Vision, Mission, Strategy

1. What are the components of mission?
Ans : Three components of mission are
 What customer needs are we trying to strategy?
 Who are our customers?
 How do we satisfy our customers?

2. Essential characteristics of strategy
 Is partly proactive and partly reactive
 Emerges incrementally and then evolves over time
 Good entrepreneurship
(1) Is partly proactive and partly reactive
A company’s strategy is typically a blued of proactive actions on the part of managers to improve the company’s market position and financial performance and as needed reactions to unanticipated developments and fresh market conditions.
(2) Emerges incrementally and then evolves over time
Changing circumstances and outgoing management effort to improve the strategy cause a company’s strategy to emerge and evolve over time a condition that makes the task of crafting a strategy a work in progress not a one time event.
A company’s strategy is driven parity by management analysis and choice and partly by the necessity of adapting and learning by doing.
(3) Good entrepreneurship
An entrepreneur is a person who has possession of a new enterprise venture on idea and assumes significant accountability for the inherent risks and the outcome.

3. Two important parts of strategic management are
 Strategy formulation
 Strategy implementation

4. Business strategic management processes are
 Formulation + vision + mission
 Setting objectives
 Strategy formulation
 Strategy implementation
 Evaluation, feedback, follows up and control.

5. Strategic vision
A strategic vision is a roadmap showing the route a company intends to take in developing and strengthening its business. It paints a picture of a company’s destination and provides a national for going there.

6. Values
A company’s values are the beliefs business principles and practices that guide the conduct of its business the pursuit of its strategic vision and the behavior of company personnel.
Values relate to such things as treatment of employs and customers integrity ethics innovativeness emphasis on quality or service social responsibility and community citizenship.