Paper

Group Question 1:

20. Explain the importance of a vision and a mission statement

- Strategic management revolves around all choices that must be made in order to achieve success. A capstone course is similar because of all the parameters that are involved. A result of strategic management success shows all of the variables used just as a capstone course demonstrates all of the learned skills of a student.

21. What aspect of strategy formulation do you think requires the most time? Why?

- (Internal strengths and weaknesses.) There is always a learning curve in any type of process. Finding your strengths and weaknesses in your company is no different. The company I currently work for makes an employee stay at their current position for eighteen months before being eligible for advancement. This is because they feel it takes an average employee nine months to get over the learning curve for a new position. The same theory is used in processes as well. This is why I think that finding the internal strengths and weaknesses would require the most time.

24. Explain the importance of a vision and a mission statement.

- A vision and mission statement is important because it sets a course for where a company is and where they ware trying to go. A vision statement is usually no longer then a sentence and describes what the company wants to become. A mission statement is used to explain what the organization is and describes their priorities and values. Both of these statement can be used to remind and direct all employees of the where the business is going and why it was created.

26. Why do you think some chief executive officers fail to use a strategic-management

approach to decision making?

- I think that some executives are moving away from the strategic management approach, in relation to decision making, because it can take control away from management. It is important that the operation managers and employees...