What is strategic management?
Strategic management is the systematic analysis of the factors associated with customers and competitors, the external environment and the organization itself and the internal environment to provide the basis for maintaining ideal management practices. The objective of strategic management is to achieve better placement of corporate policies and strategic priorities.
What are the roles of mission and vision statements in strategic management?
A mission statement is a formal short written statement of the purpose of the company or organization. The mission statement should guide the actions of the organization, spell out its overall goal, provide a sense of direction, and guide the decision making. It provides the framework or context within which the company’s strategies are formulated. A mission statement talks about the present leading towards the future. Your mission statement may change, but it should still tie back to your core values, customer needs, and vision.
A vision statement takes into account the current status of the organization and points to the direction of where the organization wishes to go. As a means of setting a central goal that the organization will aim to reach, the vision statement helps to provide a focus for the mission of the corporation, business or nonprofit entity. A vision statement talks about your future. As your organization evolves, you might feel tempted to change your vision. However, mission or vision statement explains your organization's foundation, so change should be kept to a minimum.
Can an organization have a successful strategic plan without effective mission and vision statements? Why or why not?
According to "Smallusinessschron" (2015), it cannot have a successful strategic plan because the strategic plan is the blueprint that defines the steps and procedures the business will take to achieve its mission and objectives. Without a mission or vision statement, the...