17/09/2013 (Tuesday)
-Week 2 –
Today I learned 2 chapters which is Nature of Strategic
Management and The Business Vision & Mission. For the first hour lecture, I taught about
nature of strategic management. Firstly,
strategic management can be defined as formatting, implementing, evaluating
cross-functional decision to achieve the company goals. Strategic management is a business term and
strategic planning is an academic term.
There are three stages in strategic management which is strategy
formulation, strategy implementation and strategy evaluation. Strategy formulation more based on how to
make vision and mission, and how to determine SWOT analysis. Strength and weaknesses are for internal
environment. Opportunity and threat are
for external environment. It is also
about how to develop the revenue and how to decrease the expenses for company. Then, strategy implementation is discussed
about how to establish the objectives and how to motivate the employees. It is called action stages. Strategy evaluation is more about measuring
performance and taking corrective actions.
From the three stages, I think every company should take care all the
stages for achieve the main objectives.
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Next chapter, I learned
about The Business Vision and Mission. From
this part, I knew how to differentiate between vision and mission. Vision statement is about “what do we want to
become?” Vision statement should be short
and should have input to develop the statement.
Mission statement is reason for being or “how to achieve the vision
statement”. Vision and mission is so
important for the company because to ensure unanimity of purpose within the
organization, to provide a basis for allocating organizational resources and to
establish organizational climate. The
company without vision and mission, they cannot run the business smoothly. There are nine components of mission
statement which is customers, products or services, markets, technology,
concern for survival, philosophy, self-concept, concern for public image and
concern for employees. All these
components should been cares in mission statement to make sure the vision of
company can be achieve.
