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Strategic Decision Making

Strategic Decision Making

Strategic Decision Making

Week 1 – Overview & Learning Objectives

Week 1 – Overview & Learning Objectives Attached Files:

Assigned Readings: Chapter 1. The Nature of Strategic Management Chapter 2. Business Vision and Mission Overview: This week’s reading introduces the topic of strategic management and building business vision and mission. Strategic management is the art and science of creating an organization’s strategic plans long-term. There are three stages of strategy management (a) formulation, (b) implementation, and (c) evaluation. A business needs to develop a vision and mission as the focus of the overall strategy. Vision is about what we want to become, and mission is about what our business is about. Chapter 1 The Nature of Strategic Management Learning Objectives:

  1. Describe the strategic-management process.
  2. Discuss the three stages of strategy formulation, implementation, and evaluation activities.
  3. Explain the need for integrating analysis and intuition in strategic management.
  4. Define and give examples of key terms in strategic management.
  5. Illustrate the comprehensive strategic-management model.
  6. Describe the benefits of engaging in strategic management.
  7. Explain why some firms do no strategic planning.
  8. Describe the pitfalls in actually doing strategic planning.
  9. Discuss the connection between business and military strategy.

Chapter 2 The Business Vision and Mission  Learning Objectives:

  1. Describe the nature and role of vision statements in strategic management.
  2. Describe the nature and role of mission statements in strategic management.
  3. Discuss the process of developing a vision and mission statement.
  4. Discuss how clear vision and mission statements can benefit other strategic-management activities.
  5. Describe the characteristics of a good mission statement.
  6. Identify the components of mission statements.
  7. Evaluate mission statements of different organizations and write effective vision and mission statements.

 

Discussion Forum Week 1

Discussion Forum Week 1Read The Cohesion Case (“Coca-Cola Company, 2018”) at the end of Chapter 1 and then do Exercise 1A: The primary purpose of this exercise is to show students how to obtain vital information for doing case analysis or preparing a strategic plan for any publicly held firm. The secondary purpose is to familiarize you with (1) strategy terms introduced in this chapter and (2) key sources of information for doing strategic planning. Generally in a strategic-management course, teams of students prepare a strategic plan (case analysis) for some assigned company, so this exercise can assist in learning how to get started in such a project.  This is a one-page, double-spaced assignment. Then go to the end of Chapter 2 and do Exercise 2A and 2B “Develop an Improved Vision and Mission Statement for the Coca-Cola Company.”  This is a minimum of one-page, double-spaced assignment.


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