Case Study

#20, pg. 24

The strategic management class is often called a capstone course because it "integrates material from all business courses." (David, 2011, p. 6) Using the strategic management class as the capstone course allows students to implement what has been learned over the previous three-plus years. Strategic management is important to the development of an organization and to the achievement of its objectives. To accomplish these objectives, strategic management "focuses on integrating management, marketing, accounting/finance, production/operations, research and development, and information systems." (David, 2011, p. 6)

#21, pg. 24

"Strategy formulation includes developing a vision and mission, identifying an organization's external opportunities and threats, determining internal strengths and weaknesses, establishing long- term objectives, generating alternative strategies, and choosing particular strategies to pursue." (David, 2011, p. 6) Of these various aspects of strategy formulation, developing a clearly defined vision statement would require the most time and thought.

The vision statement will "answer the basic question, 'What do we want to become?'" (David, 2011, p. 43) From the vision statement the mission statement can be developed. Only then can management determine the other pieces to the strategy formulation puzzle. Only after the organization has a clearly defined goal for what it wants to become can management begin to research, for example, external threats and opportunities, or begin establishing long-term objectives. So the vision statement must be done first and with a lot of thought and care. Then the rest of the pieces will begin to fall into place.

#24, pg. 24

The vision statement will "answer the basic question, 'What do we want to become?'" (David, 2011, p. 43) The vision statement provides the direction to from the mission statement. The vision statement is a brief statement that provides the foundation for what the management of the firm, hope the firm to become.

The mission statement goes one step further and "reveals what an organization wants to be and whom it wants to serve." (David, 2011, p. 44) According to Peter Drucker, a mission statement is "the starting point for the design of managerial jobs and, above all, for the design of managerial structures." (David, 2011, p. 44) An organization must have a clearly defined mission if it is to be successful in reaching its goals and objectives. In fact, the organization cannot know what its goals and objectives really are until the mission is clearly defined.

#26, pg.24

Today, many CEOs look negatively upon Strategic Management. They do this because they feel it is an attempt to substitute strategy and planning in place of "entrepreneurial and innovative behavior" (Joyce, Paul and Woods, Adrian, 2001 p. 365). Many also believe that strategy and planning can constrict spontaneity and improvisation.

#33, pg.24

I personally believe that Strategic Management can benefit a company in many ways. Strategic Management enhances direction, unity, and achievement in an organization. Vision, effort, and achievement can be shared among employees and managers alike through the planning of specific tangible goals, and charting a course to reach those goals through defined methods with measurable timelines (Joyce, Paul and Woods, Adrian, 2001 p. 20).

#9, pg.54

A mission statement and a vision statement answer two different questions. The first asks, "What is our business?" and the second asks "What do we want to become?" (David, 2011). They are both similar in the fact that profit is the main