Understand the Process of Strategic Planning & Be Able to Formulate a New Strategy

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Understand the Process of Strategic Planning & Be Able To Formulate a New Strategy ‘Name’ ‘Instructor’s Name’ August 8, 2013 Strategic management is the technique of devising, executing and assessing the cross-functional business decisions, that will help an organization achieve its business goal. The process of strategic management starts from defining the business objectives of the concern, then develop the policies and plans to achieve those objectives, allocate the necessary resources required for successful implementation of the plans and finally implement those plans. Thus strategic management is a combination of tasks of different functional areas or departments of an organization, focused on achieving the organizational targets. It offers the general direction to the organization, and prepares the enterprise to meet its tentative circumstances with due assiduousness. The following part of the essay aims at defining some of the important terminologies and concepts used in strategic management. Table: Business Strategy concepts and Terminology SI No. | Terms | Definition from my research | Source ofdefinition | My own understandingof the term | 1 | Mission | A mission statement is the company’s core purpose and its idealistic reason for being | Stefan Sabrautzki | A mission statement focuses on defining the existing state of affairs of the business and hints on the desired end result of all the organizational activities. It states in explicit terms what the business plans need to accomplish and guides the management activities such as planning, resource allocation and setting of objectives. | 2 | Vision | A vision statement presents an image of the organization in the future, that will motivate the employees to focus their actions towards a point | Charles E. Bamford, G. Page West | A Vision is the overall idea or dream of the founder of the

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