the organizations desired direction.

Adam Lee needs to create and implement a strategic...