Strategic Planning for a Business
MT:460 Management Policies and Strategies – Unit 1 Assignment
For any company or business to be successful, they will need to have a strategic plan. There are many different components that a business needs to involve to have a strategic plan. The vision, mission and as they say out-of-the-box thinking are different ways to come up with the strategic plan. Without determining where you are headed with a company can be meaningless and by having this strategic planning in process can help you know where your company is heading. (Pirraglia, 2016)
Using the SWOT analysis is a good way to prepare for when you are developing your strategic ...view middle of the document...
The mission and vison statements are usually questions about whom the company is and the value that they see and where they are going as a company. (Flat World Education, 2016)
The mission statement describes the purpose of the company and what it does. It communicates the organization’s reason for being who they are. Mission statements are often longer written then a vision statement and also describe the organizations values. For example, the Starbucks mission statement describes six principles that can be used as a guiding point but also communicates the values of the organization. The first guiding point would be to provide a great work environment and to treat others with respect and dignity. The second guiding point would be to embrace diversity. The next one that they point out would be to apply the highest standard of excellence to your customers and even the employees. The fourth point that Starbucks points out would be to make sure that your customers are satisfied at all time. The fifth guiding point would be to create a positive atmosphere to the community and the environment. The last point that they listed is to be able to recognize the profitability is essential to become successful in a business. (Flat World Education, 2016)
A vision statement is always looking toward the future. People have said that the mission statement lays outs the purpose for being and then the vision statement is where the company or organization wants to become. (Flat World Education, 2016)
The vision and mission statements play three important critical roles in an organization; they communicate the purpose of the organization to the stakeholders (customers); they...